Oilfield Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Oilfield Services Market Size & Share and It is Segmented by Service Type (Drilling Services, Completion Services, Production and Intervention Services, and Other Services), Location of Deployment (Onshore and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The Report Offers the Market Size and Forecasts for Oilfield Services in Revenue (USD) for all the Above Segments.

Oilfield Services (OFS) Market Size

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Oilfield Services (OFS) Market Summary
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Study Period 2020 - 2029
Market Size (2024) USD 119.85 Billion
Market Size (2029) USD 153.49 Billion
CAGR (2024 - 2029) 5.13 %
Fastest Growing Market Europe
Largest Market North America

Major Players

Oilfield Services (OFS) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Oilfield Services (OFS) Market Analysis

The Oilfield Services Market size is estimated at USD 119.85 billion in 2024, and is expected to reach USD 153.49 billion by 2029, growing at a CAGR of 5.13% during the forecast period (2024-2029).

  • Over the medium term, factors such as the increasing development of gas reserves and advanced technology, tools, and equipment are expected to drive the oilfield services market during the forecast period.
  • On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the growth in the demand for the oilfield services market.
  • Nevertheless, the focus on new technologies and methods to optimize the production cost of hydrocarbons is expected to create several opportunities for the oilfield services (OFS) market during the forecast period.
  • North America is expected to be the largest market during the forecast period, owing to high drilling and production activity in shale fields. It is expected to dominate the market during the forecast period.

Oilfield Services (OFS) Market Trends

Drilling Services Expected to Dominate the Market

  • The global economy is expected to underpin a substantial increase in oil demand. Strong economies are anticipated to consume more oil, and the demand is expected to grow significantly over the years. India and China are expected to contribute around 50% of the global oil demand by 2023.
  • According to Organization of the Petroleum Exporting Countries (OPEC) statistics, in 2022, the worldwide crude oil demand was around 99.57 million barrels per day, increasing from 97.08 million barrels in 2021. The rising demand for crude oil increases the demand for drilling services worldwide.
  • Hence, there is increasing pressure among the top oil and gas operating companies to increase their production and meet the increasing energy demand. As a result, several operating companies have shifted their focus toward exploiting unconventional reserves, as the conventional fields have started showing signs of maturity.
  • For instance, in February 2022, Abu Dhabi National Oil Company (ADNOC) awarded framework agreements to four oilfield services providers valued at USD 1.94 billion to enable drilling growth. The awards aim at ADNOC's recent investments in drilling-related equipment and services to boost crude oil production capacity to 5 million barrels per day (mmbpd) by 2030.
  • Further, new offshore contract drilling services are expected to drive the oilfield services market. For instance, in May 2022, Equinor had contracts with three oilfield services giants - Baker Hughes Norge, Halliburton, and Schlumberger for integrated drilling and well services on the Norwegian continental shelf (NCS). The contract is for two years, starting from 1st June 2022. The total value of the contract is about USD 1.8 billion.
  • Technological advancements in drilling and logging tools are also expected to drive drilling services during the forecast period. For instance, In November 2022, National Energy Services Reunited Corporation (NESR) announced that the company had been awarded a long-term contract for directional drilling services in Kuwait. The contract scope includes directional drilling, measurements while drilling, performance drilling, well engineering, and logging while drilling (LWD) services for five years with an option to extend an additional year.
  • Therefore, owing to the above points, drilling services are expected to dominate the oilfield services (OFS) market during the forecast period.
Oilfield Services (OFS) Market: Oilfield Services Market: Crude Oil Demand, in million barrels per day, Global, 2016-2022

North America Expected to Dominate the Market

  • The share of North America in global crude oil production is high owing to the presence of countries such as the United States, Canada, and Mexico. The crude oil production in the region is increasing significantly, as United States's average crude oil production was around 11.9 million barrels per day. The crude oil production for the country grew from 5.6% compared to the year 2021.
  • In North America, oil and gas projects are becoming more competitive, owing to improving efficiencies and tightening of the supply chain, which has led to declining drilling costs and has, in turn, made many projects viable.
  • The United States in the region is to be one of the largest markets for oilfield services, mainly due to the increasing number of wells being drilled and fracked in the shale and tight reserves. The low breakeven price of the basins supports this. The recent development of shale plays, horizontal drilling, and fracking has resulted in a massive increase in demand for oilfield services in the region.
  • Similarly, Canada has the world's third-largest crude oil reserves, after Venezuela and Saudi Arabia, of which 96% are oil sand reserves. The oil available in the country is of high density and has high sand particle content. Due to this, oil transport from the bottom hole of the oil well to the surface requires high pressure and wellbore intervention, thus increasing the demand for oilfield services in the country.
  • Therefore, owing to the above points, North America is expected to dominate the oilfield services (OFS) market during the forecast period.
: Oilfield Services (OFS) Market : Growth Rate by Region, 2023-2028

Oilfield Services (OFS) Industry Overview

The oilfield services market is fragmented. Some of the major players in the market (in no particular order) include Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International Plc, and China Oilfield Services Limited, among others.

