Press release
Global Oilfield Services Market Estimated to Experience a Hike in Growth by 2024 - 2031 | Middle East Oilfield Services LLC, RAAS Oilfield Services & Supplies WLL
Global Oilfield Services Market
Global oilfield services market is estimated to be valued at USD 134.0 Bn in 2024 and is expected to reach USD 168.77 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.3% from 2024 to 2031.
Market Dynamics:
The global oilfield services market is expected to witness significant growth over the forecast period, owing to rising shale oil and gas production in North America and other parts of the world. According to estimates, the volume of shale gas resources held globally is about 730 trillion cubic meters, with over 230 trillion cubic meters located in the United States alone. Increased exploration and production of unconventional resources such as shale reserves is expected to drive demand for oilfield services during the forecast period. Furthermore, growing demand for energy coupled with declining conventional reserves is encouraging companies to increase investments in enhancing oil and gas recovery from mature fields through advanced oilfield services, which is another factor expected to support market growth over the forecast period.
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Global Oilfield Services Market Drivers:
Increasing Shale Oil and Gas Extraction Activities in the US and Canada
The increasing shale oil and gas extraction activities in the US and Canada have been a major growth driver for the global oilfield services market over the past decade. Countries like the US have experienced a shale boom and now contribute significantly to global oil and gas supply. This has created huge demand for oilfield services like drilling, completion, production and related services. Shale production requires modern technologies and techniques which oilfield service companies provide. Their expertise is crucial in efficiently tapping into unconventional reserves. As long as shale remains economically viable, it will continue propelling the oilfield services industry forward.
Global Oilfield Services Market Opportunity:
Energy Transition Opening New Growth Avenues
While the world is still heavily dependent on oil and gas, the ongoing energy transition presents opportunities for oilfield services providers to diversify. Their expertise in drilling, engineering, project management and related domains transfer readily to renewable energy sectors. Oilfield services companies are increasingly supporting offshore wind farm installations and maintenance. Geothermal energy projects also leverage similar downhole technologies and skills. As governments commit huge investments to achieve net-zero emission targets, new growth prospects are emerging in developing carbon capture and storage, as well as floating offshore wind. Forward-thinking oilfield services firms view the energy transition as an opportunity rather than a threat.
Global Oilfield Services Market Trend:
Adoption of Automation and Digital Technologies
One of the clear trends observed across the global oilfield services industry in recent times is the rising adoption of automation and digital technologies. Equipment manufacturers as well as service providers recognize technology's potential to drive efficiency gains and operational improvements. Examples include remote operations centers, condition monitoring sensor arrays, predictive maintenance, blockchain applications for supply chain and asset tracking. Advanced data analytics helps optimize drilling parameters and production performance. Robotics are also making inroads for activities that are hazardous or repetitive for humans. The COVID-19 pandemic accelerated the move to augment human expertise with technology for enhanced productivity and worker safety.
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Top Companies Featured in This Report:
★ Middle East Oilfield Services LLC
★ RAAS Oilfield Services & Supplies WLL
★ FOS Energy LLC
★ Oman Oil Industry Supplies & Services Co. LLC
★ CAM Integrated Solutions
★ GE
★ Oil States Industries
★ Nine Energy Service
★ C&J Energy Services
★ Rockwell Automation
★ Churchill Drilling Tools- Coretrax
★ SPX FLOW Inc.
★ FMC Technologies
★ Ensco plc
★ Petrofac
★ Transocean
★ Saipem
★ SGS
★ Schneider Electric
★ ABB
Market Segmentation:
By Product Type:
★ By Service: Pressure Pumping Services, Oil Country Tubular Goods, Wireline Services, Well Completion Equipment & Services, Well Intervention Services, Others (Drilling & Completion Fluid Services, etc.)
★ By Type: Equipment rental, Field Operation, and Analytical services
By Applications:
★ By Application: Onshore and Offshore
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Reasons to Obtain Our Comprehensive Market Report:
• Conduct an extensive analysis of various aspects of the Global Oilfield Services Market utilizing Porter's Five Forces framework.
• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Global Oilfield Services Market.
• Explore the Global Oilfield Services Market dynamics across different regions through comprehensive regional analysis.
• Assess the impact of Covid-19 on the Global Oilfield Services Market with a meticulous research approach.
• Stay updated on the latest developments, market shares, and strategies of key market players within the Global Oilfield Services Market.
• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Global Oilfield Services Market.
• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
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Key Questions Answered:
• What was the size of the Global Oilfield Services Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Global Oilfield Services Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Global Oilfield Services Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Global Oilfield Services Market?
• Which segments of the Global Oilfield Services Market are in high demand?
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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