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Oilfield Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Service Type

  • ID: 5576219
  • Report
  • March 2022
  • Region: Global
  • 174 Pages
  • The Insight Partners
Oilfield Service Market is expected to reach US$ 145,963.08 Million by 2028

FEATURED COMPANIES

  • Archer
  • Baker Hughes Company
  • Hunting
  • Nov Inc.
  • Petrodyn
  • Schlumberger Limited
According to the latest market research study on “Oilfield Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application, Service Type,” the market is expected to grow from US$ 96,465.86 million in 2021 to US$ 145,963.08 million by 2028; it is expected to grow at a CAGR of 6.1% from 2020 to 2028.



The oilfield services business is being pushed by increased exploration and production activities due to the rising demand for energy across the world. Growing urbanization and industrialization, and rapid technology improvements have contributed considerably to the oilfield service market growth. The upstream portion of the oil and gas business is exploration and production (E&P), and it encompasses the phases of search, exploration, drilling, and extraction. The exploration and production (E&P) sector is the first oil and gas production stage. Production and exploration activities are expanding due to the increased energy demand and profitable investment possibilities in the oil & gas sector. For instance, in July 2019, i3 Energy PLC granted Baker Hughes GE, one of the world's leading oilfield services firms, contracts for US$3,249,901.15 million to carry out drilling at its North Sea Liberator and Serenity properties. BHGE will provide oilfield services and equipment for i3's summer drilling operations in the outer Moray Firth for its Liberator and Serenity prospects. Conventional onshore oil is expected to account for a significant portion of total global oil output. According to the DNV-GL Energy-Transition-Outlook, oil output will rise by 83 million barrels per day (Mbpd) in 2022. Due to increased energy demand across Asia Pacific, driven by fast economic development, the region is becoming highly reliant on oil and gas imports. Therefore, Asia Pacific countries are boosting their offshore exploration and production (E&P) efforts to improve local energy output and reduce reliance on imported oil and gas. As a result, rising production and exploration activities in the oil & gas sector fuel the growth of the oilfield service market.

Impact of COVID-19 Pandemic on Global Oilfield Service Market


North America is known for the highest rate of adoption of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting the performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country to control the spread of infection. The oil sector is in the midst of its third price crash in the last twelve months. The industry recovered after the first two shocks, and business as usual resumed. This time, though, things are different. The situation comprises a supply shortage, a historically low demand, and a worldwide humanitarian catastrophe. As the COVID-19 pandemic continued to overwhelm the economy, job losses in the US oilfield services industry have increased. Texas, Louisiana, Colorado, Oklahoma, and New Mexico were among the hardest-hit states in the US. According to the International Energy Agency, worldwide oil, gas, and refined product output will be down 3.4% in 2020, compared to the previous year before the COVID-19 Pandemic. However, the reduction was far more significant in Latin American oil-producing countries.

Key Findings of Study


The global oilfield service market is segmented on the basis of type, service type, and geography. By type, the oilfield service market is bifurcated into onshore and offshore. In 2020, the offshore segment held a larger share in oilfield service market. Based on service type, the oilfield service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. In 2020, the others segment accounted for the largest oilfield service market share. Geographically, the oilfield service market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Europe accounted for a significant share in the global oilfield service market.

Reasons to Buy
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the oilfield service market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the oilfield service market thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Frequently Asked Questions about the Global Oilfield Service Market

What is the estimated value of the Global Oilfield Service Market?

The Global Oilfield Service Market was estimated to be valued at $96465.9 Million in 2021.

What is the growth rate of the Global Oilfield Service Market?

The growth rate of the Global Oilfield Service Market is 6.1%, with an estimated value of $145963.1 Million by 2028.

What is the forecasted size of the Global Oilfield Service Market?

The Global Oilfield Service Market is estimated to be worth $145963.1 Million by 2028.

Who are the key companies in the Global Oilfield Service Market?

