Oil and Gas Wells Drilling Services Market Report 2026

The oil and gas wells drilling services market size has grown steadily in recent years. It will grow from $51.76 billion in 2025 to $53.42 billion in 2026 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to growth in global oil and gas exploration, expansion of onshore drilling projects, technological advancements in drilling equipment, demand for new well construction, increased energy consumption.

The oil and gas wells drilling services market size is expected to see steady growth in the next few years. It will grow to $61.38 billion in 2030 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to rising unconventional resource development, investments in deepwater drilling, demand for efficient drilling services, focus on reducing drilling time, advancements in drilling automation. Major trends in the forecast period include increasing adoption of directional drilling, rising demand for offshore drilling services, growing focus on well rehabilitation, expansion of horizontal drilling activities, emphasis on operational cost optimization.

The increase in offshore production activities is expected to drive the growth of the health and wellness market in the coming years. Offshore production activities refer to business operations carried out in a country different from a company’s home base. Oil and gas well drilling services support offshore production by drilling new wells and maintaining existing ones. For example, in March 2023, Rystad Energy, a Norway-based energy research and business intelligence firm, reported that offshore projects accounted for 68% of sanctioned conventional hydrocarbons in 2023, while supply chain spending on offshore activity rose by 16% to reach $21 billion. Therefore, expanding offshore production activities are contributing to the growth of the health and wellness market.

Major companies involved in offshore production activities are focusing on developing innovative technologies, such as acoustic platforms, to deliver reliable services to customers. An acoustic platform is a hardware or software system used to capture and process audio signals. For instance, in June 2023, TGT Oil and Gas Services, a Dubai-based barrier diagnostics company, introduced ChorusX, a diagnostic solution designed to detect and describe flow within oil and gas wells. The technology allows energy companies to accurately locate and monitor fluid movement across the well and reservoir system. ChorusX consists of a compact array of eight nano-synchronized sensors capable of recording high-resolution flow sounds across a wide range of intensities and frequencies.

In February 2023, SLB, a U.S.-based technology company, acquired Gyrodata Incorporated for an undisclosed amount. Through this acquisition, SLB aimed to integrate Gyrodata’s advanced wellbore placement and surveying solutions into its Well Construction business to improve drilling accuracy, enhance wellbore quality, and reduce drilling risk for customers. Gyrodata Incorporated is a U.S.-based technology and services firm specializing in gyroscopic wellbore positioning, survey technology, and wellbore characterization solutions for the global energy sector.

Major companies operating in the oil and gas wells drilling services market are Saudi Arabian Oil Company, Exxon Mobil Corporation, China National Petroleum Corporation, TotalEnergies SE, Chevron Corporation, Eni S.p.A., Petróleo Brasileiro S.A. - Petrobras, Repsol YPF S.A., ConocoPhillips, China National Offshore Oil Corporation Limited, Schlumberger Limited, Baker Hughes Incorporated, Halliburton Company, Saipem S.p.A., National Oilwell Varco Inc., China Oilfield Services Limited, Weatherford International plc, Gazprom Neft Public Joint Stock Company, Nabors Industries Ltd., Transocean Limited, Helmerich & Payne Inc., Noble Corporation, Diamond Offshore Drilling Inc., Rowan Companies Inc., Valaris PLC.

North America was the largest region in the oil and gas wells drilling services market in 2025. Middle East was the second largest region in the oil and gas wells drilling services market. The regions covered in the oil and gas wells drilling services market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil and gas wells drilling services market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The oil and gas wells drilling services market includes revenues earned by entities by providing services concerning well construction, maintenance, and reconstruction. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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