Global Oilfield Services Market – Industry Trends and Forecast to 2029

Global Oilfield Services Market, By Services (Workover and Completion Services, Production, Drilling Services, Subsea Services, Seismic Services, Processing and Separation Services, Others), Type (Equipment Rental, Field Operation, Analytical, Consulting Services), Application (Onshore, Offshore) – Industry Trends and Forecast to 2029.

Oilfield Services Market Analysis and Size

The oilfield services play a crucial role in the upstream services of oil and gas industry, most probably in the off-shore assets. The increasing shale gas extraction from hydraulic fracturing and other stimulation procedures are boosting the growth of the market. For instance, according to the World Investments Reports the oil and gas extraction procedures are expected to expand during the forecasted period of 2022-2029 due to the increased offshore field investments.

Global oilfield services market was valued at USD 305.12 billion in 2021 and is expected to reach USD 512.61 billion by 2029, registering a CAGR of 6.70% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Oilfield Services Market Scope and Segmentation

Market Definition

The oilfield services (OFS) play a crucial role in extraction of oil and gases, predominantly in the offshore assets. These latest technologies raise efficiency and resource extraction and management. Moreover, they also minimize time and reduce costs related to production.

Global Oilfield Services Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growing demands for Enhanced oil recovery

The growing demands for enhanced oil recovery from various sectors and countries is the primary factor driving the growth of ten market over the forecasted period. Oilfield services help the operators control the subsurface pressures, control borehole erosion, minimize formation damage, optimize drilling parameters and analyze penetration rates. Moreover, they allow the operators to achieve high accuracy, time-efficient outcomes and enhanced level of management of the data. All these technological innovations and increased efficiencies are driving the growth of the market over the forecasted period.

• High preferences for renewable source of energy

The renewable sources of energy are extensively used across various industries. The major energy resources such as solar, wind, geothermal, biomass and hydropower are widely used as an alternative to coal and oil are the vital factors driving the growth of the market. Additionally, the increasing environmental regulations and initiatives regarding the reduction of the carbon emission and carbon footprints is also a man factor driving the growth of the market over the forecasted period.

The expansion of end use industries coupled with the increase in population will further propel the growth rate of oilfield services market. Additionally, the rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.

Opportunities

• Increasing investments in oil and gas sector

The increasing investments by the manufacturers in the offshore assets and field is the major factor creating significant lucrative growth opportunities for the market over the forecasted period. For instance, the total gas investment in the MENA region recorded US$75 billion. The rising investments in the top three MENA countries, namely Iraq, Qatar and Saudi Arabia, also create growth opportunities for the market. These are contributed to the megaprojects of oil extraction in the region and the regulations regarding reducing carbon emissions.

Restraints/Challenges

• Stringent Approval Process

The coatings manufacturers must enhance their manufacturing and production processes per the regulatory policies imposed by various governments. These stringent policies further result in more time for approval, which will create hindrances for the growth of the oilfield services market.

• Fluctuations in Raw Material Prices

The inconsistent raw material prices have a direct negative impact on the overall market’s growth. As a result, these fluctuations will pose as a major challenge the oilfield services market growth rate.

This oilfield services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the oilfield services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Oilfield Services Market

The recent outbreak of coronavirus had a negative impact on the oilfield services market. Due to the lockdown restrictions, it seriously damaged the market due to the disruption of production activities and supply chains across the chemical industries. The market faced disruption in supply chains, lesser availability of workforce, fluctuations in prices and availability of raw materials which hampered the market largely. However, with the gradual upliftment of restriction and restoration of business operations, the overall synthetic ester lubricants industry is expected to grow steadily. Also, the market is estimated to recover as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue, and the market is estimated to expand.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent developments

• In 2020, DOF Subsea announced new contracts with Petrobras, worth USD $ 110 million the contract includes three vessels from the DOF fleet to be mobilized to perform different inspectional tasks such as flexible pipelines, risers and subsea equipment in Campos, Santos and other continents.

Global Oilfield Services Market Scope

The oilfield services market is segmented on the basis of services, type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Services

• Workover and Completion Services
• Production
• Drilling Services
• Subsea Services
• Seismic Services
• Processing and Separation Services
• Others

Type

• Equipment Rental
• Field Operation
• Analytical
• Consulting Services

Application

• Onshore
• Offshore

Oilfield Services Market Regional Analysis/Insights

The oilfield services market is analyzed and market size insights and trends are provided by services, type and application as referenced above.

The countries covered in the oilfield services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance due to the high production and the consumption of oil and gas along with the technological advancements including hydraulic fracturing technologies within the region.

Asia-Pacific, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing population, increasing consumption, rising demands for crude oil, and rising investments in offshore productions.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Oilfield Services Market Share Analysis

The oilfield services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to oilfield services market.

Some of the major players operating in the oilfield services market are

• Baker Hughes Company (U.S.)
• Halliburton (U.S.)
• Schlumberger Limited. (U.S.)
• Weatherford (U.S.)
• Superior Energy Services. (U.S.)
• NOV Inc. (U.S.)
• China Oilfield Services Limited (China)
• ARCHER OILFIELD ENGINEERS (India)
• Expro Group. (U.K.)
• TechnipFMC plc (U.K.)
• General Electric (U.S.)
• Trican. (Canada)
• Welltec A/S (Denmark)
• Basic Energy Corporation. (U.S.)
• Nabors Industries Ltd. (Bermuda)
• Pioneer Natural Resources Company. (U.S.)
• Edgo (UAE)