Key companies in the Global Oilfield Service Market include Baker Hughes Company, Halliburton Energy Services, Inc, Schlumberger Limited, Nov Inc., Weatherford, Petrodyn, Archer, Patterson and Wireline Services Group.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Archer
  • Baker Hughes Company
  • Hunting
  • Nov Inc.
  • Petrodyn
  • Schlumberger Limited

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Oilfield Service Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia-Pacific
4.2.4 Middle East and Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Oilfield Service Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Oil and Gas Production and Exploration (E&P) Activities
5.1.2 Rising Shale Gas Extraction
5.2 MARKET RESTRAINTS
5.2.1 Volatility in Crude Oil Prices
5.3 MARKET OPPORTUNITIES
5.3.1 Increasing Demand of Offshore/Deep-Water Discoveries
5.4 FUTURE TRENDS
5.4.1 Technological Innovation in Oilfield Service
5.5 Impact Analysis of Drivers And Restraints
6. Oilfield Service - Global Market Analysis
6.1 Global Oilfield Service - Global Overview
6.2 Global Oilfield Service Market Revenue Forecast and Analysis
6.3 Market Positioning - Five Key Players
7. Oilfield service Market - By Application
7.1 Overview
7.2 Oilfield service Market, By Application (2020 and 2028)
7.3 Onshore
7.3.1 Overview
7.3.2 Onshore: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Offshore
7.4.1 Overview
7.4.2 Offshore: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
8. Oilfield service Market - By Service type
8.1 Overview
8.2 Oilfield service Market, By Service type (2020 and 2028)
8.3 Well Completion
8.3.1 Overview
8.3.2 Well completion: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Wire line
8.4.1 Overview
8.4.2 Wire line: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Artificial lift
8.5.1 Overview
8.5.2 Artificial lift: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Perforation
8.6.1 Overview
8.6.2 Perforation: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
8.7 Drilling and Completion Fluids
8.7.1 Overview
8.7.2 Drilling and Completion Fluids: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9. Oilfield service Market - Geographic Analysis
9.1 Overview
9.2 North America: Oilfield Service Market
9.2.1 North America: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.2.2 North America: Oilfield Service Market, By Application
9.2.3 North America: Oilfield Service Market, by Service type
9.2.4 North America: Oilfield Service Market, by Key Country
9.2.4.1 US: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.2.4.1.1 US: Oilfield Service Market, By Application
9.2.4.1.2 US: Oilfield Service Market, by Service type
9.2.4.2 Canada: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.2.4.2.1 Canada: Oilfield Service Market, By Application
9.2.4.2.2 Canada: Oilfield Service Market, by Service type
9.2.4.3 Mexico: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.2.4.3.1 Mexico: Oilfield Service Market, By Application
9.2.4.3.2 Mexico: Oilfield Service Market, by Service type
9.3 Europe: Oilfield Service Market
9.3.1 Europe: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.2 Europe: Oilfield Service Market, By Application
9.3.3 Europe: Oilfield Service Market, by Service type
9.3.4 Europe: Oilfield Service Market, by Key Country
9.3.4.1 Germany: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.1.1 Germany: Oilfield Service Market, By Application
9.3.4.1.2 Germany: Oilfield Service Market, by Service type
9.3.4.2 UK: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.2.1 UK: Oilfield Service Market, By Application
9.3.4.2.2 UK: Oilfield Service Market, by Service type
9.3.4.3 France: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.3.1 France: Oilfield Service Market, By Application
9.3.4.3.2 France: Oilfield Service Market, by Service type
9.3.4.4 Italy: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.4.1 Italy: Oilfield Service Market, By Application
9.3.4.4.2 Italy: Oilfield Service Market, by Service type
9.3.4.5 Russia: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.5.1 Russia: Oilfield Service Market, By Application
9.3.4.5.2 Russia: Oilfield Service Market, by Service type
9.3.4.6 Rest of Europe: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.3.4.6.1 Rest of Europe: Oilfield Service Market, By Application
9.3.4.6.2 Rest of Europe: Oilfield Service Market, by Service type
9.4 APAC: Oilfield Service Market
9.4.1 APAC: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.2 APAC: Oilfield Service Market, By Application
9.4.3 APAC: Oilfield Service Market, by Service type
9.4.4 APAC: Oilfield Service Market, by Key Country
9.4.4.1 China: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.1 China: Oilfield Service Market, By Application
9.4.4.1.2 China: Oilfield Service Market, by Service type
9.4.4.2 Japan: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.2.1 Japan: Oilfield Service Market, By Application
9.4.4.2.2 Japan: Oilfield Service Market, by Service type
9.4.4.3 India: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.3.1 India: Oilfield Service Market, By Application
9.4.4.3.2 India: Oilfield Service Market, by Service type
9.4.4.4 South Korea: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.4.1 South Korea: Oilfield Service Market, By Application
9.4.4.4.2 South Korea: Oilfield Service Market, by Service type
9.4.4.5 Australia: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.5.1 Australia: Oilfield Service Market, By Application
9.4.4.5.2 Australia: Oilfield Service Market, by Service type
9.4.4.6 Rest of APAC: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.4.4.6.1 Rest of APAC: Oilfield Service Market, By Application
