New York, May 09, 2023 (GLOBE NEWSWIRE) -- The global oilfield services market is expected to witness significant growth at a remarkable CAGR of 5.9% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for oilfield services in offshore oil and gas exploration projects. In addition, the development of new oil and gas projects in key regions such as Asia Pacific, Middle East, and others are accelerating the demand for oilfield services.
According to a recent report by Consegic Business Intelligence, the oilfield services market is poised for strong expansion and is expected to reach USD 468.58 Billion by 2030. The market, which was valued at USD 298.83 Billion in 2022, is predicted to grow at a compound annual growth rate of 5.9% during the period 2023-2030. The report highlights the increasing adoption of oilfield services for drilling services, which is proliferating the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the oilfield services market.
Global Oilfield Services Market Size, Share & Trends Analysis, By Service Type (Drilling Services, Well Completion Services, Production Services, Well Maintenance Services, Subsea Services, Seismic Services, Processing and Separation Services, and Others), By Type (Field Operation, Equipment Rental, and Analytical Services), Application (Onshore and Offshore), and By Region, Forecast Period 2023 – 2030.
Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the oilfield services market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as service type, type, application, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
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Technological advancements in the oil and gas industry have led to the development of superiorly efficient and cost-effective drilling, completion, and production techniques. This factor has increased the demand for specialized oilfield services that provide the necessary technology and expertise to exploit new resources.
For instance, hydraulic fracturing is often utilized in oilfields to extract oil and gas from shale rock formations. This technique involves injecting water, sand, and chemicals into the rock formation to create fractures and release oil and gas. Fracking requires specialized equipment and expertise, which resulted in increased demand for oilfield services. Therefore, the introduction of new technologies in the oil and gas market is boosting the demand for oilfield services to ensure superior reliability. This factor is prospering the global oilfield market growth.
Furthermore, many oil and gas fields around the world are aging, which leads to decreased production rates and the need for new infrastructure. This factor will create a lucrative opportunity for the oilfield services companies to help the oil and gas companies by providing services such as well maintenance, equipment upgrades, and production optimization.
For instance, Baker Hughes, an oilfield services company, offers well-maintenance and intervention services to help companies maintain and enhance the performance of their wells. Therefore, the increasing demand for the upgradation of substandard oil and gas infrastructure will create a prosperous growth opportunity for the global oilfield market during the projected forecast period.
Global Oilfield Services Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 468.58 Billion |
| CAGR (2023-2030) | 5.9% |
| By Service Type |
|
| By Type |
|
| By Application |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco, Weatherford International, Newpark Resources Inc., Petrochem Performance Chemical Ltd. LLC, Tetra Technologies Inc., AES Oilfield Services LLC, and Canadian Energy Services L.P. |
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Key Market Takeaways
- The global oilfield services market size is estimated to exceed USD 468.58 billion by 2030 with an astonishing CAGR of 5.9% during the forecast period (2023-2030).
- North America accounted for the highest market share at 35.05% and was valued at USD 104.74 billion in 2022, and is expected to reach USD 163.30 billion in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 63.45% during the base year of 2022
- Based on service type, the drilling services segment accounted for the highest share contribution to the oilfield services market statistics in 2022.
- In the context of type, the equipment rental segment is expected to contribute significant shares to the growth of oilfield services market statistics during the forecast period.
- By application, the offshore segment is anticipated to contribute the largest shares to the market growth in 2022.
- The increasing investments in the development of new oil & gas projects in countries such as India, China, Malaysia, and Thailand, Asia Pacific are expected to boost the market demand for oilfield services.
Global Oilfield Services Market Segmentation Details:
Based on Service Type, the drilling service segment contributed the largest shares to the market growth in 2022 due to the increasing demand for oil and gas exploration activities. The segment involves a wide range of services such as drilling rigs, tools, and equipment, as well as related services such as well planning, drilling optimization, and well management. Additionally, the increasing exploration activities in unconventional oil and gas resources, such as shale gas and tight oil, have also contributed to the growth of the drilling services segment.
