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Oilfield Services Market Projected to Reach USD 451.2 Billion, with a CAGR of 5.10% by 2030 – Report by Market Research Future (MRFR)
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New York, US, May 22, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Oilfield Services Market Information by Service Type, Application and Region – Forecast till 2030”, Oilfield Services Market could thrive at a rate of 5.10% between 2021 and 2030. The market size will be reaching around USD 451.2 Billion by the end of the year 2030.
Oilfield Services Market Overview
The oilfield services market is an essential component of the oil and gas industry, which provides services that support the exploration, drilling, and production of oil and gas resources. This industry includes a wide range of services and activities, including exploration and evaluation services, drilling services, completion and production services, and well intervention services. Oilfield services companies provide critical support to oil and gas producers, helping them to locate and extract hydrocarbons from the earth’s subsurface safely and efficiently. Exploration and evaluation services play a crucial role in the oil and gas industry, as they help companies identify and evaluate potential drilling sites. These services typically involve the use of geophysical and geological techniques, such as seismic surveys, to gather data on subsurface rock formations. Drilling services involve the actual drilling of wells, which requires specialized equipment and expertise. Completion and production services are focused on ensuring that wells are completed efficiently and safely and that hydrocarbons can be optimally extracted from the reservoir. Finally, well intervention services involve the maintenance and repair of wells to ensure their continued productivity.
Market Competitive Landscape:
The affluent companies in the Oilfield Services industry include
- Schlumberger Limited
- Halliburton
- Baker Hughes
- Weatherford International
- National Oilwell Varcos
- Asian Energy Services Limited
- TechnipFMC
- Superior Energy Services Inc
- China Oilfield Services Limited
- Among others.
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The uses and applications of oilfield services are vast, ranging from the drilling of new wells to well completion, stimulation, intervention, and maintenance of existing wells. Oilfield services also include well testing, logging, monitoring, and the design and construction of production facilities.
July 2021
Schlumberger announced the acquisition of a 51% stake in Peak Well Systems, an Australian-based provider of downhole tools and equipment for the oil and gas industry. The acquisition will enhance Schlumberger’s capabilities in well construction and production.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 451.2 billion |
| CAGR during 2022-2030 | 5.10% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Application, and Region |
| Key Market Opportunities | Increasing spending on oil and gas in the MENA region |
| Key Market Dynamics | Increasing interest in improved oil recovery |
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Market Segmentation
By Service Type
The Service Type in the market includes Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services.
By Application
The Application in the market includes Offshore And Onshore.
Market USP Covered:
Market Drivers:
The oilfield services market is witnessing significant growth due to various driving factors. One of the primary factors is the increasing energy demand, driven by the growing global population and urbanization. As the global energy demand continues to rise, the oil and gas sector is expected to witness substantial growth, thereby driving the demand for oilfield services. Another factor contributing to the growth of the oilfield services market is the development of unconventional oil and gas resources, such as shale gas and tight oil. The development of these resources has created new opportunities for oilfield services companies, as unconventional resources require advanced drilling and completion technologies.
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Technological advancements in drilling and production techniques are also driving the growth of the oilfield services market. With the development of new technologies, such as horizontal drilling, hydraulic fracturing, and directional drilling, oilfield services companies are now able to extract oil and gas from previously inaccessible reservoirs. Additionally, advancements in digital technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), are also enabling oilfield services companies to optimize drilling and production operations, thereby improving efficiency and reducing costs.
Market Restraints:
The market restraints for the oilfield services market include the volatility of oil prices, which affects the investment decisions of oil and gas companies, and the increasing focus on renewable energy sources.
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the oilfield services market, with the decline in oil demand and the oversupply of oil leading to reduced exploration and production activities. The pandemic also disrupted supply chains and caused a shortage of skilled workers in the industry. However, with the gradual recovery of the global economy and the increasing oil demand, the oilfield services market is expected to recover in the post-COVID scenario.
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Regional Insights
In terms of regional analysis, North America is the largest market for oilfield services, driven by the significant shale oil and gas resources in the region. The Asia-Pacific region is also expected to witness significant growth in the oilfield services market due to the increasing demand for energy and the exploration of new oil and gas resources. The Middle East and Africa region is also a significant market for oilfield services, driven by the vast oil and gas reserves in the region.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
