Dubai, UAE, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Global Oilfield Services Market Outlook To 2030:
As per the recent research report published by Extrapolate, the global Oilfield Services Market is projected to experience significant growth, with a projected CAGR of 4.4% between 2022 and 2030. The market size was valued at approximately USD 250 billion in 2021 and is expected to reach USD 368.72 billion by 2030.
The oilfield services market represents a significant growth opportunity for businesses operating in the oil and gas industry. As exploration and production companies search for new sources of oil and gas, they require a range of services including drilling, completion, production, and well intervention. The market is highly competitive, with a few large players such as Schlumberger, Halliburton, and Baker Hughes dominating the industry.
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The oil price is a fundamental factor driving the oilfield services market share. When oil prices are high, exploration and production companies have more resources to invest in new projects, leading to an increase in demand for services. At the same time, production levels, exploration activity and the use of advanced technologies such as horizontal drilling and hydraulic fracturing have a direct impact on the market. As more wells are being drilled, businesses in the oilfield services industry need to differentiate themselves by leveraging new technologies to improve efficiency and reduce costs in order to meet the rising demand at a competitive price.
Competitive Landscape of the Oilfield Services Market
In its recent report, Extrapolate finds that the sector will experience continued consolidation in the coming years. The report cites several reasons behind this trend, including the need for scale to compete in an increasingly complex and global market, as well as the challenges of executing a turnaround. While this consolidation is taking place, new entrants are also likely to enter the market, attracted by the potential for high returns. These companies will be focused on providing innovative services and technologies that can improve efficiency and drive down costs.
Some of the major players in the Global Oilfield Services Market are:
- Schlumberger Limited
- Baker Hughes Company
- Halliburton Company
- NOV Inc.
- Archer
- TechnipFMC plc
- Halliburton Energy Services, Inc.
- Aker BP
- General Electric
- Welltec A/S
- Nabors Industries Ltd
- Expro Group
- Petroliam Nasional Berhad (PETRONAS)
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The global Oilfield Services Market is segmented as follows:
Segmentation by Type:
- Equipment Rental
- Field Operation
- Analytical
- Consulting Services
Equipment Rental Segment in Oilfield Services Market to Remain Largest Revenue Contributor
The oilfield services industry's equipment rental segment is projected to remain the leading revenue generator for several reasons, including the prohibitive expenses associated with owning and maintaining equipment, the rapid technological advancements in the industry, and the specialized equipment required for various stages of drilling and production.
The high cost of owning and maintaining equipment poses a significant barrier to entry for companies in the oilfield services sector. By opting to rent equipment, companies can bypass these costs and minimize their capital expenditures. Furthermore, as technology in the industry continues to evolve at a rapid pace, equipment becomes outdated quickly, making renting a more cost-effective option than owning.
Additionally, drilling and production activities necessitate specialized equipment for various stages, including drilling rigs, pressure pumping trucks, and completion equipment. Renting equipment also provides companies in the oilfield services market with flexibility, allowing them to adapt to changing market conditions and switch to newer equipment as needed, without incurring significant costs.
As drilling activity increases in shale plays and the industry continues to prioritize cost reduction and efficiency, the equipment rental segment is expected to continue to grow. Companies that can offer a wide range of equipment and services, as well as those that can provide equipment and services in a timely manner, are poised for success in the equipment rental segment.
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Segmentation by Services:
- Workover & Completion Services
- Production
- Drilling Services
- Subsea Services
- Seismic Services
- Processing & Separation Services
- Others
Segmentation by Application:
- Onshore
- Offshore
Demand for Oilfield Services to Remain High in Onshore Application
Global oilfield services market is expected to witness a strong growth momentum in the onshore applications driven by the ease of extraction of onshore oil and gas reserves, technological advancements enabling extraction from previously uneconomical reserves, lower production costs in onshore locations, and the presence of a well-established oilfield services industry in countries like the US and Canada. The onshore oil and gas industry is projected to continue expanding in the coming years, resulting in sustained high demand for oilfield services in onshore applications.
This expansion is also driven by the increasing trend of energy transition and focus on cleaner energy sources like natural gas, which is primarily found in onshore locations. Furthermore, the growing population, urbanization, and economic growth are expected to drive the demand for oil and gas in the future, which will lead to more drilling and production activities in onshore locations, leading to increased demand for oilfield services in the onshore applications.
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Segmentation by Region:
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
North America Dominates Global Oilfield Services Market
North America is a dominant player in the global oilfield services industry, with the US and Canada being major producers of oil and gas. This dominance is primarily due to the region's long history of oil and gas production, which has led to the development of a well-established infrastructure and a skilled workforce. Additionally, the US has a significant number of shale plays, such as the Permian Basin and the Bakken, which have driven drilling and production activity in recent years.
Furthermore, the US government's pro-fossil fuel policies have also played a significant role in the growth of the oilfield services market in North America. The Trump Administration's deregulation of drilling and fracking has made it easier for companies to explore and produce oil and gas, leading to an increase in drilling activity.
To gain a foothold in the North American market, companies should focus on building strategic partnerships with major oil and gas producers in the region, as well as investing in technology and equipment that can be used in shale drilling and production. Additionally, it is crucial to comply with regulations and industry standards to maintain a good reputation and compliance.
