Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 301.82 Billion

CAGR (2023-2028)

6.41%

Fastest Growing Segment

Drilling Services

Largest Market

MEA


Global Oil Field Service Market is anticipated to grow at a steady pace in the forecast period, 2024-2028, owing to lowering the cost of oilfield services and rising production output as two main factors contributing to the growth of the market.

Oil & gas exploration and production (E&P) activities are intricate processes that call for cutting-edge machinery. Oilfield service (OFS) providers give the oil and gas industry the required infrastructure, tools, intellectual property, and services they need to find, extract, and transport oil and gas to refineries, where it is eventually sold to consumers.

Rise in Investments in the Oil & Gas Sector to Drive the Market

Due to the increased investment in upstream activities across the region, it is anticipated that the oilfield services sector in the global market will display strong fundamentals, a well-built growth, and an increased activity during the forecast period.  Saudi Aramco announced its expenditure on production in order to preserve its spare oil production capacity, strengthen its dominant position in the oil and gas sector, and pursue exploration and production projects focused on conventional and unconventional gas resources. The business has also emphasised its aspirations to increase natural gas production by double.

Increasing Shale Gas Extraction to Drive Market Growth

Shale gas is a type of natural gas, trapped in shale formations. The limited permeability of the shale rock prevents the trapped gases from flowing into the well. But technological developments like directional drilling and hydraulic fracturing have increased shale gas production from such important sources. The oilfield needs a variety of tools and services for shale exploration. For instance, China has the greatest shale reserves, and the Sichuan Basin, which is near Chongqing, accounts for a sizeable portion of the country's production. With the aid of cutting-edge drilling instruments and procedures, the nation plans to increase its production to 30 billion cubic metres (bcm) per year, by 2020 and 80 to 100 billion cubic metres, per year by 2030.

Rising Demand for Natural Gas

98 percent of the region's overall energy usage is made up of oil and natural gas. As a result, the Middle East's energy system is mostly dependent on the oil and gas industry. Although the Middle Eastern governments are working to diversify their energy sources and reduce their dependency on oil and gas, it is unlikely that this will happen anytime soon. Due to the benefits of its low carbon emissions, natural gas-based power generation is anticipated to see large investments as more Middle Eastern nations join the Paris Climate Accord. Due to increased attention being paid to the development of gas-based power infrastructure and the increased number of gas-based power generation projects planned in the Middle East, it is anticipated that domestic gas production will increase significantly. This will fuel the demand for oilfield services in the region.

Increasing Production & Exploration Activities in Oil & Gas Industry to Favor Market Growth

Due to increased energy demand and profitable investment prospects in the oil and gas sector, production and exploration activities are expected to increase in the upcoming years. According to projections, a sizable portion of the world's total oil production will be conventional onshore oil. The DNV-GL Energy-Transition-Outlook predicts that in 2022, oil production would rise by 83 million barrels per day (Mbpd). Furthermore, by 2035, unconventional onshore oil production will have doubled to approximately 22 Mbpd, accounting for close to 30% of all world crude oil production. Therefore, it is anticipated and expected that rising production and exploration activities in global oil and gas industry will propel market expansion in the years to come.

Download Free Sample Report

Market Segmentation

The Global Oil Field Service Market is divided into Service Type and Location of Deployment. Based on Service Type, the market is segmented into Drilling Services, Completion Services, Production and Intervention Services, and Other Services. Based on Location of Deployment, the market is divided into Onshore, offshore.

Market Players

Major market players in the Global Oil Field Service Market are Schlumberger, Halliburton, Baker Hughes, Weir Oil and Gas, Emerson, National Oilwell Varco, Weatherford, AlMansoori Specialized Engineering, Saudi Aramco, Protiviti.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Service Type

Location of Deployment

Regional scope

North America; Asia-Pacific; Europe; South America; Middle East

Country scope

United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Germany; United Kingdom; France; Italy; Spain; Brazil; Argentina; Colombia; Saudi Arabia; South Africa; UAE

