Global Oilfield Services Market growing at a CAGR of 5.9% from 2023 to 2030
Category : Materials And Chemicals | Published Date : May 2023 | Type : Press Release
Key Market Overview
Consegic Business Intelligence analyzes that the global oilfield services market is predicted to grow at a compound annual growth rate of 5.9% from 2023 to 2030 and is expected to reach USD 468.58 Billion in 2030 which was valued at USD 298.83 Billion in 2022.
The report highlights the increasing adoption of oilfield services for drilling services, which is proliferating the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the oilfield services market.
Global oilfield services market Overview
The oilfield services market is segmented into service type, type, and application. Based on service type the market is segmented into drilling services, well completion services, production services, well maintenance services, subsea services, seismic services, processing and separation services, and others, in 2022, the drilling services segment dominate in the overall oilfield services market. The type segment is categorized into field operation, equipment rental, and analytical services. In 2022, the equipment rental segment accounted for the highest market share in the oilfield service market. The application segment is categorized into onshore and offshore. In 2022, the offshore application segment accounted for the highest market share in the oilfield services market.
Get Free SampleMarket Dynamics
Driver:
- Increasing number of new offshore oil & gas project development drives the market growth.
- Government initiatives for improving oil & gas infrastructure along with the growing foreign direct investments in resource-rich countries also fuel the adoption of oilfield services
Restraints:
- Lack of adequate infrastructure and transportation options affects the ability to extract and transport oil and gas resources which are the major limiting factor that hampers market growth.
- Stringent regulation for the development of oil and gas projects along with the cost of implementing additional safety measures restricts the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Services Type | Drilling Services, Well Completion Services, Production Services, Well Maintenance Services, Subsea Services, Seismic Services, Processing and Separation Services, and Others |
| By Type | Field Operation, Equipment Rental, and Analytical Services |
| By Application | Onshore and Offshore |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such as WEATHERFORD INTERNATIONAL, SCHLUMBERGER LIMITED, BAKER HUGHES COMPANY, NEWPARK RESOURCES INC. which have a strong market position in current market circumstances. These companies are continuously leveraging new technologies such as advanced equipment to develop innovative solutions that are more efficient, lightweight, and cost-effective as compared to conventional equipment. Furthermore, the oilfield services market is expected to witness substantial growth in the coming years due to the growing awareness of sustainability in the oil and gas industries and increasing investment in future offshore oil exploration projects.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Schlumberger Limited
- Halliburton Company
- National Oilwell Varco
- Weatherford International
- Newpark Resources Inc
- Petrochem Performance Chemical Ltd. LLC
- Tetra Technologies Inc.
- AES Oilfield Services LLC
- Canadian Energy Services L.P.
