Newark, June 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global oilfield services market is expected to grow from USD 187.66 billion in 2021 to USD 312.50 billion by 2030, at a CAGR of 5.83% during the forecast period 2022-2030.
Growing productivity from mature & new reserves and increasing advancement in oil & gas exploration technology are anticipated to expand the demand for the oilfield services enterprise during the projection period. Further, an increase in oil & gas exploration offshore & onshore, favorable rules, rising exploration facilities, and increasing demand for energy are other driving factors of market growth. Moreover, the capacity expansions in different industries, the increasing incomes of individuals, and the rising consumption of petroleum & gas across the globe are also helping to propel the market growth. However, the stringent environmental rules about some services like drilling waste disposal & controversies regarding hydraulic fracturing are the restraining factor of the market growth. Furthermore, the increasing investments in R&D activities to produce innovative products are an opportunity for market growth. Additionally, the high initial price of assets is challenging for market growth.
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Competitive Strategy
To enhance their market position in the global oilfield services market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, in 2020, Weatherford launched Centro, a popularly comprehensive strategy utilized to manage complicated well site operations across the globe.
It provides compressed data in real-time that allows progressive domain viewing & live analytics.
• For example, in October 2020, Halliburton announced Smart Fleet, which is the first intelligent automatic fracturing method. Smart Fleet supplies operators amidst the real-time fracture management while pumping by combining subsurface fracture measurements, real-time fracture commands, and real-time 3D visualization.
Market Growth & Trends
The growth of the oilfield services market is driven by the rising demand for oilfield services from the ongoing shale oil & natural gas production coupled with extensive infrastructural developments which helps to drive the market growth. Moreover, the lowering of the price of oilfield services & growing output, and the high demand for the production of biofuels is also propelling the market growth. Further, the new well discoveries are the market growth trend. Thus, the increasing number of gas & oil discoveries and technological progress for higher production yield in oilfield reserves are the supporting factor of the market growth. Also, the other trend in the market is the introduction of laser drilling methods in the gas & oil enterprise due to different benefits like precision drilling, single diameter borehole, and high accuracy. This factor helps to propel market growth.
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Key Findings
• In 2021, the offshore segment dominated the market with the largest market share of 57.24% and market revenue of 107.42 billion.
The application segment is divided into offshore and onshore. In 2021, the offshore segment dominated the market with the largest market share of 57.24% and market revenue of 107.42 billion. This growth is attributed to the raised demand for offshore products. Further, by 2030, the onshore segment will likely dominate the market due to increased adoption of onshore applications for oilfield services.
• In 2021, the equipment rental segment dominated the market with the largest market share of 41.06% and market revenue of 77.05 billion.
The type segment is divided into field operation, equipment rental, and analytical services. In 2021, the equipment rental segment dominated the market with the largest market share of 41.06% and market revenue of 77.05 billion. This growth is attributed to the rising industrialization and the increasing oil & gas enterprise. Further, by 2030, the analytical services segment will likely dominate the market due to the growing CAPEX for analytics services.
• In 2021, the drilling services segment dominated the market with the largest market share of 23.35% and market revenue of 43.81 billion.
The service segment is divided into seismic services, drilling services, well completion equipment & services, processing & separation services, production, and subsea services. In 2021, the drilling services segment dominated the market with the largest market share of 23.35% and market revenue of 43.81 billion. This growth is attributed to the recent gain in exploration activities and mass production of shale gas plays. Further, by 2030, the well completion equipment & services segment will likely dominate the market due to the growth in the fracking of mature oil & gas wells and continuing shale operations.
Regional Segment Analysis of the Oilfield Services Market:
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global oilfield services industry with a market share of 45.31% and a market value of around 85.02 billion in 2021. North America currently dominates the oilfield services market due to the increasing number of drilling wells to explore shale gas. Additionally, the high need for electricity & creasing energy consumption also helps drive the region's market growth. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 8.03% over the projection period. This growth is attributed to the developing offshore activities in China and India. Also, the increasing urbanization in different countries and the growing demand for crude oil, transportation and fuel for cooking, and hydrocarbons are helping to boost the market growth during the forecast period.
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Key players operating in the global oilfield services market are:
• Halliburton Company
• Baker Hughes Incorporated
• Weatherford International, PLC
• Schlumberger Limited
• China Oilfield Services Limited (COSL)
• National Oilwell Varco, Inc.
• Trican Well Service, Ltd.
• Superior Energy Services, Inc
• Technipfmc.PLC
• Nabors Industries, Ltd.
• Welltec International APS
• Nordic Well Services, LLC.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global oilfield services market based on below mentioned segments:
Global Oilfield Services Market by Application:
• Offshore
• Onshore
Global Oilfield Services Market by Type:
• Field Operation
• Equipment Rental
• Analytical services
Global Oilfield Services Market by Service:
• Wireline Services
• Pressure Pumping Services
• Drilling & Completion Fluid Services
• Well Completion Equipment & Services
• Coiled Tubing Services
• Drilling Waste Management Services
• Well Intervention Services
• Oil Country Tubular Goods
About the report:
The global oilfield services market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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