Market Size of Middle-East Oilfield Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle East Oilfield Services Market Analysis
The Middle East oilfield services market is projected to register a CAGR of over 5.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
Over the medium term, the rising investments aimed at increasing production capacity are expected to increase the demand for the Middle East oilfield services market.
On the other hand, the increasing adaptation of renewable energy sources such as solar and wind energy is expected to hinder market growth.
Nevertheless, the increasing technological investments in the market to develop more efficient oil production and drilling processes are expected to create huge opportunities for the Middle-East oilfield services market.
Saudi Arabia is expected to dominate the market during the forecasted period due to the country's significant amount of proven oil and gas reserves.
Middle East Oilfield Services Industry Segmentation
Oilfield services refer to a range of services that support the upstream activities of the oil and gas industry. These activities include survey, extraction, drilling, production, and abandonment. Some examples of oilfield services include casing and tubing, directional drilling, drilling, and completion fluids; floating production services; hydraulic fracturing; production testing; rig equipment; drilling rig service; offshore contract drilling; well intervention; drilling waste management services; subsea equipment; and more.
The Middle East oilfield services market is segmented by service type, location, and geography. By service type, the market is segmented into drilling services, drilling and completion fluids, formation evaluation, completion, and production services, drilling waste management services, and other services. By location, the market is segmented into onshore and offshore, and by geography, the market is segmented into Saudi Arabia, Qatar, the United Arab Emirates, Iran, and the rest of the Middle East. For each segment, market sizing and forecasts have been done based on revenue capacity in USD billion.
| Service Type | |
| Drilling Services | |
| Drilling and Completion Fluids | |
| Formation Evaluation | |
| Completion and Production Services | |
| Drilling Waste Management Services | |
| Other Services |
| Location | |
| Onshore | |
| Offshore |
| Geography | |
| Saudi Arabia | |
| Qatar | |
| United Arab Emirates | |
| Iran | |
| Rest of the Middle-East |
Middle-East Oilfield Services Market Size Summary
The Middle East oilfield services market is poised for significant growth, driven by increasing investments aimed at boosting production capacity. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, the shift towards renewable energy sources like solar and wind poses a challenge to market expansion. Despite this, technological advancements in oil production and drilling processes are expected to offer substantial opportunities. Saudi Arabia is anticipated to lead the market due to its vast proven oil and gas reserves, further bolstered by ongoing developments in its natural gas sector and plans to expand existing oil and gas fields.
The demand for well-completion and production services is expected to rise, fueled by a surge in exploration and production projects across the region. The expansion of offshore fields, particularly in Saudi Arabia and Kuwait, is set to enhance the need for artificial lift production services. Significant discoveries, such as those by the Abu Dhabi National Oil Company, underscore the region's potential for growth. The market is characterized by its fragmented nature, with key players including Baker Hughes, Halliburton, Schlumberger, Middle-East Oilfield Services, and Weatherford International. Strategic contracts and collaborations, such as those between ADNOC and major service providers, are likely to drive further market development in the coming years.
Middle-East Oilfield Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Service Type
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2.1.1 Drilling Services
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2.1.2 Drilling and Completion Fluids
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2.1.3 Formation Evaluation
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2.1.4 Completion and Production Services
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2.1.5 Drilling Waste Management Services
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2.1.6 Other Services
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2.2 Location
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 Saudi Arabia
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2.3.2 Qatar
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2.3.3 United Arab Emirates
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2.3.4 Iran
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2.3.5 Rest of the Middle-East
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Middle-East Oilfield Services Market Size FAQs
What is the current Middle-East Oilfield Services Market size?
The Middle-East Oilfield Services Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Middle-East Oilfield Services Market?
Halliburton Company, Weatherford International PLC, Baker Hughes Co., Middle-East Oilfield Services and Schlumberger Limited are the major companies operating in the Middle-East Oilfield Services Market.
