openPR Logo
Press release

Oilfield Services Market to grow CAGR of 5.10% by 2030 | Schlumberger Limited, Halliburton, Baker Hughes

04-02-2024 06:38 PM CET | Energy & Environment

Press release from: Market Research Future (MRFR)

Oilfield Services Market

Oilfield Services Market

In 2021, the oilfield services market was estimated to be worth USD 303.1 billion. According to projections, the Oilfield Services Market business will expand at a compound annual growth rate (CAGR) of 5.10% from USD 318.5 billion in 2022 to USD 451.2 billion by 2030.

The oilfield equipment rental services market is driven by increasing exploration and production (E&P) activities, rising demand for oil and gas, and technological advancements in oilfield equipment. The E&P activities are increasing due to the growing global energy demand. The rising demand for oil and gas is attributed to the increasing population and urbanization. The technological advancements in oilfield equipment are making it more efficient and productive, which is driving the demand for rental services.

Get Free Sample PDF Brochure:

https://www.marketresearchfuture.com/sample_request/6835

Besides, these services ensure timely delivery on-site, saving a lot of time spent during purchase and delivery, allowing operators to start the production immediately and profitability.

Convenience is a major factor making these services are widely preferred and adopted worldwide. Resultantly, the oil field equipment rental services market is expected to garner huge traction globally.

In this regard, Market Research Future (MRFR) asserts that the global oilfield equipment rental services market is poised to grow at an impressive CAGR during the review period (2023 to 2032).

Key Players:

Halliburton Co. (U.S.)
Oil States International Inc. (U.S.)
Schlumberger Ltd (U.S.)
Superior Energy Services Inc. (U.S.)
Weatherford International Ltd (Switzerland)
Baker Hughes (U.S.)
National Oilwell Varco (U.S.)
Cameron International Inc.(U.S.)
Transocean Ltd. (Switzerland)
B&B Oilfield Equipment Corp (U.S.)
Recent Discoveries of O&G Reservoirs Create Substantial Market Demand

The market growth is largely driven by the rising demand for crude oil & energy. Technological advancements are also fostering the market size, improving oilfield equipments capabilities and enhancing their efficiencies. Other factors providing impetus to market growth include rising population and increasing urbanization and industrialization.

Increasing demand for oil and gas results in rising demand in the oil field equipment rental services market. Changed supply and demand dynamics are expected to increase in the number of oil wells leading to boosting the oil field equipment rental services market share.

Augmented demand for oil and gas also propels the oil field equipment rental services market revenues. Additionally, expansion of drilling activities in countries like Saudi Arabia, Kuwait, Qatar and Venezuela boost the oil field equipment rental services market value.

Requirement of Vast Capital is a Major Factor Hindering the Market Rise

High initial costs associated with installment and maintenance of oilfield equipment rental services restrain the market growth. Also, substantial investments required to develop these equipments pose challenges for the oilfield equipment rental services market growth.

Nevertheless, manufacturers are increasingly focusing on reducing the overall manufacturing cost of these equipments, which would support the market growth throughout the forecast period.

COVID-19 Impact on the Market

The COVID-19 pandemic impacted the oilfield equipment rental services industry severely. The pandemic has been a major challenge for suppliers disturbing the production of several key components and supply chains. Besides, travel restrictions implemented due to COVID-19 stood in the way of delivering these equipments to users.

O&G equipment rental services providers faced problems ranging from delivering end products to attracting workers from quarantines. However, the oilfield equipment rental services industry is rapidly getting back to normal, witnessing significant demand from oil and gas sectors worldwide. Furthermore, the market demand is expected to pick up following the uplift of lockdown in many countries.

Browse In-depth Market Research Report:

https://www.marketresearchfuture.com/reports/oilfield-services-market-6835

Industry Trends

Emerging markets provide untapped opportunities for the oilfield equipment rental services market revenues. Significantly rapid industrialization and urbanization in developing regions offer lucrative opportunities for global players. In addition, growing government mandates & policy updates and the rebooting O&G industry foster the oilfield equipment rental services market value.

Segmentation

The market is segmented into drilling equipment, pressure & flow control equipment, and regions. The drilling equipment segment is sub-segmented into drill pipe, drill collars, heavy-weight, drill subs, and others. The pressure & flow control equipment segment is sub-segmented into BOP, valves & manifolds, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.

Regional Analysis

North America accounts for the largest global oilfield equipment rental services market share. Factors such as the increasing numbers of drilling activities in the US influence the region's oilfield equipment rental services market size.

Besides, the demand for conventional and non-conventional drilling in the region drives the oilfield equipment rental services market growth. Also, the increase in E&P spending and the strong presence of major players providing easy rental plans are major oilfield equipment rental services market trends.

Competitive Analysis

The oilfield equipment market size perceives different strategies such as M&A activities, collaboration, contracts, agreements, and partnerships to increase their market shares. Focused on developing innovative technologies, dynamic players would shift the market dynamics during the forecasted period. Key industry players also make strategic investments in research and development activities and fostering their expansion plans.

For instance, recently, on June 23, 2021, OSSO, a leading fluid temperature control and separation technology provider, announced a partnership with Medra Arabia (Saudi Arabia), the national diversified O&G service company, to deliver drilling solutions in Saudi.

Through this agreement, OSSO would provide its clients with direct access to its rental fleet of equipment, along with rig site support and heat transfer solutions. The partnership would also allow OSSO to significantly reduce equipment and personnel turnaround time, providing a greater economic support structure with added expert local knowledge.

