Global Oilfield Services Market Opportunities 2024, Forecast To 2033
22 Feb, 2024
The oilfield services market witnessed strong recent growth, rising from $181.42 billion in 2023 to $193.35 billion in 2024, with a 6.6% CAGR. Historical growth is attributed to heightened global energy demand, deepwater drilling, unconventional oil and gas production, and increased exploration in emerging markets. Projections suggest continued growth to $242.85 billion by 2028, with a 5.9% CAGR. This is driven by the accelerated adoption of digital technologies, enhanced oil recovery, offshore expansion, renewable energy investment, and oil price stabilization. Key trends encompass technological advancements, AI integration, environmental sustainability, robotics, and data security.
Global Oilfield Services Market Key Driver
The oilfield services market is expected to witness growth due to the increasing extraction of shale gas. Shale gas, trapped inside shale rocks, is extracted through oilfield services such as directional drilling and hydraulic fracturing. The Energy Information Administration reported a continuous increase in shale volumes, reaching 8.708 million b/d in April 2022, with the Permian Basin driving growth. The rising demand for shale gas is expected to propel the oilfield services market.
Get A Free Sample Of The Global Oilfield Services Market ReportGlobal Oilfield Services Market Segments
The oilfield services market covered in this report is segmented –
1)By Service Type: Subsea Services, Seismic Services, Drilling Services, Workover and Completion Services, Production Equipment, Processing and Separation Services, Other Service Types
2)By Type: Equipment Rental, Field Operation, Analytical and Consulting Services
3)By Application: Onshore, Offshore
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America will be the largest region in the oilfield services market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Oilfield Services Industry Players
Schlumberger Limited; Baker Hughes GE; Halliburton Company; Weatherford International plc; China Oilfield Services Limited; Basic Energy Services Inc.; Superior Energy Services Inc.; Transocean Ltd.; National Oilwell Varco Inc.; Saipem Spa; Petrofac Limited; Trican Well Services Ltd.; Oil States Industries Inc.; Emerson Electric Company; Welltec Oilfield Services Pvt. Ltd.; Weir Oil & Gas Inc.; TechnipFMC plc; ABB Ltd.; Abbott Laboratories; Aker Solutions ASA; BGR Energy Systems Ltd.; Calfrac Well Services Ltd.; Canary LLC; Challenger Limited; Helmerich & Payne Inc.; Hill International Inc.; Hunting plc; ION Geophysical Corp.; J&L Supply Co. Ltd.; Jacobs Engineering Group Inc.; Key Energy Services Inc.; Larsen & Toubro Ltd.; McDermott International Inc.; Nabors Industries Ltd.; Ecolab Inc.; Neuman & Esser Group; Newpark Resources Inc.; Noble Corporation; Oceaneering International Inc.
Get The Full Global Oilfield Services Market Report
Oilfield Services Market Overview
Oilfield services refer to the services that support onshore and offshore oil and gas extraction and production processes. These services are used to construct, complete, and produce oil and gas wells and are also used to construct, complete, and produce oil and gas wells.
Oilfield Services Global Market Report 2023 provides data on the global oilfield services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oilfield services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.