The oilfield services market is expected to register a CAGR of 5.12% during the forecast period.
MRFR recognizes the following companies as the key players in the global oilfield services market— Schlumberger Limited (US), Halliburton (US), Baker Hughes (US), Weatherford International plc (US), National Oilwell Varcos (US), Asian Energy Services Limited (India), TechnipFMC plc (UK), Superior Energy Services, Inc (US), China Oilfield Services Limited (China).
Market Highlights
The global oilfield services market is expected to register a CAGR of 5.12% during the forecast period and is expected to hit USD 4,09,921.5 million by 2028.
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The global oilfield services market is expected to witness significant growth during the review period. Key drivers of the market include the growth of the oil & gas industry and the rapidly growing shale gas exploration. Increased oil & gas investment in the potential region, i.e., Middle East & Africa, promotes the demand for oil & gas services. However, increasing focus on renewable energy production coupled with the fluctuating crude oil prices is the major hindrance to market growth.
Segment Analysis
The global oilfield services market is mainly segmented into service type and application. On the basis of service type, the market has been sub-segmented into well completion equipment & services, well intervention services, coiled tubing services, pressure pumping services, OCTG, wireline services, and drilling waste management services. On the basis of application, the oilfield services market has been segmented into offshore and onshore.
Regional Analysis
The global oilfield services market has been segmented on the basis of region into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America oilfield services market has been segmented into US, Canada, and Mexico. The market in Europe has been segmented into Germany, France, Spain, UK, Italy, Russia, and Rest of Europe. The Asia-Pacific market includes China, Japan, India, Southeast Asia, and Rest of Asia-Pacific. The Latin America market includes Brazil, Argentina, Chile, and Rest of Latin America. The Middle East & Africa market includes Iraq, Iran, Egypt, Saudi Arabia, and Rest of the Middle East & Africa.
North America accounted for a market share of 41.39% in 2020 and is expected to register a CAGR of 5.50% during the forecast period and reach a market value of USD 1,74,585.6 million by 2028. North America is one of the leading markets for oilfield services, owing to the increasing drilling & production activities. In the US, advancements in hydraulic fracturing technology have helped the operators increase their shale production in this region. Thus, the country is one of the largest markets for drilling oilfield services. In 2018, the US had 968 active rigs and more than a million producing wells, and it is one of the largest markets for drilling oilfield services in the world.
The availability of natural gas reserves in Europe in the North Sea, Black Sea, the Caspian, the Mediterranean, the Norwegian Sea, and the Barents Sea and the presence of large shale gas reserves present lucrative opportunities for the players operating in the European and international markets.
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Key Findings of the Study
- The global oilfield services market is expected to reach USD 4,09,921.5 million by 2028 at a CAGR of 5.12 % during the forecast period.
- The North America accounted for the largest market share of 41.39% in 2020, with a market value of USD 1,12,805.1 million.
- Based on service type, the well completion equipment & services segment is expected to register a CAGR of 6.46% during the forecast period.
- On the basis of application, the onshore segment dominated the market with a share of 79% in 2020.
- Some of the key players operating in the oilfield services market are Schlumberger Limited (US), Halliburton (US), Baker Hughes (US), Weatherford International plc (US), National Oilwell Varcos (US), Asian Energy Services Limited (India), TechnipFMC plc (UK), Superior Energy Services, Inc (US), and China Oilfield Services Limited (China) among others.
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