Wilmington, Delaware, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Oilfield Services Market, by Type (Equipment Rental, Field Operation, and Analytical & Consulting Services), Application (Onshore and Offshore), Service (Workover & Completion Services, Production Services, Drilling Services, Subsea Services, Seismic Services, and Processing & Separation Services): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the oilfield services market was valued for $113.7 billion in 2022 and is estimated to reach $161.1 billion by 2032, exhibiting a CAGR of 3.6% from 2023 to 2032.
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Prime determinants of growth
Increase in energy demand, expansion of oil and gas exploration, and environmental regulations fuel the growth of the oilfield services Market. High costs and technical complexities, and market consolidation present a significant hurdle to their market penetration. Furthermore, the infrastructure upgrades of the energy sector will provide substantial opportunities to expand the oilfield services market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $113.7 Billion |
| Market Size in 2032 | $161.1 Billion |
| CAGR | 3.6% |
| No. of Pages in Report | 256 |
| Segments Covered | Type, Application, Service, and Region |
| Drivers |
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| Restraints |
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| Opportunities |
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Impact Scenario
- Stringent environmental regulations significantly impact the operations of the oilfield services market, especially in major countries committed to mitigating ecological harm.
- In the U.S., the Environment Protection Agency (EPA) enforces strict guidelines such as the Clean Air Act and Clean Water Act, governing emissions, waste disposal, and water usage in oil & gas activities. Compliance involves employing advanced drilling methods and eco-friendly fluids to reduce ecological disruptions during extraction.
- Similarly, Canada upholds rigorous standards through agencies such as the Canadian Environmental Assessment Act (CEAA), focusing on environmental assessments, habitat protection, and site remediation post-extraction.
- Norway's renowned environmental policies are upheld by its petroleum industry, abiding by stringent regulations mandating thorough environmental assessments and emission controls.
- Within the EU, directives such as the Industrial Emissions Directive and REACH regulations impose controls on emissions, chemicals, and waste, compelling companies to invest in eco-conscious practices.
- The emerging markets such as Brazil and China prioritize environmental protection in oil & gas operations, implementing regulations emphasizing impact assessments, emissions reduction, and post-extraction remediation efforts.
The field operation segment to maintain its leadership status throughout the forecast period
Depending on type, the field operation segment held the highest market share in 2022, accounting for nearly half of the global oilfield services market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the equipment rental segment is projected to register a CAGR of 4.14% from 2023 to 2032. This is attributed to the fact that rental services are crucial for meeting evolving industry needs. Equipment rental in the oilfield services market involves the leasing of specialized machinery and tools crucial for exploration, drilling, and production activities in the oil & gas sector. The growth of the segment is further driven by increase in exploration activities, capital conservation, high operational efficiency, surge in global energy demands, implementation of stringent environmental regulations, and technological advancements.
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The onshore segment to maintain its leadership status throughout the forecast period
On the basis of application, the onshore segment was the largest shareholder in 2022, accounting for more than three-fourths of the global oilfield services market revenue, and is estimated to maintain its leadership status throughout the forecast period. The offshore segment is projected to register a CAGR of 3.78% from 2023 to 2032. This is attributed to the fact that the offshore sector is undergoing significant changes due to technological advancements, shift toward renewable energy sources, and automation. Moreover, deepwater exploration is booming, revealing previously inaccessible reserves. Automation and digitalization have improved safety and efficiency are a key factor that impact the development of the market. The growing global energy demand drives exploration, fostering innovation in drilling and resource diversification.
The production service segment to maintain its leadership status throughout the forecast period
By service, the production service segment held the highest market share in 2022, accounting for more than one-fourth of the global oilfield services market revenue, and is estimated to maintain its leadership status throughout the forecast period. The seismic service segment is projected to register a CAGR of 4.93% from 2023 to 2032. This is attributed to the fact that seismic services are crucial in understanding subsurface landscapes and potential hydrocarbon reservoirs. In addition, advancements in 3D and 4D seismic surveys are revolutionizing exploration strategies, improving imaging precision, and increasing success rates. This trend aligns with exploration efforts in challenging terrains like deep water reserves and unconventional shale formations. Furthermore, the demand for specialized seismic services is increasing due to the shift toward environmentally conscious survey techniques. With escalating global energy demands, seismic services are poised for substantial growth. The integration of big data analytics and artificial intelligence promises increased efficiency and informed decision-making in exploration and reservoir management.
North America to maintain its dominance by 2032
North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global oilfield services market revenue, and is likely to dominate the market during the forecast period. However, Asia-Pacific is expected to witness the fastest CAGR of 4.0% from 2023 to 2032. The Asia-Pacific oilfield services market is undergoing significant changes due to technological advancements, energy demands, and a growing focus on offshore exploration. The countries such as China and South Korea are enhancing drilling methods and production, while countries like India and Japan are increasing exploration. Environmental consciousness and stricter regulations are further driving the growth of the market in the region.
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Leading Market Players: -
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Inc.
- Weatherford International Ltd.
- National Oilwell Varco, Inc.
- Asian Energy Services Limited
- TechnipFMC plc
- Superior Energy Services Inc.
- China Oilfield Services Limited
- Expo group
The report provides a detailed analysis of these key players in the global oilfield services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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