Directional Drilling Services Global Market Report 2023 – By Services (Logging-while-Drilling (LWD), Rotary Steerable System (RSS), Measurement While Drilling (MWD) and Survey, Drag Analysis, Well Bore Positioning, Other Services), By Well Type (Horizontal, Multilateral, Extended Reach), By Application (Onshore, Offshore) – Market Size, Trends, And Global Forecast 2023-2032

The oil downstream activities market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing. The main types of oil downstream activities are refined petroleum products manufacturing, asphalt, lubricating oil, and grease manufacturing. Refined petroleum products manufacturing include transformation and refining of crude oil into useful products such as gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, liquefied petroleum gas, and petroleum naphtha. The different fractions include light distillates, middle distillates, and heavy oils and are used in various applications such as crude petroleum comprises, and natural gas extraction comprises. The oil downstream activities market research report is one of a series of new reports from The Business Research Company that provides oil downstream activities market statistics, including oil downstream activities industry global market size, regional shares, competitors with a oil downstream activities market share, detailed oil downstream activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil downstream activities industry. This oil downstream activities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global oil downstream activities market is expected to grow from $2,538.57 billion in 2021 to $2,884.23 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The oil downstream activities market is expected to reach $4,712.92 billion in 2026 at a CAGR of 13.1%. Refineries are increasingly adopting carbon capture and storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping of CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents it from entering the atmosphere by storing it in underground formations. Globally there are about 15 large-scale projects and 7 under construction projects with the capacity to capture about 40 million tonnes CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. Major players in the oil downstream activities market are Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc, and Chevron. North America was the largest region in the oil downstream activities market in 2021. Asia Pacific was the second largest region in the oil downstream activities market. The regions covered in the oil downstream activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil downstream activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The global oil downstream activities market is segmented - 1) By Type: Refined Petroleum Products Manufacturing, Asphalt, Lubricating Oil And Grease Manufacturing 2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils 3) By Application: Crude Petroleum Comprises, Natural Gas Extraction Comprises Subsegments Covered: Diesel, Gasoline, Fuel Oil, Kerosene, Others - Refined Petroleum Products Manufacturing, Asphalt, Other Petroleum Products

Oil and gas wells drilling services refer to the extensive set of procedures required to build circular wells using excavation techniques. Oil and gas wells drilling services comprise of new well construction, well reconstruction, well rehabilitation, well repair, installation of pitless equipment, and well plugging services. The main types of oil and gas wells drilling services are onshore drilling services and offshore drilling services. Onshore drilling entails driving a drilling rig deep into the earth to reach fossil fuels. Onshore drilling services include the construction of oil and gas wells for production, exploration, and appraisal, as well as other types of wells such as vertical, deviated, and horizontal wells. The various services offered include directional drilling, non-directional drilling and the machine parts used are rigs, pipes, bits, reamers and others. The global oil and gas wells drilling services market is segmented - 1) By Type: Onshore Drilling Services, Offshore Drilling Services 2) By Service: Directional Drilling, Non-Directional Drilling 3) By Machine Parts: Rigs, Pipes, Bits, Reamers, Other Machine Parts The global oil and gas wells drilling services market size grew from $136.86 billion in 2022 to $142.37 billion in 2023 at a compound annual growth rate (CAGR) of 4.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of oil and gas wells drilling services is expected to grow to $166.69 billion in 2027 at a CAGR of 4.0%. The rapid pace of innovation in oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs. Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs. For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling. Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovation in exploration and drilling technologies are expected to drive the growth of oil and gas wells drilling services market during the forecast period. Major companies in the oil and gas wells drilling services market include Baker Hughes Co, Schlumberger Ltd., Halliburton, China Oilfield Services Ltd., Transocean Ltd., Helmerich & Payne, Inc., Weatherford International plc, Nabors Industries Ltd., Valaris PLC, and Saipem. The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the oil and gas wells drilling services market in 2020 as fears over COVID-19 resulted in lower oil prices, exasperated by a price war when the members of the OPEC cartel were unable to agree on production cuts in February 2020, resulting in a decline in the dollar price of WTI Crude per barrel falling from around $50 to around $25. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity, with countries entering a state of 'lock down' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the oil and gas wells drilling services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. In addition, current oil prices are uneconomic for many operators and are likely to result in lower supply in the medium term, as operators cut activity or cease trading, resulting in an upturn in prices. Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark. North America was the largest region in the oil and gas wells drilling services market share in 2022. Middle East was the second largest region in the oil and gas wells drilling services market. The regions covered in the global oil and gas wells drilling services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas wells drilling services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The oil and gas wells drilling services market includes revenues earned by entities by providing services concerning well construction, maintenance, and reconstruction. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The oil and gas wells drilling services market research report is one of a series of new reports from The Business Research Company that provides oil and gas wells drilling services market statistics, including oil and gas wells drilling services industry global market size, regional shares, competitors with a oil and gas wells drilling services market share, detailed oil and gas wells drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas wells drilling services industry. This oil and gas wells drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Offshore drilling rigs are large structure built to facilitate extraction, processing, and storage of oil and natural gas. These rigs are used for drilling wells, extracting and processing oil and natural gas, and temporarily storing products until landing for refining and sale. The main types of offshore drilling rigs are jackups, semisubmersibles, drill ships, and other types. The jackups refer to a self-contained drilling rig and floating barge with lengthy support legs that may be independently raised and lowered. With its legs up and the barge part floating in the water, the jackup is pulled to its destination. The different applications include shallow water, deepwater, and ultra-deep water. The global offshore drilling rigs market is segmented – 1) By Type: Jackups, Semisubmersibles, Drill Ships, Other Types 2) By Application: Shallow Water, Deepwater, Ultra-Deep Water The global offshore drilling rigs market size will grow from $85.36 billion in 2022 to $92.83 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The offshore drilling rigs market size is expected to grow to $121.24 billion in 2027 at a CAGR of 6.9%. An increase in the number of exploratory wells is expected to propel the growth of the offshore drilling rigs market. Exploratory wells are deep test holes dug by oil and gas exploration companies both onshore and offshore to uncover proven reserves of recoverable gas and oil. For instance, in March 2021, according to a press release published by RYSTAD Energy, a Norway-based independent energy research and business intelligence company, offshore drilling activity is expected to increase year on year by about 10% in both 2021 and 2022. This will bring the number of offshore wells drilled to nearly 2,500 in 2021, from less than 2,300 in 2020, and forecast that the corresponding number for 2022 will surpass 2,700. Therefore, the increase in the number of exploratory wells is driving the growth of the offshore drilling rigs market. Major players in the offshore drilling rigs market are Samsung Heavy Industries Co. Ltd., Loadmaster Universal Rigs Inc., Rowan Companies, Keppel Corporation Limited, Irving Shipbuilding Inc., Hyundai Heavy Industries Co. Ltd., Friede & Goldman Ltd., Schlumberger, and TRINIDAD DRILLING LTD. Advancement in technology is a key trend gaining popularity in the offshore drilling rigs market. Major companies operating in offshore drilling rigs are adopting advanced technologies to strengthen their position in the market. For instance, in December 2021, Maersk Drilling, a Denmark-based drilling-rig operator has developed RigFlow, an innovative digital product, that has revolutionized how the drilling sector orchestrates operations. RigFlow digitalizes the information flow between the well plan and rig operations, allowing everyone involved to work more efficiently and transparently using real-time plans and operational instructions. It's being used on a variety of rigs by a variety of operators. In April 2022, Keppel Corp., a Singapore-based manufacturer of offshore rigs merged with Sembcorp Marine. With the help of the merger, the combined business will look for prospects in renewable energy. Sembcorp Marine is a Singapore-based marine and offshore engineering company specializing in oil rig construction. North America was the largest region in the offshore drilling rigs market in 2022. Middle East and Africa are expected to be the fastest growing regions in the forecast period. The regions covered in the offshore drilling rigs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the offshore drilling rigs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The offshore drilling rigs market consists of sales of barges, submersibles, platforms, jackups, and floaters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The offshore drilling rigs market research report is one of a series of new reports from The Business Research Company that provides offshore drilling rigs market statistics, including offshore drilling rigs industry global market size, regional shares, competitors with a offshore drilling rigs market share, detailed offshore drilling rigs market segments, market trends and opportunities, and any further data you may need to thrive in the offshore drilling rigs industry. This offshore drilling rigs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Managed pressure drilling (MPD) is a drilling technique that uses a closed and pressurized circulating system to provide precise pressure control of the wellbore. They are carried out by lowering the flow conditions to maintain the pressure of the lower holes by the pressure of the pore model. Managed pressure drilling is used to control annular pressure while drilling the working surface and adjusting the entry-level and mud weight during the drilling process. The main managed pressure drilling services technologies include constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD), and return flow control drilling (RFCD). Constant bottom hole pressure manages the bottom hole pressures required in drilling under high-pressure conditions. The tools used are rotating control device (RCD), non-return valves (NRV) and choke manifold systems. The applications of managed pressure drilling services include onshore and offshore. The global managed pressure drilling services market is segmented – 1) By Technology: Constant Bottom Hole Pressure (CBHP), Mud Cap Drilling (MCD), Dual Gradient Drilling (DGD), Return Flow Control Drilling (RFCD) 2) By Tool: Rotating Control Device (RCD), Non-Return Valves (NRV), Choke Manifold Systems 3) By Application: Onshore, Offshore The global managed pressure drilling services market size will grow from $3.7 billion in 2022 to $3.