Oilfield Services Market (By Application: Onshore, Offshore; By Service: Workover & completion services, Production, Drilling, Subsea, Seismic, Processing & separation services; By Type: Equipment rental, Field operation, Analytical & consulting services) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20212030

The global Oilfield Services market size is expected to be worth around US$ 145.1 billion by 2030, according to a new report by Vision Research Reports.

The global Oilfield Services market size was valued at US$ 115.26 billion in 2020 and is anticipated to grow at a CAGR of 5.4% during forecast period 2021 to 2030.

Report Coverage

Growth Factors

These services are being increasingly implemented owing to the rising demand for energy and the development of new oilfields. The purpose of oilfield services is to help operators control the subsurface pressures, minimize formation damage, control borehole erosion, and optimize drilling parameters including the penetration rate and hole cleaning. The burgeoning offshore industry, particularly in the Persian Gulf, is anticipated to drive the oilfield services market over the forecast period. However, the adverse environmental effects of E&P activities coupled with strict government regulations are likely to hinder the market growth.

These initiatives are anticipated to positively drive the market over the forecast period. Harsh environments such as dry climate, desert topography, and extreme temperatures have compelled market participants to come up with efficient lubricants and cooling agents to protect and extend the life of their equipment. 

By Segment Analysis

The growing demand for refinery products is also likely to boost the oil & gas production in the region in the long term. The increasing need for crude oil and natural gas in China, Russia, and Saudi Arabia is estimated to provide an impetus to onshore projects in the coming years.

These initiatives are anticipated to positively drive the market over the forecast period. Harsh environments such as dry climate, desert topography, and extreme temperatures have compelled market participants to come up with efficient lubricants and cooling agents to protect and extend the life of their equipment.

The increasing global offshore rig count, which recorded an annual average of over 4% in 2017, coupled with the significant development of existing offshore wells, both in deep and ultra-deep waters, particularly in the South China Sea, Persian Gulf, and the Gulf of Mexico, is estimated to drive the sector over the forecast period.

By Service Analysis

Workover & completion solutions include fluid control in reservoirs, sand control, zonal isolation, and well repairs. These services are performed on a well when it is considered to be unsuitable for the production of oil & gas resources. 

The production segment deals with wellbores and reservoirs. The equipment utilized in this segment includes tubular goods, surface wellheads, flowlines, processing equipment, artificial lift equipment, metering devices, separators, chokes, manifolds, valves, storage vessels, and fluid & gas treating equipment.

The ongoing exhaustive drilling activities have resulted in a drop in the quality of oil & gas resources worldwide. Owing to this, efficient comminution activities are needed to meet the global demand for oil & gas resources.

The rising need for energy, due to the growing population and rapid industrialization, has led to the requirement for large-scale exploration activities. Increasing participation to sustain the demand for energy in the region coupled with the growing number of deepwater discoveries is projected to drive the subsea segment over the forecast period.

Seismic service is a modern technique, which enables rig operators and geoscientists to determine the orientation and depth of underground rocks without drilling a well. This is achieved by bouncing off sound waves from the bottom of the onshore drilling rig onto the surface beneath. 

By Type Analysis

The global demand for oilfield services is witnessing a rise owing to the exponentially increasing population and the need to suffice the resulting energy demand. The field operation segment was the largest segment in 2016 and accounted for a share of 40.4% in the market, by type.

E&P companies opt for equipment rental services to cut down the cost of buying the equipment required for drilling purposes. Owing to the complexity of the procedure, E&P companies often consider outsourcing their drilling operations to minimize the risks involved. Field operations include the solutions required for drilling wells, insertion of tubing into wellbores, reservoir management, and extraction of oil & gas resources from the resource beds.

Predicting the outcome of field operations helps operators plan ahead of time. In case a mishap such as an oil spill occurs, operators are thus likely prepared to manage the situation. Analytical & consulting solutions help E&P companies analyze the surface or the rocks to be drilled without actual drilling. 

By Regional Analysis

Depleting conventional resources have prompted the global oil & gas industry to shift to developing unconventional resources such as shale oil & gas, tight oil & gas, and coal bed methane (CBM). However, extracting them requires specific techniques.

Asia Pacific has emerged as a leading energy consumer over the last decade. The rise in energy consumption in the region is supported by the ever-increasing population, especially in China and India, which fuels the basic energy requirement for electricity, transportation, and fuel for cooking. 

China has been investing four times as much as the U.S. in order to develop its shale reserves. This has created the immense potential for oil & gas companies, such as Halliburton and Schlumberger, to expand. 

Key Players

Major companies operating in the market include Schlumberger, Halliburton, Baker Hughes, Weatherford International, Calfrac Well Services, and Cudd Energy Services.  

Market Segmentation

• By Application 

  • Onshore

  • Offshore

• By Service

  • Workover & completion services

  • Production

  • Drilling

  • Subsea

  • Seismic

  • Processing & separation services

  • Others

• By Type 

  • Equipment rental

  • Field operation

  • Analytical & consulting services

• Regional 

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The U.K.

    • Russia

  • Asia Pacific

    • China

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • Algeria

    • South Africa

The Oilfield Services market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Oilfield Services market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Oilfield Services market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Oilfield Services market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Oilfield Services market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Oilfield Services capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Oilfield Services by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Oilfield Services market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Oilfield Services market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Oilfield Services market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Oilfield Services industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

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.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Oilfield Services market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Oilfield Services market. These factors have benefited the growth of the global market for Oilfield Services. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Oilfield Services. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Oilfield Services are as follows:

• History Year: 2017-2020

• Base Year: 2021

• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.