Key companies profiled

Schlumberger (Texas, United States), Halliburton (Texas, United States), Baker Hughes (Texas, United States), Weir Oil and Gas (Glasgow, United Kingdom), Emerson (Missouri, United States), National Oilwell Varco (Texas, United States), Weatherford (Texas, United States), AlMansoori Specialized Engineering (Abu Dhabi, UAE), Saudi Aramco (Dhahran, Saudi Arabia), Protiviti (California, United States)

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Global Oil Field Service Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

        ·         Oil Field Service Market, By Service Type:

o   Drilling Services

o   Completion Services

o   Production and Intervention Services

o   Other Services

        ·         Oil Field Service Market, By Location of Deployment:

o   Onshore

o   Offshore

        ·         Oil Field Service Market, By Region:

o   North America

o   Asia Pacific

o   Europe

o   MEA

o   South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Oil Field Service Market.

Available Customizations:

Global Oil Field Service Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Oil Field Service Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on Global Oil Field Service Market Outlook

4.    Executive Summary

5.    Voice of Customer

5.1.  Brand Awareness

5.2.  Factors Considered for Choosing Oil & Gas Rig Service Vendor

5.3.  Major Challenges Related to Offshore Oil & Gas Rig

6.    Global Oil Field Service Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Service Type (Drilling Services, Completion Services, Production and Intervention Services, and Other Services)

6.2.2.    By Location of Deployment (Onshore and Offshore)

6.2.3.    By Region (North America, Asia Pacific, Europe, MEA, South America)

6.2.4.    By Company

6.3.  Market Attractiveness Index

7.    Asia-Pacific Oil Field Service Market Outlook

7.1.  Market Size & Forecast          

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Service Type

7.2.2.    By Location

7.2.3.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Oil Field Service Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.            By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Service Type

7.3.1.2.2.           By Location

7.3.2.    India Oil Field Service Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.            By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Service Type

7.3.2.2.2.           By Location

7.3.3.    Australia Oil Field Service Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.            By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Service Type

7.3.3.2.2.           By Location

7.3.4.    Japan Oil Field Service Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.            By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Service Type

7.3.4.2.2.           By Location

7.3.5.    South Korea Oil Field Service Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.            By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Service Type

7.3.5.2.2.           By Location

8.    Europe Oil Field Service Market Outlook

8.1.  Market Size & Forecast          

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Service Type

8.2.2.    By Location

8.2.3.    By Country

8.3.  Europe: Country Analysis

8.3.1.    France Oil Field Service Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Service Type

8.3.1.2.2.           By Location

8.3.2.    Germany Oil Field Service Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Service Type

8.3.2.2.2.           By Location

8.3.3.    United Kingdom Oil Field Service Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Service Type

8.3.3.2.2.           By Location

8.3.4.    Italy Oil Field Service Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.            By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Service Type

8.3.4.2.2.           By Location

8.3.5.    Spain Oil Field Service Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.            By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Service Type

8.3.5.2.2.           By Location

9.    North America Oil Field Service Market Outlook

9.1.  Market Size & Forecast          

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Service Type

9.2.2.    By Location

9.2.3.    By Country

9.3.  North America: Country Analysis

9.3.1.    United States Oil Field Service Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Service Type

9.3.1.2.2.           By Location

9.3.2.    Mexico Oil Field Service Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Service Type

9.3.2.2.2.           By Location

9.3.3.    Canada Oil Field Service Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.            By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Service Type

9.3.3.2.2.           By Location

10.  South America Oil Field Service Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Service Type

10.2.2. By Location

10.2.3. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Oil Field Service Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Service Type