The North America oilfield services market is highly competitive, and companies looking to succeed in the region are found to be taking efforts to maintain strong market position, efficient operations, and a commitment to innovation. In addition, most of the regional players are keeping an eye on emerging technologies such as automation and digitalization, which can help to reduce costs, improve efficiency, and increase safety.
Browse Detailed TOC @ https://www.extrapolate.com/toc/energy-and-power/oilfield-services-market/87355
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Oilfield Services Market
Chapter 5. Global Oilfield Services Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 6. Global Oilfield Services Market Overview, By Services, 2017 - 2030 (USD Million)
Continued…….
Section II: Global Oilfield Equipment Market Outlook to 2030:
The global Oilfield Equipment Market is expected to reach USD 159.26 billion by the year 2030, growing at a CAGR of 3.7% during the forecast period (2022-2030). The market is driven by the increasing exploration and production activities of oil and gas, as well as the rising demand for energy globally. Additionally, the advent of advanced technologies such as fracking and horizontal drilling has also led to an increase in the demand for oilfield equipment.
The oilfield equipment market plays a crucial role in the exploration, extraction, and production of oil and gas. With the increasing demand for energy, the oil and gas industry is expected to continue growing in the market.
The market is driven by a number of factors such as the increasing demand for energy, technological advancements in the industry, and the need for greater efficiency and cost-effectiveness in oil and gas production. In particular, the development of new technologies such as horizontal drilling, hydraulic fracturing, and automation are expected to drive the growth of the market in the coming years.
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The market is highly competitive, with a large number of players operating in the industry. Leading players in the market include Schlumberger, Halliburton, Baker Hughes, and Weatherford International. These companies have a strong presence in the market, and are expected to continue to dominate the market in the coming years.
Some of the major players in the Global Oilfield Equipment Market:
- Schlumberger
- GE (Baker Hughes)
- National Oilwell Varco
- Weatherford International
- Halliburton
- Cameron International
- Transocean
The global Oilfield Equipment Market is segmented as follows
Segmentation by Types:
- Drilling Equipment
- Pumps & Valves
- Field Production
- Machinery
- Others
Drilling Equipment to Lead Global Oilfield Equipment Market
The drilling equipment in the oilfield equipment industry is currently experiencing strong demand, driven by a number of factors. One key driver is the increasing global demand for energy, particularly in developing countries where economic growth is driving up energy consumption. This is leading to increased exploration and production activity in both onshore and offshore oil and gas fields, which in turn is driving demand for drilling equipment.
Another key driver of highest demand for drilling equipment is the ongoing trend towards deeper and more complex drilling operations. Advances in technology, such as horizontal drilling and hydraulic fracturing, have made it possible to extract oil and gas from previously unreachable reserves, which is also driving demand for drilling equipment. The global oilfield equipment market is also witnessing a trend towards increased automation and digitalization in the oil and gas industry, which is leading to a greater need for sophisticated drilling equipment that can be controlled and monitored remotely.
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Segmentation by Applications:
- Onshore
- Offshore
Largest Demand for Oilfield Equipment Market Comes from Onshore Application
The onshore application segment is projected to dominate the market, accounting for 60% of the total market share. Driven by the vast reserves of oil and gas present in onshore locations, lower extraction costs, and the increasing investment in drilling and production activities. The drilling and production equipment, as well as artificial lift systems, are expected to see the highest demand within this segment, with projected growth rates of 5.5%, 5%, and 4% respectively. North America is expected to be the largest market for onshore oilfield equipment, with a projected CAGR of 4.8%, driven by the presence of shale gas and tight oil reserves, and the increasing investment in the Permian Basin in the US.
North America Strengthens Dominance in the Global Oilfield Equipment Market with a 35% Market Share
North America is the largest consumer of oilfield equipment across the globe, accounting for over 35% of the global market share. This is driven by the vast reserves of oil and gas present in the region, particularly in the US, which holds the largest shale gas reserves in the world and is the largest producer of oil and natural gas.
The US alone is expected to account for over 25% of the global market share for oilfield equipment, driven by the increasing investment in shale gas exploration and production, with an estimated investment of $100 billion by the end of 2022. Additionally, the increasing drilling activities in the Permian Basin, which is projected to produce over 4 million barrels of oil per day by 2025, is also expected to drive the growth of the oilfield equipment market in the region.
Furthermore, Canada, which is the fifth-largest oil producer in the world, is also expected to drive the demand for oilfield equipment in the region, with a projected growth rate of 5% CAGR. The increasing investment in the oil sands sector, along with the exploration and production of conventional oil and gas, is expected to drive the demand for oilfield equipment in the country.
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Key Points from TOC:
1 Study Coverage
2 Global Oilfield Equipment Production
3 Global Oilfield Equipment Sales in Volume & Value Estimates and Forecasts
4 Competition by Manufactures
5 Market Size by Type
6 Market Size by Application
7 North America
8 Europe
9 Asia Pacific
10 Latin America
11 Middle East and Africa
12 Corporate Profiles
13 Industry Chain and Sales Channels Analysis
14 Market Drivers, Opportunities, Challenges and Risks Factors Analysis
15 Key Finding in The Global Oilfield Equipment Study
16 Appendix
Browse Complete TOC: https://www.extrapolate.com/toc/machinery-equipment/oilfield-equipment-market-report/66873
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