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Oilfield Services Market Size to Hit $346.45 Billion by 2027 | Industry Analysis Update 2023

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Global Oilfield Services Market to Reach USD 346.45 Billion by 2027; Increasing Shale Gas Extraction Activities to Propel Market, states Fortune Business Insights™

Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) — The global oilfield services market size is expected to reach USD 346.45 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period. The surging shale gas extraction from hydraulic fracturing and other stimulation procedures will bolster the growth of the market, states Fortune Business Insights, in a report, titled “Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operation, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2020-2027.” The market size stood at USD 267.82 billion in 2019.

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Oilfield Services Market Scope:

Report Coverage Details
Forecast Period 2020-2027
Forecast Period 2020 to 2027 CAGR 6.6 %
2027 Value Projection USD 346.45 billion
Base Year 2019
Market Size in 2019 USD 267.82 billion
Historical Data for 2016-2018
No. of Pages 320
Segments covered By Type, Service, Application, Geography
Growth Drivers Increasing Shale Gas Extraction to Drive Market Growth
  Increasing Production & Exploration Activities in Oil & Gas Industry to Favor Market Growth

Drivers and Restraints:

Growing Demand for Shale Gas to Propel Market

The increasing demand for shale gas has led to the advancement in technologies such as directional drilling and hydraulic fracturing technology to improve the production process in reservoirs. The high requirement for oilfield services during extraction can spur opportunities for the market. The ongoing plans and strategies to enhance the production of shale gas will simultaneously enrich the business of the market during the forecast period. For instance, China has announced that it will escalate its production up to 30 bcm/per year by 2020, and 80-100 bcm/per year by 2030 through advanced technologies and drilling techniques. China accounts for a high percent of shale gas production, which originally comes from the Sichuan Basin located in the Chongqing area. Moreover, the increasing exploration activities for untapped resources will enable healthy growth of the market in the forthcoming years.

Halt on Exploration Projects and Services to Dwindle Market Growth

The substantial impact on the oil & gas industry is due to the disruption caused by coronavirus, which affected the operation and supply chain of the industry. Numerous companies have terminated exploration projects and services owing to the lockdown to curb the spread of the virus. For instance, the International Energy Agency reported that oil demand is likely to decrease by 29 million barrels per day (BPD) in April 2020 and by 23.1 million bpd in the 2nd quarter. Moreover, the production cuts, obstructed investments, and economic downfall can result in heavy loss for the global market during COVID-19. However, improving the situation and growing oil demand will simultaneously help in the recovery, in turn, aiding the market.

 COVID-19 Impact:

The coronavirus disaster has financially drained various industries and sectors around the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

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Report Coverage:

  • Well-analyzed prime information
  • Key insights into the market
  • Dominant regions in the world
  • Foremost market drivers and restraints
  • Competitive landscape
  • COVID-19 impact

Regional Insights:

Offshore Oil Projects to Influence Growth in North America

The market in North America is expected to account for the largest share in the global market owing to the offshore assets in the Gulf of Mexico and the North Sea. The ongoing oil extraction activities will enable the healthy growth of the market in North America. Moreover, the increasing partnerships and acquisitions by major players will further aid development in the region. For instance, in January 2017, Schlumberger limited announced that it has acquired the Peak Well System, which is a specialist in the design and development of advanced downhole tools for flow control, well intervention, and well integrity. Europe is expected to account for a significant share during the forecast period. The reduced cost of offshore drilling activities will favor growth in the region. For instance, in Norway, the operating cost of an oil well has been reduced by 30% from 2014 to 2017, thus the cost incurred for drilling an exploratory well offshore was half in 2017 compared to 2014.

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List of Key Players Profiled in the Report:

Competitive Landscape:
The oilfield services market features intense competition among key players such as Halliburton, Schlumberger, Baker Hughes, and Weatherford International. These industry giants offer a wide range of services including drilling, well completion, and reservoir management. Regional players also contribute to the competitive landscape, with local expertise and specialized offerings. Innovation, technology adoption, and cost-effective solutions are crucial factors shaping competition in this dynamic market.

Key Industry Development:

June 2020: Norwegian oil and gas company Equinor awarded two contracts worth up to USD 187,1 million to oilfield services provider Technip. Under the contract, TechnipFMC will provide pipelaying and subsea installation for three projects on the Norwegian continental shelf (NCS).

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Table of Content:

    • Introduction
      • Research Scope
      • Market Segmentation
      • Research Methodology
      • Definitions and Assumptions
    • Executive Summary
    • Market Dynamics
      • Market Drivers
      • Market Restraints
      • Market Opportunities
    • Key Insights
      • Key Emerging Trends – For Major Countries
      • Latest Technological Advancement
      • Regulatory Landscape
      • Industry SWOT Analysis
      • Porters Five Forces Analysis
    • Qualitative Analysis – Impact of COVID-19
      • Impact of COVID-19 on the Oilfield Services Market
      • Steps Taken by the Government to Overcome the Impact
      • Key Developments by Industry Players in Response to COVID-19
      • Potential Opportunities and Challenges due to COVID-19 Outbreak
    • Global Oilfield Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
      • Key Findings / Summary
      • Market Analysis, Insights and Forecast – By Type
        • Equipment Rental
        • Field Operation
        • Analytical Services
      • Market Analysis, Insights and Forecast – By Service
        • Geophysical
          • Seismic Equipment
          • Seismic Service
        • Drilling
          • Offshore Drilling
          • OCTG
          • Directional Drilling
          • Drilling Fluid
          • Well Casing
          • Well Cementing
          • Drill Bits
          • Drilling Rigs
          • Logging While Drilling
          • Measurement While Drilling
          • Managed Pressure Drilling
          • Waste Management
          • Others
        • Completion & Workover
          • Well Intervention
          • Completion Fluid
          • Hydraulic Fracturing
          • Sand Control
          • Mud Logging
          • Wireline Logging
          • Others
        • Production
          • Artificial Lift
          • Floating Production Vessel
          • Support Vessel
          • Well Testing
          • Subsea Equipment
          • Christmas Tree
          • Enhanced Oil Recovery
          • Digital Oil Field
          • Others
        • Processing & Separation
          • Water Treatment
          • Oil Treatment
          • Gas Treatment
          • Solids Management
          • Others
      • Market Analysis, Insights and Forecast – By Application
        • Onshore
        • Offshore
          • Shallow Water
          • Deepwater
          • Ultra-Deepwater
      • Market Analysis, Insights and Forecast – By Region
        • North America
        • Latin America
        • Europe
        • Asia Pacific
        • Middle East and Africa
    • Competitive Analysis
      • Company Market Share Analysis, 2022
      • Company Profile
        •  
          • Business Overview
          • Product Application, & Services
          • Recent Developments
          • Financials (Based on Availability)

Continued…

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