10.3.1.2.2.         By Location

10.3.2. Argentina Oil Field Service Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Service Type

10.3.2.2.2.         By Location

10.3.3. Colombia Oil Field Service Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Service Type

10.3.3.2.2.         By Location

11.  Middle East and Africa Oil Field Service Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Service Type

11.2.2. By Location

11.2.3. By Country

11.3.             MEA: Country Analysis

11.3.1. South Africa Oil Field Service Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Service Type

11.3.1.2.2.         By Location

11.3.2. Saudi Arabia Oil Field Service Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Service Type

11.3.2.2.2.         By Location

11.3.3. UAE Oil Field Service Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Service Type

11.3.3.2.2.         By Location

12.  Market Dynamics

12.1.             Drivers

12.1.1. Rise in Investments in the Oil & Gas Sector in the Global

12.1.2. Rising Electricity Demand in the Global

12.2.             Challenges

12.2.1. Geopolitical Tension

12.2.2. Volatility in Crude Oil Prices to Hinder Market Growth

13.  Market Trends & Developments

13.1.             New Oilfield Discoveries

13.2.             Focused Plan to Begin Production from Unconventional Reserves

13.3.             Increasing Investment in Offshore Sector to Boost Market Growth

13.4.             Growing Number of Offshore Discoveries to Surge Demand

14.  Competitive Landscape

14.1.             Schlumberger (Texas, United States)

14.1.1. Business Overview

14.1.2. Key Revenue and Financials

14.1.3. Recent Development

14.1.4. Key Personnel

14.1.5. Key Products/Service

14.2.             Halliburton (Texas, United States)

14.2.1. Business Overview

14.2.2. Key Revenue and Financials

14.2.3. Recent Development

14.2.4. Key Personnel

14.2.5. Key Products/Service

14.3.             Baker Hughes (Texas, United States)

14.3.1. Business Overview

14.3.2. Key Revenue and Financials

14.3.3. Recent Development

14.3.4. Key Personnel

14.3.5. Key Products/Service

14.4.             Weir Oil and Gas (Glasgow, United Kingdom)

14.4.1. Business Overview

14.4.2. Key Revenue and Financials

14.4.3. Recent Development

14.4.4. Key Personnel

14.4.5. Key Products/Service

14.5.             Emerson (Missouri, United States)

14.5.1. Business Overview

14.5.2. Key Revenue and Financials

14.5.3. Recent Development

14.5.4. Key Personnel

14.5.5. Key Products/Service

14.6.             National Oilwell Varco (Texas, United States)

14.6.1. Business Overview

14.6.2. Key Revenue and Financials

14.6.3. Recent Development

14.6.4. Key Personnel

14.6.5. Key Products/Service

14.7.             Weatherford (Texas, United States)

14.7.1. Business Overview

14.7.2. Key Revenue and Financials

14.7.3. Recent Development

14.7.4. Key Personnel

14.7.5. Key Products/Service

14.8.             AlMansoori Specialized Engineering (Abu Dhabi, UAE)

14.8.1. Business Overview

14.8.2. Key Revenue and Financials

14.8.3. Recent Development

14.8.4. Key Personnel

14.8.5. Key Products/Service

14.9.             Saudi Aramco (Dhahran, Saudi Arabia)

14.9.1. Business Overview

14.9.2. Key Revenue and Financials

14.9.3. Recent Development

14.9.4. Key Personnel

14.9.5. Key Products/Service

14.10.          Protiviti (California, United States)

14.10.1.               Business Overview

14.10.2.               Key Revenue and Financials

14.10.3.               Recent Development

14.10.4.               Key Personnel

14.10.5.               Key Products/Service

15. Strategic Recommendations

15.1.            Key focus on North Region

15.2.            Key focus towards Onshore Segment

16 About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

Schlumberger (Texas, United States), Halliburton (Texas, United States), Baker Hughes (Texas, United States), Weir Oil and Gas (Glasgow, United Kingdom), Emerson (Missouri, United States), National Oilwell Varco (Texas, United States), Weatherford (Texas, United States), AlMansoori Specialized Engineering (Abu Dhabi, UAE), Saudi Aramco (Dhahran, Saudi Arabia), Protiviti (California, United States) are some of the major players in Global Oil Field Service market.

down-arrow

The oil and gas industry is served by oil field service businesses. Oil field service providers offer a variety of services, such as well construction, completion, and drilling, although they rarely produce their own petroleum.

down-arrow

The dominant region in Global Oil Field Service Market is North America as many companies operate here, and many rigs are also present here.

down-arrow

Volatility in Crude Oil Prices and Geopolitical Tensions are two main challenges faced by the oil field service market, globally.

profile

Parvati Sharma

Account Manager BD
Press Release

Oil Field Service Market Expected to Grow at High CAGR Through 2028

Apr, 2023

Increase in Natural Gas Production and Focused Plan to Begin Production from Unconventional Reserves in the Country is expected to drive the Oil Field Services Market.