9.4.4.6.2 Rest of APAC: Oilfield Service Market, by Service type
9.5 MEA: Oilfield Service Market
9.5.1 MEA: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.5.2 MEA: Oilfield Service Market, By Application
9.5.3 MEA: Oilfield Service Market, by Service type
9.5.4 MEA: Oilfield Service Market, by Key Country
9.5.4.1 South Africa: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 South Africa: Oilfield Service Market, By Application
9.5.4.1.2 South Africa: Oilfield Service Market, by Service type
9.5.4.2 UAE: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 UAE: Oilfield Service Market, By Application
9.5.4.2.2 UAE: Oilfield Service Market, by Service type
9.5.4.3 Saudi Arabia: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.3.1 Saudi Arabia: Oilfield Service Market, By Application
9.5.4.3.2 Saudi Arabia: Oilfield Service Market, by Service type
9.5.4.4 Rest of MEA: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.5.4.4.1 Rest of MEA: Oilfield Service Market, By Application
9.5.4.4.2 Rest of MEA: Oilfield Service Market, by Service type
9.6 SAM: Oilfield Service Market
9.6.1 SAM: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.6.2 SAM: Oilfield Service Market, By Application
9.6.3 SAM: Oilfield Service Market, by Service type
9.6.4 SAM: Oilfield Service Market, by Key Country
9.6.4.1 Brazil: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 Brazil: Oilfield Service Market, By Application
9.6.4.1.2 Brazil: Oilfield Service Market, by Service type
9.6.4.2 Argentina: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Argentina: Oilfield Service Market, By Application
9.6.4.2.2 Argentina: Oilfield Service Market, by Service type
9.6.4.3 Rest of SAM: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
9.6.4.3.1 Rest of SAM: Oilfield Service Market, By Application
9.6.4.3.2 Rest of SAM: Oilfield Service Market, by Service type
10. Oilfield service Market - Covid-19 Impact Analysis
10.1 Overview
10.1.1 North America: Impact Assessment of COVID-19 Pandemic
10.1.2 Europe: Impact Assessment of COVID-19 Pandemic
10.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
10.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.1.5 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles
12.1 Archer
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Baker Hughes Company
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Halliburton Energy Services, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hunting PLC
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NOV Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Schlumberger Limited
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Weatherford International plc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Pioneer Energy Services Corp.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Petrodyn
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Wireline Services Group
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Word Index
List of Tables
Table 1. Global Oilfield Service Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: Oilfield Service Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 11. Europe: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 12. Europe: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 13. Europe: Oilfield Service Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 14. Germany: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 15. Germany: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 16. UK: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 17. UK: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 18. France: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 19. France: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 20. Italy: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 21. Italy: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 22. Russia: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 23. Russia: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Europe: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Europe: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 26. APAC: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 27. APAC: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 28. APAC: Oilfield Service Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 29. China: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 30. China: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 31. Japan: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 32. Japan: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 33. India: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 34. India: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 35. South Korea: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 36. South Korea: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 37. Australia: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 38. Australia: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 39. Rest of APAC: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 40. Rest of APAC: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 41. MEA: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 42. MEA: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 43. MEA: Oilfield Service Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 44. South Africa: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 45. South Africa: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 46. UAE: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 47. UAE: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 48. Saudi Arabia: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 49. Saudi Arabia: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 50. Rest of MEA: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 51. Rest of MEA: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 52. SAM: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 53. SAM: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 54. SAM: Oilfield Service Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 55. Brazil: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 56. Brazil: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 57. Argentina: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 58. Argentina: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 59. Rest of SAM: Oilfield Service Market, By Application - Revenue and Forecast to 2028 (US$ Million)
