Market Size of South And Central America Oil Field Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.61 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South and Central America Oil Field Services Market Analysis
The South and Central America oil field services market is estimated to be at USD 28.53 billion by the end of this year and is projected to reach USD 35.74 billion in the next five years, registering a CAGR of over 4.61% during the forecast period.
- Over the long term, factors such increasing number of offshore operations in the region and rising demand from unconventional hydrocarbons, like shale gas, etc, is expected to drive the market in the forecast period.
- On the other hand, as more renewable energy is used, the demand for hydrocarbons like natural gas to make electricity is expected to go down. This will slow the growth of the market during the forecast period.
- Nevertheless, shale oil and gas reserves have been discovered in Mexico and Argentina, and their exploitation is expected to create several opportunities for the South and Central American oil field services market in the future.
- Brazil is likely to see significant growth in the South and Central American oil field services market during the forecast period.
South and Central America Oil Field Services Industry Segmentation
Oilfield services are the goods and services that are used to find and make oil and gas. This is the upstream part of the energy industry. Oilfield services are, in general, the activities and companies that help find, evaluate, develop, produce, and get rid of oil and gas resources. Several activities are involved in oilfield services, including finding and extracting oil or gas. However, most of the companies in this field do not manufacture petroleum products themselves.
The South and Central American oilfield services market is segmented by service, location of deployment, and geography. By service, the market is segmented into drilling services, completion services, production services, and others. 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 countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD).
South And Central America Oil Field Services Market Size Summary
The South and Central America oil field services market is poised for growth, driven by an increase in offshore operations and the rising demand for unconventional hydrocarbons such as shale gas. Despite the potential slowdown in demand due to the shift towards renewable energy, the discovery and exploitation of shale oil and gas reserves in countries like Mexico and Argentina are expected to create significant opportunities. Brazil, in particular, is anticipated to experience substantial growth in this market, fueled by its deep-water and ultra-deep-water activities in the Atlantic Ocean. The country's exploration and production activities have seen considerable investment, leading to increased spending on oilfield services, especially in the offshore sector.
Drilling services are projected to be a major revenue driver, given that they constitute a significant portion of the total cost of well operations. The global demand for hydrocarbons, exacerbated by geopolitical tensions, has led to increased investments in new wells across the region. This trend is expected to continue, with countries like Argentina and Brazil leading the charge in expanding their oil production capabilities. The market is moderately fragmented, with key players such as Schlumberger NV, Transocean LTD, and Halliburton Company actively participating in the region. Recent contracts and investments highlight the ongoing commitment to enhancing oilfield services, particularly in Brazil's large-scale offshore projects, which are set to contribute significantly to the global oil supply.
South And Central America Oil Field 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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1.5.1.1 Increasing Number of Offshore Operations
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1.5.1.2 Demand Coming for Unconventional Energy Sources
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1.5.2 Restraints
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1.5.2.1 Demand for Renewable Energy
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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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South And Central America Oil Field Services Market Size FAQs
What is the current South And Central America Oil Field Services Market size?
The South And Central America Oil Field Services Market is projected to register a CAGR of 4.61% during the forecast period (2024-2029)
Who are the key players in South And Central America Oil Field Services Market?
Schlumberger NV, Transocean LTD , Weatherford International plc , Halliburton Company and TechnipFMC PLC are the major companies operating in the South And Central America Oil Field Services Market.