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global managed pressure drilling services is expected to grow to $4.87 billion in 2027 at a CAGR of 5.5%. Growing energy demand is expected to significantly contribute to the growth of the managed pressure drilling services market. An increase in energy demand due to increasing industrial activity and advances in both developing and developed countries will result in increased extraction and drilling activities, thereby driving the market. For instance, according to the 2021 International Energy Agency (IEA) report, global energy consumption increased by 4.6% in 2021, which was higher than in 2019 and 2020 across the world. Therefore, growing energy demand drives the growth of the managed pressure drilling services market going forward. Major players in the managed pressure drilling services market are Schlumberger Limited, Weatherford International PLC., Nabors Industries Ltd., Ensign Energy Services, Halliburton Inc., National Oilwell Varco, Air Drilling Associates Inc., Beyond Energy Services & Technology, AFGlobal Corporation, Enhanced Drilling Services, Oilserv, Archer Well Services, Frontier International, ADS Services LLC, WellSpec and Aker Solutions. Technological advancements have emerged as a key trend gaining popularity in the managed pressure drilling services market. Major companies operating in the drilling services sector are focused on developing new technological solutions such as FlexJoint technology in drilling activities to strengthen their position in the market. For instance, in May 2022, OIL STATES INDUSTRIES, a US-based company providing integrated energy systems and solutions, introduced new Managed Pressure Drilling and Riser Gas Handling ("MPD" and "RGH") System, which integrates managed pressure drilling and riser gas handling into the deepwater drilling riser in order to unlock greater speed, economy, performance and safety. The system also promotes long bearing life with FlexJoint technology to further decrease maintenance requirements and includes key features that remove workers from the red zone to significantly and thereby increase safety. In October 2020, Chevron Corporation, a US-based oil and natural gas exploration and production company, acquired Noble Energy for an undisclosed amount. This acquisition would provide Chevron Corporation with low-cost, proven gas reserves and desirable undeveloped oil and natural gas resources. Moreover, this acquisition will also strengthen Chevron's position in the Eastern Mediterranean region and the United States. Noble Energy is a US-based energy company engaged in hydrocarbon exploration. North America was the largest region in the managed pressure drilling services market in 2022. The regions covered in the managed pressure drilling services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the managed pressure drilling services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The managed pressure drilling services market includes revenues earned by entities by providing services such as Halliburton, archer well services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The managed pressure drilling services market research report is one of a series of new reports from The Business Research Company that provides managed pressure drilling services market statistics, including managed pressure drilling services industry global market size, regional shares, competitors with a managed pressure drilling services market share, detailed managed pressure drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the managed pressure drilling services industry. This managed pressure drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Oil and Gas extraction is the exploration and production of petroleum and natural gas from wells. The main types are oil & gas upstream activities, oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore; onshore that are used for residential, commercial, institutions and other applications. The global oil and gas market is segmented - 1) By Type: Oil & Gas Upstream Activities, Oil Downstream Products 2) By Drilling Type: Offshore, Onshore 3) By Application: Residential, Commercial, Institutions, Other Applications Subsegments Covered: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil And Grease The global oil and gas market size grew from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3%. Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in March 2020, UK decreased the interest rates to 0,1% which was the lowest ever. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2020. Major companies in the oil and gas market include Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron, Iraq Ministry of Oil, PJSC Lukoil, Total SA, and Rosneft. Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil prices is expected to negatively impact the market going forward. Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%. Asia-Pacific was the largest region in the oil and gas market share in 2022. North America was the second largest region in the oil and gas market. The regions covered in the global oil and gas market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The oil and gas market consists of sales of crude oil, natural gas, refined petroleum products and asphalt, lubricating oil and grease. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The oil and gas market research report is one of a series of new reports from The Business Research Company that provides oil and gas market statistics, including oil and gas industry global market size, regional shares, competitors with a oil and gas market share, detailed oil and gas market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas industry. This oil and gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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. The main service types of oilfield services are subsea services, seismic services, drilling services, workover and completion services, production equipment, processing and separation services, and other service types. Seismic services refer to a method of investigating underground properties and rock patterns using induced shock wave reflections. The types are equipment rental, field operation, and analytical and consulting services. The various applications involved onshore and offshore. The global oilfield services market 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 The global oilfield services market size will grow from $180.32 billion in 2022 to $192.1 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the oilfield services is expected to grow to $241.41 billion in 2027 at a CAGR of 5.9%. Increasing shale gas extraction is expected to propel the growth of the oilfield services market going forward. Shale gas refers to natural gas that has been trapped inside shale rocks. Oilfield services such as directional drilling and hydraulic fracturing have increased shale gas production from such important sources. For instance, in March 2022, according to the Energy Information Administration Report, a US-based government agency, shale volumes in March were at 8.591 million b/d and grew to 8.708 million b/d in April, which has been driven by an increase in the Permian Basin. Therefore, the increasing shale gas demand is driving the growth of the oilfield services market. Major players in the oilfield services market are Schlumberger Limited, Baker Hughes GE, Halliburton Company, Weatherford International PLC., China Oilfield Services Limited (COSL), Basic Energy Services Inc., Superior Energy Services Inc., Transocean Ltd., National Oilwell Varco, Saipem Spa, Petrofac Limited, Trican Well Services Ltd., Oil States industries, The Emerson Electric Company, Welltec Oilfield Services Pvt Ltd., Weir Oil & Gas Inc., and TechnipFMC plc. Technological advancements are a key trend gaining popularity in the oilfield services market. Major companies operating in the oilfield services market are focused on developing new technological solutions to strengthen their position. For instance, in July 2021, Saipem, an Italy-based company operating in oilfield services, launched SUISO, a technological solution for the production of green hydrogen, thus confirming its commitment to support its clients in the energy transition. This solution would combine various renewable energy sources such as floating wind, floating solar and marine energy in a single system to power, together or individually, electrolyzes installed on existing offshore platforms for the production of green hydrogen. The oxygen resulting from this process is used in various areas, such as aquaculture or seaweed production. In September 2021, Schlumberger Ltd., a US-based company operating in oilfield services, acquired Independent Data Services for an undisclosed amount. Through this acquisition, Schlumberger aims to enhance the industry's first cloud-based end-to-end drilling solution, which also adds the only automated reporting software to Schlumberger's digital drilling offering. Independent Data Services is a Malaysia-based company operating in the oilfield services. North America will be the largest region in the oilfield services market in 2022. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in this oilfield services market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the oilfield services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The oilfield services market includes revenues earned by entities by providing services such as drilling and formation evaluation, well construction, and completion services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The oilfield services market research report is one of a series of new reports from The Business Research Company that provides oilfield services market statistics, including oilfield services industry global market size, regional shares, competitors with an oilfield services market share, detailed oilfield services market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield services industry. This oilfield services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oil and gas supporting activities provide support activities on a contract or fee basis for oil and gas operations such as exploration, drilling, and extraction. The main types of oil and gas supporting activities are well maintenance, exploration, and well developing. Exploration companies drilled a deep test hole, and exploratory well both onshore and offshore to locate proven reserves of recoverable gas and oil. The various drilling types include offshore, and onshore that are used for crude petroleum comprises and natural gas extraction comprises. The global oil and gas supporting activities market is segmented - 1) By Type: Well Maintenance, Exploration, Well Developing 2) By Drilling Type: Offshore, Onshore 3) By End-Users: Crude Petroleum Comprises, Natural Gas Extraction Comprises The global oil and gas supporting activities market size grew from $272.98 billion in 2022 to $285.39 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of oil and gas supporting activities is expected to grow to $337.01 billion in 2027 at a CAGR of 4.2%. The oil and gas supporting activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, China’s GDP grew by 2.3% in 2020 to $14.72 trillion. Additionally, according to the World Economic Outlook Reports by the IMF, global GDP growth was around 3.3% and 3.4% in 2020 and 2021 respectively. Thus, strong economic growth boosted the demand for oil and gas, and this drove the oil and gas supporting activities market during