Oilfield Service Market Overview and Forecast Analysis Up To 2028

Posted by Arianna Huffington on October 11th, 2022

According to our latest market study on “The global 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,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.

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Baker Hughes Company; Halliburton Energy Services, Inc; Schlumberger Limited; NOV Inc; and Weatherford are the five key market players operating in the global Oilfield Service market. PetroDyn; Archer; Patterson-UTI Energy, Inc; Wireline Services Group; and Hunting are few other notable players that are profiled in this market study. In addition to these players, multiple other leading global, regional & local market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The global Oilfield Service market includes companies operating in a wide range of product portfolio. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall Oilfield Service market. However, based on parameters such as overall revenue, brand image, current Oilfield Service product portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, we have listed above five key players operating in the region.

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