Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Oilfield Services Market Outlook
The global oilfield services market reached a value of USD 311.65 billion in 2023. The market is further expected to grow at a CAGR of 6.5% in the forecast period of 2024-2032 to reach a value of USD 550.09 billion by 2032.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Increasing Demand for Onshore Applications to Augment the Oilfield Services Industry Growth
Based on type, the onshore segment accounted for a significant share in the oilfield services industry. The increasing onshore activities in countries like China and Saudi Arabia due to the growing demand for natural gas and crude oil has aided the industry growth. Meanwhile, the offshore segment is expected to witness a significant growth over the forecast period owing to the development of existing offshore wells and growing investments in deep and ultra-deep-water drilling activities and subsea oil and gas assets. Furthermore, factors such as the growing offshore rig count globally and increasing investments by the leading oil and gas companies are expected to drive the market.
North America to Dominate the Global Oilfield Services Industry
North America is the leading region in the global oilfield services industry and is expected to continue its dominance in the global market over the forecast period. The rising oil and gas production and the development of shale plays in the region are expected to stimulate the growth of the oilfield services industry. Moreover, the United States is one of the leading regions in the global oil and gas industry, both in terms of production and consumption. Additionally, development of horizontal well bores and the availability of advanced completion techniques, such as multi-stage hydraulic fracturing, can further drive the oilfield services industry growth in the region.
Oilfield Services Market Segmentation
Oilfield services play an important role in oil and gas industry’s upstream service. These services are utilised for the processes of exploration and production in the upstream sector. The major players involved in this line of business offer services related to production, maintenance, and repairing of equipments used in the extraction and transportation of oil. The catalogue of the provided services includes energy resource location, formation and drilling evaluation, energy data management, among others.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
By service type, the market is divided into:
- Subsea Services
- Seismic Services
- Drilling Services
- Workover and Completion Services
- Production Equipment
- Processing and Separation Services
- Others
Based on type, the industry can be segmented into:
- Equipment Rental
- Field Operation
- Analytical and Consulting Services
The market is divided based on application into:
- Onshore
- Offshore
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Increasing Global Demand for Energy to Bolster the Growth of the Oilfield Services Industry
The oilfield services industry is being driven by the increasing E&P activities, which is the direct fallout of the rising global demand for energy. The growing urbanisation and industrialisation and the rapid technological advancements have significantly contributed to the industry growth.
However, for some time now, oil prices have been volatile and they witnessed a sharp fall particularly with the onset of the coronavirus pandemic. And due to the low oil prices, oil companies reduced the cost of exploration activities, which has led to a reduction in the number of new oil field discoveries recently. However, according to the World Bank, oil prices are expected to start surging soon. This will encourage oil sector players and private exploration companies to start investing in exploration activities to improve their reserve replacement ratio. This will, in turn, drive the growth of the oilfield services industry in the forecast period. In addition, the growing prevalence of shale gas extraction is likely to propel the market growth.
Key Industry Players in the Global Oilfield Services Market
The report gives a detailed analysis of the following key players in the global oilfield services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Schlumberger Limited
- Weatherford International plc
- Baker Hughes Company
- Halliburton Energy Services, Inc.
- China Oilfield Services Limited
- Ranger Energy Services, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Service Type |
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Looking for specific insights?
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
Key Questions Answered in the Report
In 2023, the global oilfield services market attained a value of nearly USD 311.65 billion.
The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 550.09 billion by 2032.
The major market drivers include the increasing exploration and production activities, the rising global demand for energy and growing urbanisation and industrialisation.
The key market trends include the growing prevalence of shale gas and the increase in investments in offshore activities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The dominant types of oilfield services include equipment rental, field operation, and analytical and consulting services.
The leading service types include subsea services, seismic services, drilling services, workover and completion services, production equipment, and processing and separation services, among others.
The applications include onshore and offshore.
The key players in the global oilfield services market are Schlumberger Limited., Weatherford International plc, Baker Hughes Company, Halliburton Energy Services, Inc., China Oilfield Services Limited, and Ranger Energy Services, Inc., among others.
Purchase Full Report
Datasheet
- Selected Sections, One User
- Printing Not Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Single User License
One User
- All Sections, One User
- One Print Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Five User License
Five Users
- All Sections, Five Users
- Five Prints Allowed
- Email Delivery in PDF
- Free Limited Customisation
- Post Sales Analyst Support
50% Discount on Next Update
Corporate License
Unlimited Users
- All Sections, Unlimited Users
- Unlimited Prints Allowed
- Email Delivery in PDF + Excel
- Free Limited Customisation
- Post Sales Analyst Support
- 50% Discount on Next Update
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Subscribe to our Newsletter
By subscribing you agree to with our privacy policy and provide
consent to
receive
updates
from our company.
Our Offices
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124