Press release
Key Factor Supporting Oilfield Services Market Development in 2025: Surging Shale Gas Extraction Fuels Growth In The Oilfield Services Market
Oilfield Services Market
How Large Will the Oilfield Services Market Size By 2025?
The size of the oilfield services market has been on a significant upward trend in past years. The market, valued at $191.86 billion in 2024, is projected to climb to $203.66 billion in 2025 with a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this growth during the historic period include a surge in global energy needs, an increase in deepwater and ultra-deepwater drilling, a spike in unconventional oil and gas extraction, broadening exploration and production activities in developing markets, and an upswing in production output.
How Big Is the Oilfield Services Market Size Expected to Grow by 2029?
The oilfield services market is projected to experience robust growth over the coming years, expanding to a size of $252.37 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. This growth projection for the coming period is due to an increased foray into digital technologies in oilfield activities, a concentrated effort on improved oil recovery (EOR) methods, widening of offshore exploration and production, surge in investments in renewable energy sources, and a worldwide recovery in oil prices and market stability. Key trends for the forecast period encompass advancements in technology concerning oilfield exploration and production, incorporation of artificial intelligence and big data analytics in oilfield operations, focus on environmental sustainability and green technologies, increase in the application of robotics and automated systems in oilfield services, and the rising significance of data security in oilfield operations.
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Which Key Market Drivers Powering Oilfield Services Market Expansion and Growth?
The upward trend in shale gas extraction is poised to accelerate the expansion of the oilfield services market. Shale gas is a type of natural gas trapped within shale rocks. This has led to a surge in the use of oilfield services such as directional drilling and hydraulic fracturing, leading to heightened production of shale gas from vital sources. To illustrate, data from the Energy Information Administration Report, a US governmental agency, shows that in March 2022, shale volumes stood at 8.591 million b/d, reaching 8.708 million b/d in April. This was attributed to an uptick in the Permian Basin. As a result, the surging demand for shale gas is fuelling the oilfield services market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Oilfield Services Market?
Established corporations in the oilfield service market are making strides toward creating innovative technology such as Liberty Power Innovations, aiming to bolster operational efficiency, lessen environmental harm, and elevate the safety level in oil and gas exploration and production mechanisms. Liberty Power Innovations is an organization or project dedicated to crafting advanced technologies and solutions that boost power management and efficiency in the oil and gas industry. For instance, by April 2023, Liberty, a company based in the U.S., is planning to concentrate on groundbreaking energy production, the inclusion of renewable energy, and improved power systems that streamline operations and lessen environmental damage. Liberty Power Innovations' objective is to contribute to sustainable practices in the oilfield service market by offering inventive power solutions that amplify productivity and lower expenditures.
What Are the Emerging Segments in the Oilfield Services Market?
The oilfield servicesmarket 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
Subsegments:
1) By Subsea Services: Subsea Construction, Subsea Inspection, Maintenance, And Repair (IMR), Subsea Tieback, Subsea Umbilicals, Risers, And Flowlines (URF)
2) By Seismic Services: Onshore Seismic Services, Offshore Seismic Services, Data Processing And Interpretation, 3D And 4D Seismic Surveys
3) By Drilling Services: Drilling Rigs, Directional Drilling, Drilling Fluid Services, Managed Pressure Drilling
4) By Workover And Completion Services: Well Completion Services, Well Intervention Services, Stimulation Services, Plug And Abandonment Services
5) By Production Equipment: Wellhead Equipment, Christmas Trees, Separator And Processing Equipment, Pumps And Compressors
6) By Processing And Separation Services: Oil And Gas Processing, Gas Treatment, Water Treatment, Separation Technologies
7) By Other Service Types: Reservoir Evaluation, Production Optimization, Equipment Rental And Maintenance, Engineering And Project Management Services
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Who Are the Global Leaders in the Oilfield Services Market?
Major companies operating in the oilfield services market include 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., 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.
Which are the Top Profitable Regional Markets for the Oilfield Services Industry?
North America will be the largest region in the oilfield services market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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