Oilfield Services (OFS) Market Leaders

  1. Weatherford International Plc

  2. Schlumberger Limited

  3. Halliburton Company

  4. Baker Hughes Company

  5. China Oilfield Services Limited

*Disclaimer: Major Players sorted in no particular order

Oilfield Services (OFS) Market Concentration
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Oilfield Services (OFS) Market News

  • October 2022: Weatherford International Plc. signed a contract with Saudi Aramco to provide drilling and intervention services for the company's oil and gas operations. The agreement will cover the entire planning and execution by Weatherford that includes product lines and associated services; it will work for 45 wells per year for the entire term of the contract, i.e., three years.
  • August 2022: Abu Dhabi National Oil Company awarded five framework agreements valued at USD 1.83 billion to boost drilling activity in the emirate's oilfields as the company emphasizes expanding production capacity to help meet the growing energy demand globally.
  • January 2022: Petrofac secured a five-year contract extension for good management and well-operator services with NEO Energy. As per the contract, Petrofac will provide a five-year framework for Well Management and Well Operator support for 27 wells across the Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields in the Central North Sea, United Kingdom.

Oilfield Services (OFS) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD, till 2028

    3. 4.3 Crude Oil and Natural Gas Production and Forecast, till 2028

    4. 4.4 Onshore and Offshore Active Rig Count, till 2022

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

        1. 4.7.1.1 Increasing Development of Gas Reserves and Advanced Technology, Tools, and Equipment

        2. 4.7.1.2 Increasing Investment in the Oilfield Services across World

      2. 4.7.2 Restraints

        1. 4.7.2.1 The Volatile Oil Prices Over the Recent Period, Owing to the Supply-Demand Gap

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Service Type

      1. 5.1.1 Drilling Services

      2. 5.1.2 Completion Services

      3. 5.1.3 Production and Intervention Services

      4. 5.1.4 Other Services

    2. 5.2 Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 France

        3. 5.3.2.3 United Kingdom

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 South Africa

        4. 5.3.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Schlumberger Limited

      2. 6.3.2 Weatherford International plc

      3. 6.3.3 Baker Hughes Company

      4. 6.3.4 Halliburton Company

      5. 6.3.5 Transocean Ltd.

      6. 6.3.6 Valaris PLC

      7. 6.3.7 China Oilfield Services Limited

      8. 6.3.8 Nabors Industries, Inc.

      9. 6.3.9 Basic Energy Services Inc.

      10. 6.3.10 OiLSERV

      11. 6.3.11 Expro Group

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Focus on New Technologies and Methods to Optimize its Production Cost of Hydrocarbons

**Subject to Availability
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Oilfield Services (OFS) Industry Segmentation

Oilfield services (OFS) refer to all the services that support onshore and offshore oil and gas extraction and production processes. These include drilling and formation evaluation, well construction, and completion services.

The oilfield services market is segmented by service type, location of deployment, and geography. The market is segmented by service type into drilling, completion, production, and other services. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the oilfield services market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).

Service Type
Drilling Services
Completion Services
Production and Intervention Services
Other Services
Location of Deployment
Onshore
Offshore
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle-East and Africa
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Oilfield Services (OFS) Market Research FAQs

The Oilfield Services (OFS) Market size is expected to reach USD 119.85 billion in 2024 and grow at a CAGR of 5.13% to reach USD 153.49 billion by 2029.

In 2024, the Oilfield Services (OFS) Market size is expected to reach USD 119.85 billion.

Weatherford International Plc, Schlumberger Limited, Halliburton Company, Baker Hughes Company and China Oilfield Services Limited are the major companies operating in the Oilfield Services (OFS) Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Oilfield Services (OFS) Market.

Oilfield Services Industry Report

Statistics for the 2024 Oilfield Services (OFS) market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Oilfield Services (OFS) analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Oilfield Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)