Press release
Oilfield Services Market Growth Factors, Opportunities, Industry Size, Upcoming Trends And Forecast Till 2033
Oilfield Services Market Growth
The Business Research Company offers in-depth market insights through Oilfield Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The oilfield services market size has grown strongly in recent years. It will grow from $181.42 billion in 2023 to $193.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased global energy demand, growth in deepwater and ultra-deepwater drilling, rise in unconventional oil and gas production, expanding exploration and production activities in emerging markets, increase in production output.
The oilfield services market size is expected to see strong growth in the next few years. It will grow to $242.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to accelerated adoption of digital technologies in oilfield operations, focus on enhanced oil recovery (eor) techniques, expansion of offshore exploration and production, increased investment in renewable energy sources, global recovery of oil prices and market stabilization. Major trends in the forecast period include technological advancements in oilfield exploration and production, integration of artificial intelligence and big data analytics in oilfield operations, emphasis on environmental sustainability and green technologies, rise in the use of robotics and automation in oilfield services, growing importance of data security in oilfield operations.
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Market Segmentation:
The oilfield services market covered in this report is segmented -
1) By Service Type: Subsea Services, Seismic Services, Drilling Services, Workover and Completion Services, Production Equipment, Processing and Separation Services, Other Service Types
2) By Type: Equipment Rental, Field Operation, Analytical and Consulting Services
3) By Application: Onshore, Offshore
Major Driver - Surging Shale Gas Extraction Fuels Growth In The Oilfield Services Market
Increasing shale gas extraction is expected to propel the growth of the oilfield services market going forward. Shale gas refers to natural gas that has been trapped inside shale rocks. Oilfield services such as directional drilling and hydraulic fracturing have increased shale gas production from such important sources. For instance, in March 2022, according to the Energy Information Administration Report, a US-based government agency, shale volumes in March were at 8.591 million b/d and grew to 8.708 million b/d in April, which has been driven by an increase in the Permian Basin. Therefore, the increasing shale gas demand is driving the growth of the oilfield services market.
Competitive Landscape:
Major companies operating in the oilfield services market report are Schlumberger Limited, Baker Hughes GE, Halliburton Company, Weatherford International plc, China Oilfield Services Limited, Basic Energy Services Inc., Superior Energy Services Inc., Transocean Ltd., National Oilwell Varco Inc., Saipem Spa, Petrofac Limited, Trican Well Services Ltd., Oil States Industries Inc., Emerson Electric Company, Welltec Oilfield Services Pvt. Ltd., Weir Oil & Gas Inc., TechnipFMC plc, ABB Ltd., Abbott Laboratories, Aker Solutions ASA, BGR Energy Systems Ltd., Calfrac Well Services Ltd., Canary LLC, Challenger Limited, Helmerich & Payne Inc., Hill International Inc., Hunting plc, ION Geophysical Corp., J&L Supply Co. Ltd., Jacobs Engineering Group Inc., Key Energy Services Inc., Larsen & Toubro Ltd., McDermott International Inc., Nabors Industries Ltd., Ecolab Inc., Neuman & Esser Group, Newpark Resources Inc., Noble Corporation, Oceaneering International Inc.
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Top Trend - Technological Advancements Transforming The Oilfield Services Market
Technological advancements are a key trend gaining popularity in the oilfield services market. Major companies operating in the oilfield services market are focused on developing new technological solutions to strengthen their position. For instance, in July 2021, Saipem, an Italy-based company operating in oilfield services, launched SUISO, a technological solution for the production of green hydrogen, thus confirming its commitment to support its clients in the energy transition. This solution would combine various renewable energy sources such as floating wind, floating solar and marine energy in a single system to power, together or individually, electrolyzes installed on existing offshore platforms for the production of green hydrogen. The oxygen resulting from this process is used in various areas, such as aquaculture or seaweed production.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oilfield Services Market Characteristics
3. Oilfield Services Market Trends And Strategies
4. Oilfield Services Market - Macro Economic Scenario
5. Oilfield Services Market Size And Growth
…..
27. Oilfield Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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