Furthermore, drilling services are required throughout the lifecycle of an oil or gas well, from exploration to production. Hence, the demand for drilling services remains relatively constant, unlike some other segments that may see fluctuations based on the stage of the well's lifecycle.
Based on Type, the equipment rental accounted for the largest market share in the year 2022. The equipment rental provides a cost-effective solution for oil and gas companies to access expensive and specialized equipment needed for drilling and production activities. This is particularly beneficial for small-scale companies that do not have the capital to invest in such equipment.
Additionally, the equipment rental segment is attractive to oil and gas companies as it reduces the need for maintenance, repair, and storage costs. Additionally, companies focus on their core operations and leave the equipment-related responsibilities to the rental service provider by renting equipment, which contributes to the segment’s growth.
Based on Application, the offshore application segment is anticipated to offer substantial shares in the global oilfield services market growth during the forecast period, due to the increasing demand for oil and gas exploration and production activities offshore.
Moreover, the growing demand for unconventional oil and gas resources like shale gas is increasing the demand for the offshore drilling segment. Also, the increasing demand for oilfield services needs to maintain and enhance the production from existing onshore fields through enhanced oil recovery techniques is contributing to the growth of the offshore segment in the oilfield services market.
Based on region, in the year 2022, North America accounted for the largest share contribution to the market growth due to the presence of significant oil and gas reserves and the well-established oil and gas industry. The region is also hub to some of the world's largest oilfield services companies in countries such as the United States and Mexico, which have a strong influence in the market. Additionally, technological advancements and the increasing energy demand have further propelled the growth of the market in North America.
Competitive Landscape
As per the research, Schlumberger Limited, Halliburton Company, Baker Hughes Company, and National Oilwell Varco are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies such as advanced equipment to develop innovative solutions that are more efficient, lightweight, and cost-effective as compared to conventional equipment. Further, the oilfield services market is expected to grow steadily due to rising demand from offshore projects, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend towards increasing adoption of oilfield services to ensure cost-effectiveness is also estimated to drive demand for oilfield services which is anticipated to increase the competition in the market.
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Recent Developments
- In January 2023, Pan American Energy Corp in Argentina agreed to back the development of Leucipa, Baker Hughes' automated field production solution, including testing it in their operations. Baker Hughes hopes to automate and improve production using Leucipa.
- In March 2021, Pan American Energy Corp in Argentina agreed to back the development of Leucipa, Baker Hughes' automated field production solution, including testing it in their operations. Baker Hughes hopes to automate and improve production using Leucipa.
List of Major Global Oilfield Services Market:
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Company
- National Oilwell Varco
- Weatherford International
- Newpark Resources Inc.
- Petrochem Performance Chemical Ltd. LLC
- Tetra Technologies Inc.
- AES Oilfield Services LLC
- Canadian Energy Services L.P.
Global Oilfield Services Market Segmentation:
- By Service Type
- Drilling Services
- Well Completion Services
- Production Services
- Well Maintenance Services
- Subsea Services
- Seismic Services
- Processing and Separation Services
- Others
- By Type
- Field Operation
- Equipment Rental
- Analytical Services
- By Application
- Onshore
- Offshore
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Frequently Asked Questions in the Oilfield Services Market Report
- What was the market size of the oilfield services industry in 2022?
- In 2022, the market size of oilfield services was USD 298.83 billion
- What will be the potential market valuation for the Oilfield Services industry by 2030?
- In 2030, the market size of oilfield services will be expected to reach USD 468.58 billion.
- What are the key factors driving the growth of the oilfield Services market?
- Development of new offshore oil & gas projects and government initiatives for improving the oil & gas infrastructure are the key factors driving the growth of the oilfield Services market.
- What is the dominating segment in the oilfield services market by type?
- In 2022, the drilling services segment accounted for the highest market share of 31.50% in the overall oilfield services market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the Oilfield Services market's growth in the coming years?
- Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
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