Oilfield Services Market Growth, Trend, Outlook, Analysis 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.

The Oilfield Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Oilfield Services, 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 anticipated growth in global energy demand is set to drive the expansion of the oilfield services market. Energy demand represents the quantity of energy required and consumed within a specific region, sector, or entity over a defined period. The escalating demand for energy is expected to lead to increased exploration and production activities. This, in turn, will create a surge in the requirement for services such as drilling, well completion, and reservoir management. These opportunities are expected to fuel the expansion of the oilfield services sector, enabling it to address the energy needs of a growing global population. As an example, in April 2023, the Energy Information Administration, a US-based government agency, projected a 5% to 32% increase in energy usage within the US industrial sector between 2022 and 2050. Consequently, the rising global energy demand is a key driver for the growth of the oilfield services market.

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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

Top Major Players

Schlumberger Limited,

Baker Hughes GE,

Halliburton Company,

Weatherford International plc,

China Oilfield Services Limited

The oilfield services market report table of contents includes:
1. Executive Summary

2. Oilfield Services Market Characteristics
3. Oilfield Services Market Trends And Strategies
4. Oilfield Services Market – Macro Economic Scenario
5. Global Oilfield Services Market Size and Growth
6. Oilfield Services Market Segmentation
7. Oilfield Services Market Regional And Country Analysis

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33. Key Mergers And Acquisitions In The Oilfield Services Market
34. Oilfield Services Market Future Outlook and Potential Analysis
35. Appendix

List Of Tables :

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Oilfield Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Oilfield Services Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Oilfield Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: Schlumberger Limited Financial Performance

Table 75: Baker Hughes GE Financial Performance

Table 76: Halliburton Company Financial Performance

Table 77: Weatherford International plc Financial Performance

Table 78: China Oilfield Services Limited Financial Performance

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