Oilfield Service Market Share to hit $145,963.08Mn, Globally, by 2028 - Exclusive Report by The Insight Partners

According to our latest market study on "Oilfield Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application and 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 estimated to grow at a CAGR of 6.1% from 2021 to 2028. Increasing Demand for Offshore/Deep-Water Discoveries to Provide Growth Opportunities for Oilfield Service Market during 2021-2028

Oilfield Service Market Strategic Insights :-
Market Size Value in: US$ 96,465.86 Million in 2021
Market Size Value by: US$ 145,963.08 Million by 2028
Growth rate: CAGR of 6.1% from 2021 to 2028
Forecast Period: 2021-2028
Base Year: 2021
No. of Pages: 174
No. of Tables: 61
No. of Charts & Figures: 73
Historical data available: Yes
Segments covered: Application, and Service Type
Regional scope: North America; Europe; Asia Pacific; Latin America; MEA
Country scope: US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Oilfield services comprise a variety of oilfield-related operations, such as exploration, drilling, stimulation, completion, intervention, and production, throughout the life cycle of a well. Oilfield services assist operators in controlling subsurface pressures, reducing borehole erosion, minimizing formation damage, optimizing drilling parameters, and analyzing penetration rate and hole cleaning. Technological advancements in oilfield equipment has increased efficiency in resource extraction and management. Furthermore, prominent corporations have turned to technology-based services to meet the increased demand for oil and gas. Other factors contributing to the rising use of technologically-enhanced oilfield services include increased accuracy and precision and decreased time and labor costs. Hence, oilfield service market is predicted to develop rapidly in the coming years as oil and gas production and shale gas extraction expand across the world.

Schlumberger Limited; Halliburton Company; Baker Hughes Incorporated; GE Oil & Gas; Superior Energy Services, Inc; Hunting plc; Weatherford International PLC; Nov Inc; PETRODYN; Pioneer Energy Services Corp; and Archer are a few key Oilfield Service Market players profiled in the study. Several other major market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key Oilfield Service Market players strategize their growth.

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 market share. 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 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 market.

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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. Cross-disciplinary teams of geoscientists, engineers, operations managers, and financial analysts communicate via remote command centers, boosting teamwork and collaboration while addressing issues quickly. Therefore, oil firms are substantially investing in command centers and remote monitoring to eliminate the need for operation specialists, engineers, and geoscientists to travel to remote oilfields. 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. Thus, the increasing number of offshore/deep water discoveries would create lucrative opportunities for the oilfield service market in the coming years.

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Players operating in the oilfield service market are mainly focused on the development of advanced and efficient products.
• In 2022, Baker Hughes announced partnership and investment in NET Powers. The partnerships will enable the company to accelerate the oilfield service market development of zero-emissions power plant.
• In April 2021, Nov Inc and Chevron announced their collaboration. The collaboration will accelerate and enhance the delivery and development of technologically advanced products and services. Nov Inc will benefit from this collaboration in the development of the next-generation subsea systems.

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