Oilfield Services Market is forecast to witness a promising growth over the upcoming years, owing to the rising number of new oilfields.

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Key Drivers

The growth opportunities in the global oilfield services market look promising in the upcoming years. The increase in the exploration activities and production of oil & gas as a result of rising demand across several industries such as manufacturing and transportation sector are the factors driving the growth of the market. In addition to this, technological advancements have resulted in enhanced efficiencies for extracting resource and the growing research & development activities in the oil and gas industry for creating new technologies, products & processes to reserve the environment are some other factors fuelling the growth of the global oilfield services market over the forecast period. An increase in the production of crude oil, shale gas extraction, and the presence of several offshore oil reserves are the factors that are leading to an increase in the demand for oilfield services in the market across the world. The growing energy demand is projected to strengthen the market growth, as per the U.S. Energy Information Administration (EIA), the total energy consumption is witnessing a drastic increase owing to the higher electricity consumption and transportation. Increasing inclination towards oilfield services owing to the rising demand for energy, primarily for natural gas, is estimated to expand the market growth. According to the BP’s Energy Outlook 2017, the natural gas demand is forecast to witness the highest growth rate from 2008 to 2020 and is likely to record the highest CAGR of 1.9% from 2012 to 2035, with the majority of this expansion in non-OECD countries, exceeding the demand in the OECD member countries.

Moreover, rapidly increasing offshore industry, growing penetration of activities for the recreation of the old reservoirs, and the rising implementation of the enhanced oil recovery technique as it enables the efficient use of existing infrastructure and equipment in the new locations and decreases the land & habitat disturbance are further bolstering the growth of the global oilfield services market. Further, insubsea oil & gas industry and growing energy demand. For instance, as per data published by Statista in 2020, global demand for crude oil (including biofuels) in 2019 amounted to 100.1 million barrels per day and is projected to decrease to 91.7 million barrels per day in 2020.

The factors that are responsible for hindering the growth of the global oilfield services market include the variations in the prices of crude oil and the significant shift towards renewable energy worldwide. On the other hand, due to the outbreak of COVID-19, there has been a temporary shutdown of manufacturing plants, production units, and other offshore and onshore wind plants, which in turn, has led to a fall in demand for oilfield services market. However, the market is predicted to bounce back in 2021 while growing at a significant rate from 2022 onwards. The environmental impacts of E&P activities and rigorous government norms are expected to hinder the market growth.

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Application – Segment Analysis

Based on the application, the Onshore segment is anticipated to grow at a higher CAGR over the forecast period owing to the rise in the adoption of onshore applications for the oilfield services along with the growing number of onshore oil and gas exploration activities across several countries. Emerging need for crude oil and natural gas in Russia, China, and Saudi Arabia is projected to offer enormous opportunities for the market. Increasing investment by leading players in the market, which include Halliburton, Schlumberger Limited, and Baker Hughes, Inc., in R&D activities associated with projects and abandoned oil wells across onshore oilfields, which will pave the way for market.

Service – Segment Analysis

Based on the service, the Well Completion Equipment & Services segment is expected to increase at a higher compound annual growth rate during the forecast period due to the increasing volume of drilling activities for completing the incomplete wells. In addition to this, the growth in the fracking of mature oil & gas well and continuing shale operations are some other factors fuelling the growth of the market of this segment.

Type – Segment Analysis

Based on type, the field operation segment is estimated to hold a larger share over the upcoming years, because of the growing demand for equipment rental services to minimize the cost of buying the equipment needed for drilling purposes. In addition, the field operation segment assists E&P companies achieve their highest operating limits in a fixed, thus helping companies minimize risks, driving the market growth.

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Regional – Segment Analysis

Based on the region, North America is anticipated to increase at a higher compound annual growth rate during the forecast period owing to the increasing usage of oilfield services as a result of the rising generation and consumption of oil and gas. Furthermore, the rising consumption of energy by several areas, which is leading to an expansion in the exploration activities and the growing number of drilling of wells for the exploration of shale gas, are further fuelling the growth of the oilfield services market in this region.

With an increase in the production & exploration activities fulfil the accelerating energy demand is forecast to expand the Asia Pacific market. Moreover, countries such as Indonesia, Thailand, Malaysia, and Myanmar, have experienced a significant boom in production & exploration activities and the discoveries of oil & gas reserves. For example, In February 2019, Repsol, a leading energy company, declared the largest gas discovery in Indonesia, with nearly 2 trillion cubic feet (TCF) of recoverable resources. Thus, the growing investment on the development of new oilfields and discoveries drives the demand for the oilfield service industry.

Various notable players operating in the market include Halliburton, Baker Hughes Company, Weatherford, Schlumberger Limited, National Oilwell Varco, Superior Energy Services, Inc., Archer, China Oilfield Services Limited, TechnipFMC plc, and Expro Group, among others.

Key Developments:

• • In 2020, Baker Hughes Company and C3.ai launched an application based on artificial intelligence, which permits the well operators to view the production data in real-time and the ability to predict the future production precisely. This application is available for the oil and gas customers of the company globally.
  • In 2020, Weatherford launched Centro, which is a complete approach that is used to manage the complex wellsite operations across the world popularly. It provides the consolidated data in real-time that permits the advanced domain viewing and live analytics.

The global oilfield services market has been segmented on the basis of the application, type, service, and region. Based on the application, the market is segmented into offshore and onshore. The offshore segment is further categorized into well intervention services and well completion services. The onshore segment is further categorized into well completion services and well intervention services. Based on the type, the market is segmented into field operation, equipment rental, and analytical services. Based on the service, the market is segmented into oil country tubular goods, pressure pumping services, well completion equipment & services, wireline services, drilling & completion fluid services, well intervention services, drilling waste management services, and coiled tubing services.

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Key questions answered in this research report:

• • At what pace is the global oilfield services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global oilfield services market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global oilfield services market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various services of oilfield services, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Application, By Type, By Service, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Halliburton, Baker Hughes Company, Weatherford, Schlumberger Limited, National Oilwell Varco, Superior Energy Services, Inc., Archer, China Oilfield Services Limited, TechnipFMC plc, and Expro Group among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Oilfield Services Market by Application

• • Offshore
    • Well Intervention Services
    • Well Completion Services
  • Onshore
    • Well Completion Services
    • Well Intervention Services

Global Oilfield Services Market by Type  

• • Field Operation
  • Equipment Rental
  • Analytical Services

Global Oilfield Services Market by Service

• • Oil Country Tubular Goods
  • Pressure Pumping Services
  • Well Completion Equipment & Services
  • Wireline Services
  • Drilling & Completion Fluid Services
  • Well Intervention Services
  • Drilling Waste Management Services
  • Coiled Tubing Services

Global Oilfield Services Market by Region

• • North America Oilfield Services Market (Option 1: As a part of the free 25% customization)
    • By Application
    • By Type
    • By Service
    • US Market All-Up
    • Canada Market All-Up
  • Europe Oilfield Services Market (Option 2: As a part of the free 25% Customization)
    • By Application
    • By Type
    • By Service
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Oilfield Services Market (Option 3: As a part of the free 25% Customization)
    • By Application
    • By Type
    • By Service
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Oilfield Services Market (Option 4: As a part of the free 25% Customization)
    • By Application
    • By Type
    • By Service
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Oilfield Services Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Halliburton
  • Baker Hughes Company
  • Weatherford
  • Schlumberger Limited
  • National Oilwell Varco
  • Superior Energy Services, Inc.
  • Archer
  • China Oilfield Services Limited
  • TechnipFMC plc
  • Expro Group