Related Reports:

South America & Africa Diesel Generator Market: https://www.marketresearchfuture.com/reports/south-america-africa-diesel-generator-market-5205

Steam Boiler Market: https://www.marketresearchfuture.com/reports/steam-boiler-market-6972

Gas Insulated Substation Market: https://www.marketresearchfuture.com/reports/gas-insulated-substation-market-7011

Power Transmission Component Market: https://www.marketresearchfuture.com/reports/power-transmission-component-market-7251

Diesel Engines Market: https://www.marketresearchfuture.com/reports/diesel-engines-market-12340

Contact
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Oilfield Services Market to grow CAGR of 5.10% by 2030 | Schlumberger Limited, Halliburton, Baker Hughes here

News-ID: 3449657 • Views:

More Releases from Market Research Future (MRFR)

Tofu Market to Reach USD 2.7 Billion by 2032 at 9.01% CAGR Driven by Rising Plant-Based Food Preferences
Tofu Market to Reach USD 2.7 Billion by 2032 at 9.01% CAGR Driven by Rising Plan …
The global tofu market is poised for substantial growth over the next decade, projected to reach an impressive valuation of USD 2.7 billion by 2032. This expansion reflects a compound annual growth rate (CAGR) of 9.01% from 2024 to 2032, fueled by a surge in consumer demand for plant-based foods and an evolving global food culture. As more consumers seek healthier and sustainable alternatives to animal-based protein sources, tofu has
Plant-Based Food Ingredients Market to Hit USD 40.2 Billion by 2035 at 7.96% CAGR Driven by Health & Sustainability
Plant-Based Food Ingredients Market to Hit USD 40.2 Billion by 2035 at 7.96% CAG …
The global plant-based food ingredients market is witnessing remarkable growth, propelled by an increasing shift in consumer preferences toward healthier and more sustainable food options. According to recent market research by Market Research Future, the market was valued at USD 16.03 billion in 2023 and is projected to reach an impressive USD 40.2 billion by 2035. This growth trajectory is expected to continue at a compound annual growth rate (CAGR)
Semolina Market to Reach USD 2.57 Billion by 2032 at 2.31% CAGR, Driven by Health Trends & Flour Mill Growth
Semolina Market to Reach USD 2.57 Billion by 2032 at 2.31% CAGR, Driven by Healt …
The global semolina market is poised for steady growth over the coming decade, with its valuation expected to reach USD 2.57 billion by 2032. According to the latest Market Research Future analysis, the market was valued at USD 2.12 billion in 2023 and is projected to expand from USD 2.14 billion in 2024 to USD 2.57 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.31% during the
Ginger Extract Market to Reach USD 2.18 Billion by 2034 at 5.4% CAGR Driven by Demand for Natural Ingredients
Ginger Extract Market to Reach USD 2.18 Billion by 2034 at 5.4% CAGR Driven by D …
The global ginger extract market is poised for substantial growth in the coming decade, with a projected valuation of USD 2.18 billion by 2034. According to the latest analysis from Market Research Future, the market was valued at USD 1.29 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2025 to 2034. This robust growth trajectory is largely fueled by increasing

All 5 Releases


More Releases for Oil

Hydraulic Oil Market,By Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil …
In recent years, the production capacity for hydraulic oil has increased significantly across the globe. Moreover, the Group II and III base oils are primarily gaining popularity for utilization in lubricant formulations for automatic transmission engines, heavy-duty trucks, and passenger automobiles. Therefore, these determinants are expected to for drive the development of the global hydraulic oil market in the anticipated period. Global Hydraulic Oil Market was valued at USD 10.47 billion in 2021
Cosmetic Oil Market Future Outlook 2023-2029, Industry Demand, Trends, Size, New …
This Cosmetic Oil Market research report is one of the best and wide-ranging, which provides market insights by considering numerous factors. Therefore, businesses can get important market insights cost-effectively with the help of the Cosmetic Oil Market research report. Such a persuasive report is the best to gain a competitive advantage in this quickly transforming marketplace. In addition, the report also provides market segmentation based on type and end-user. The
Transformer Oil Market, Transformer Oil Market Size, Transformer Oil Market Shar …
The Transformer Oil Market research report consists of a detailed study of the market and the market dynamics that are related to the same. The in-depth data on the development of the market is presented in the Research report. Not only this but also the detailed data on the performance of the market for the forecast period are presented in the Transformer Oil Market research report. The performance analysis is
Growing demand for corn oil as cooking oil is fuelling the Corn Oil Market
The research report "Corn Oil Market: by Product Type (High Oleic, Middle Oleic, Low Oleic), By Application (Biodiesel, Soap Making, Food Services, Pharmaceutical, Others) and Geography- Global/Region/Country Forecast to 2028." The global corn oil market size was valued at USD 4.2 Bn in the year 2021, growing at a CAGR rate of 7.2% during the evaluation time span 2022-2028. Glance our 200 slides market research and competitive intelligence research report,
Apricot Oil, Apricot Kernel Oil Supplier, Co2 Apricot Oil Manufacturer
The seed inside every apricot contains thin oil, which is extracted from the kernel of the seed after eating the delectable fruit. Apricot oil is also known as apricot kernel oil. This oil has been the interest of many experts for research purposes due to its infinite health benefits. It has been found that the oil could cure some serious health conditions (like cancer). Apricot oil has a profound nutty
Global Sustainable Palm Oil Market analysis report- with Leading players, Applic …
Sustainable Palm Oil Market The most widely used vegetable oil there is, palm oil is found in everything from snacks to household cleaners to cosmetics. Palm oil is used in many of the products on supermarket shelves, from margarine and chocolate to ice cream, soaps, cosmetics, and fuel for cars and power plants. The report presents a comprehensive overview, market shares, and growth opportunities of Sustainable Palm Oil market by product type,