The Business Research Company’s report on the Oilfield Services Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the oilfield services industry?
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.
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Global Oilfield Services Market Growth Report 2025, Size, Report Sample
What is the estimated market size of the oilfield services sector by 2029, based on current forecasts?
The oilfield services market size has grown strongly in recent years. It will grow from $191.86 billion in 2024 to $204.53 billion in 2025 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 $252.95 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. 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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Who are the top players 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.
What are the major trends in the oilfield services market?
Major companies operating in the oilfield services market are focused on developing new technological advancement such as Liberty Power Innovations to enhance operational efficiency, reduce environmental impact, and improve safety in oil and gas exploration and production processes. Liberty Power Innovations is a company or initiative focused on developing advanced technologies and solutions aimed at improving power management and efficiency in the oil and gas sector. For instance, in April, 2023 Liberty is a U.S-based company focusing on innovations in energy generation, renewable energy integration, and enhanced power systems that optimize operations while reducing environmental impact. Liberty Power Innovations goal is to support sustainable practices in the oilfield services market by providing innovative power solutions that enhance productivity and reduce costs.
Which geography holds the highest oilfield services market share?
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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Global Oilfield Services Market Growth Report 2025, Size, Report
How do different segments contribute to the overall expansion of the oilfield services market?
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
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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Global Oilfield Services Market Growth Report 2025, Size, Report
How is the oilfield services market defined?
Oilfield services refer to the services that support onshore and offshore oil and gas extraction and production processes. These services are used to construct, complete, and produce oil and gas wells and are also used to construct, complete, and produce oil and gas wells.
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