Table 60. Rest of SAM: Oilfield Service Market, by Service type - Revenue and Forecast to 2028 (US$ Million)
Table 61. List of Abbreviation
List of Figures
Figure 1. Oilfield Service Market Segmentation
Figure 2. Oilfield Service Market Segmentation - By Geography
Figure 3. Global Oilfield Service Market Overview
Figure 4. Oilfield Service Market, By Application
Figure 5. Oilfield Service Market, By Service type
Figure 6. Oilfield Service Market, By Geography
Figure 7. North America - PEST Analysis
Figure 8. Europe - PEST Analysis
Figure 9. Asia-Pacific - PEST Analysis
Figure 10. Middle East and Africa - PEST Analysis
Figure 11. South America - PEST Analysis
Figure 12. Oilfield Service Market- Ecosystem Analysis
Figure 13. Oilfield Service Market Impact Analysis of Drivers and Restraints
Figure 14. Geographic Overview of Oilfield Service Market
Figure 15. Global Oilfield Service Market Revenue Forecast and Analysis (US$ Million)
Figure 16. Oilfield Service Market Revenue Share, by Application (2020 and 2028)
Figure 17. Onshore: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 18. Offshore: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 20. Well completion: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Wire line: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Artificial lift: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. Perforation: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Drilling and Completion Fluids: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. Others: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Global Oilfield Service Market Revenue Share, By Region (2020 and 2028)
Figure 27. North America: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. North America: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 29. North America: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 30. North America: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 31. US: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 32. Canada: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 33. Mexico: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 34. Europe: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 35. Europe: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 36. Europe: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 37. Europe: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 38. Germany: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 39. UK: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 40. France: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 41. Italy: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 42. Russia: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 43. Rest of Europe: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 44. APAC: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 45. APAC: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 46. APAC: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 47. APAC: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 48. China: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 49. Japan: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 50. India: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 51. South Korea: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 52. Australia: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 53. Rest of APAC: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 54. MEA: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 55. MEA: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 56. MEA: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 57. MEA: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 58. South Africa: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 59. UAE: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 60. Saudi Arabia: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 61. Rest of MEA: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 62. SAM: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 63. SAM: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 64. SAM: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 65. SAM: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 66. Brazil: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 67. Argentina: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 68. Rest of SAM: Oilfield Service Market - Revenue and Forecast to 2028 (US$ Million)
Figure 69. Impact of COVID-19 Pandemic in North American Countries
Figure 70. Impact of COVID-19 Pandemic in European Countries
Figure 71. Impact of COVID-19 Pandemic in APAC Countries
Figure 72. Impact of COVID-19 Pandemic in Middle East and Africa Countries
Figure 73. Impact of COVID-19 Pandemic in South American Countries
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FEATURED COMPANIES