the historic period. Major companies in the oil and gas supporting activities market include Schlumberger Ltd., TechnipFMC plc, Saipem, Halliburton, Weatherford International plc, Petrofac, Aibel, Calfrac Well Services Ltd., Patterson-UTI Energy, Inc., and Trican Well Service Ltd. Growing popularity of renewable energy sources was a major restraint on the oil and gas supporting activities market during the historic period. The removal of fuel subsidies by governments and the drop in renewable energy technology and infrastructure costs meant the cost of power generated through solar and wind energy became comparable to the cost of power generated through fossil fuels. Certainty in capital costs and absence of material costs is favorable to renewable energy projects when compared to petrochemical-based projects where project ROI (Return on Investment) is dependent on raw material costs, thus affecting the growth of the market. Companies providing support activities for oil and gas operations are using rig-less technology to reduce turnaround time for decommissioning of wells. Rig-less P&A refers to decommissioning of oil wells wherein companies need not replace tubes and drill pipes while placing primary or secondary barriers, thus offering significant cost savings over rig-based operations. Also, the equipment used for rig-less P&A can also be operated at a water depth of 1600 feet. For instance, some of the major companies using rig-less technology include Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford. North America was the largest region in the oil and gas supporting activities market share in 2022. Middle East was the second largest in the oil and gas supporting activities market. The regions covered in the global oil and gas supporting activities market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas supporting activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The oil and gas supporting activities market includes revenues earned by entities by logging, cementing, casing, perforating, fracturing, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The oil and gas upstream activities undertake the pre-refining activities of crude oil and natural gas production. The oil and gas upstream activities includes drilling onshore and offshore as well as exploration activities like geological survey creation and land rights acquisition. The main types of oil and gas upstream activities are crude oil, natural gas, oil and gas wells drilling services, oil and gas supporting activities. Crude oil is a naturally occurring petroleum product made up of hydrocarbon deposits and other organic materials that is extracted from the earth and refined into gasoline, jet fuel, and other petroleum products. The different drilling types include offshore, onshore and is used by various sectors such as crude petroleum comprises, natural gas extraction comprises. The global oil and gas upstream activities market is segmented - 1) By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities 2) By Drilling Type: Offshore, Onshore 3) By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises Subsegments Covered: Onshore Drilling Services, Offshore Drilling Services, Well Maintenance, Exploration, Well Developing The global oil & gas upstream activities market size grew from $4,113.37 billion in 2022 to $4,357.84 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oil & gas upstream activities is expected to grow to $5,357.28 billion in 2027 at a CAGR of 5.3%. Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to enhance oil and gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision-making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modeling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape with a fact that an increase in production efficiency by ten percentage points can yield an impact of $220 million to $260 million on the bottom-line. According to IHS CERA, digital oilfield implementation leads to an increase in oil production by 2 to 8%and reduction in operating expense by 5 to 25%. For Instance, some of the major companies investing in digital oilfields include Noble Corp, Statoil, and Apache Corp. Major companies in the oil & gas upstream activities market market include Iraq Ministry of Oil, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, and Chevron. Oil and gas well drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne and Landmark. Oil and Gas Wells Drilling Service providers are using seismic technology to map and interpret potential hydrocarbon reserves. 4d seismic technology is used to track the change in the physical properties of the reservoir rocks, which are caused due to changes in reservoir pressure, temperature, and fluid saturation. It tracks these changes by repeating 3D seismic surveys over time-to-time to create a time-lapse or 4D seismic image. This technology works as a tool to minimize drilling risk and maximize the return on investment. For Instance, some of the major companies using this technology include Statoil, NTNU, and Chevron. Asia-Pacific was the largest region in the oil & gas upstream activities market share in 2022. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the globaloil & gas upstream activities market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil & gas upstream activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The oil and gas upstream activities market includes revenues earned by entities by onshore drilling services, offshore drilling services, well maintenance, exploration and well developing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The oil and gas upstream activities market research report is one of a series of new reports from The Business Research Company that provides oil and gas upstream activities market statistics, including oil and gas upstream activities industry global market size, regional shares, competitors with a oil and gas upstream activities market share, detailed oil and gas upstream activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas upstream activities industry. This oil and gas upstream activities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.