  • Archer
  • Baker Hughes Company
  • Hunting
  • Nov Inc.
  • Petrodyn
  • Schlumberger Limited
The oilfield service market was valued at US$ 96,465.86 million in 2021 and is projected to reach US$ 145,963.08 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.

A significant increase in oil demand is predicted to be supported by the global economy. Strong economies are likely to use more oil. The demand is expected to grow at a rate of 1.2 million barrels per day per year between 2020 and 2024. By 2023, India and China are estimated to account for over half of all global oil demand. As a result, leading oil and gas operating corporations are under increasing pressure to expand production to meet rising energy demand. As conventional fields have begun to show signs of maturity, some operating companies have turned their focus to exploitation of unconventional deposits. Therefore, alternative drilling services, such as onshore contract drilling, are likely to have a positive impact on the oilfield service market during the forecast period.

Furthermore, the surging global energy consumption, growing technological advancements in the oilfield, increasing productivity from mature deposits, and rising investments in deep-water exploration projects would drive the global oilfield service market in the coming years. Over the projected period, an increase in deep-water exploration and production activities in the Gulf is predicted to drive the demand for drilling.

The oil & gas sector is experiencing technical improvements in exploration technologies for deep-water drilling activities and project economic viability. Current technological advancements enable oil firms to boost recovery and speed output. Offshore wells can have varying degrees of automation, ranging from essential one-way monitoring to complicated subsurface controls with intelligent completions. Petrobras has established a corporate program to investigate, develop, and apply digital integrated field management (GeDIg) among its production assets, anticipating near-term potential. Petrobras chose the Carapeba field as a test site. It is a mature field consisting of three wells located in the northeastern portion of the Campos Basin, with automated subsurface sensors installed in the wells. Oil and gas companies aim to install deep-water analytical technologies while selecting effective information solutions. Operators are required to modernize their existing offshore infrastructure to exploit data through the analytical technique. For instance, Rockwell Automation cooperated with Schlumberger to develop a production advising system. The digital solution, which combines linked production technology with Schlumberger's oil and gas software, services, and domain experience, helps maximize production by linking upstream operators with essential, real-time analytics and domain insights to decrease deployment risks and costs. In December 2020, Saudi Arabia's Energy Ministry announced the discovery of four new oil and gas fields. Thus, the increasing number of offshore/deep water discoveries would create lucrative opportunities for the oilfield service market in the coming years.

The growth of the APAC oilfield service market is attributed to the increasing adoption of technologically advanced equipment for drilling operations, coupled with continuously growing oil production. China is the largest oil producer in APAC, accounting for 5 million barrels of oil per day. It contributes to a slightly more than 50% of the total production of Asia. In 2019, the country announced its plan of raising the capital investment by 20% in oil production. Further, North America and Europe are among the largest contributors to the global oilfield service market growth due to the presence of several oilfield services manufacturers in the regions. Archer; Blade Energy Partners, Ltd.; Ensign Energy Services Inc.; Halliburton Energy Services, Inc.; Nabors Industries Ltd.; Schlumberger Limited; STRATA Energy Services; and Weatherford International plc are among the top market players in North America and Europe.

Due to lockdown, key oilfield service market participants in the US have cut their workforce. Over 27% of onshore drilling rigs are still idle, and over 23% of frac crews have been idled in recent years. In addition, the oil & gas industry across the world has been hindered by the adverse effects of COVID-19 pandemic on the financial and commodity markets. As a result of government limitations on mobility in some industrialized countries, demand for oil and gas has plummeted, causing disruptions in the production and supply chain activities in the oil & gas industries. The capital market has been aggravated by the oil market crisis, prompting matured oil corporations to cancel or postpone $41 billion in scheduled capital expenditures. Furthermore, the unanticipated oil price war between Russia and Saudi Arabia has slowed the expansion of the oilfield services market. Due to the COVID-19 outbreak, the war has reduced production volume, while numerous adaptable business tactics have been implemented to improve oilfield service market potential.

The overall global oilfield service market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the oilfield service market. The process also serves the purpose of obtaining an overview and forecast for the oilfield service market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, oilfield service market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the oilfield service market.

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A selection of companies mentioned in this report includes:

  • Baker Hughes Company
  • Halliburton Energy Services, Inc
  • Schlumberger Limited
  • Nov Inc.
  • Weatherford
  • Petrodyn
  • Archer
  • Patterson-Uti Energy, Inc.
  • Wireline Services Group
  • Hunting
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