India Oilfield Services Market is Expected to Register 12.70% CAGR through 2028

Increasing oil & gas investments and rising deep-water projects in the country are expected to drive the India Oilfield Services Market in the forecast period.

According to TechSci Research report, “India Oilfield Services Market - By Region, Competition Forecast & Opportunities, 2028,” the India Oilfield Services Market will reach USD1133.46 million in 2028 at a CAGR of 12.70% due to surging need for energy, coupled with increasing production & exploration activities in the oil & gas industry. Onshore Oilfield Services by application held the dominant market share of 84.31% in 2022, due to the large number of rigs present in the country. Moreover, Rise in Deep-Water Projects in the country will offer robust opportunities for the growth of the market. India’s petroleum consumption is currently about 5 million barrels per day, which is growing at 3%, higher than the average global growth rate. Based on type, India Oilfield Services Market is dominated by Equipment Rental, as the cost of repair and maintenance of the machinery is very high.

Based on Services, Drilling Services is the dominant segment in India Oilfield Services Market. With a market share of 39.49% in 2022, the segment of drilling services holds a dominant position in the India Oilfield Services Market. The most significant innovations in the field of petroleum engineering that are applied to unconventional shale deposits are improvements in drilling techniques. Modern drilling methods including horizontal drilling, multilateral drilling, and others, which are now regarded as important approaches. Also, as drilling activities for maintaining and finishing unfinished oil wells increase, more well completion services and equipment are being used. Hence, the market for oilfield services in India is growing at a faster rate for drilling services.

Based on Application, the Onshore segment is the dominating segment. With a market share of 84.31% in 2022, the onshore segment will rule the India Oilfield Services Market. Onshore drilling has increased in India over the last 20 years. Although an offshore drilling rig drills into the seabed, onshore drilling involves driving a drilling rig far into the ground to access fossil fuels. Drilling services are more in demand since India has a big number of onshore rigs, which is why the market is expanding.

In terms of regional analysis, the India Oilfield Services Market is segmented into West Region, South Region, North Region, East Region. West India held 46.01% market share in 2022, dominating the India Oilfield Services market. The state-owned oil company ONGC is spending close to USD 1207.6 million in Maharashtra to construct an integrated gas processing plant in the West. An ONGC senior official said that as part of the project, the plant would feature a captive power plant with a 30-megawatt capacity and a processing capacity of 10 mmscmd. As part of its oil-to-chemical strategy, Mukesh Ambani-led Reliance Industries (RIL) intends to invest USD8,448 million in crude-to-chemical projects close to the current Jamnagar site, an integrated petroleum refinery and petrochemical complex. As a result, there is a growing need for services in the oil field connected to drilling and pressure maintenance.

In order for Indian exploration and production corporations to give preference to its members when sourcing their needs, the Association of Indian Oilfield Service Providers (AIOSP) was founded by Indian oilfield service providers. The association's goal is to create a strong and competent industry organization of Indian oilfield service providers. Indian vendors of goods and services will benefit greatly from the recent declarations by the Indian government and the honorable finance minister announcing a new public procurement policy that prohibits overseas bids under USD 24.3 million. The equipment and service providers in India, however, face a number of challenges that, if not addressed, will make it challenging to implement this plan.

Browse over 38 market data Figures and 11 Tables spread through 115 Pages and an in-depth TOC on " IndiaOilfield Services Market.”

Key market players in the India Oilfield Services Market include:

        ·         Schlumberger India Technology Centre Private Limited

        ·         Asian Energy Services Limited

        ·         HSL Asia Limited

        ·         Alphageo (India) Limited

        ·         Halliburton India Operations Pvt. Ltd.

        ·         OGD Services Limited

        ·         Petrofac Engineering Services India Private Limited

        ·         Baker Hughes Oilfield Services India Private Limited

        ·         Oil States Industries (India) Private Limited

        ·         Fluor Daniel India Private Limited.

India consumed 63.9 BCM of natural gas and 204.23 MMT of petroleum products in FY2021–22, an increase of 5.1% and 5%, respectively, from FY2020–21. India's oil demand is anticipated to rise by 50% to 7.2 MBD in 2030 from 4.8 MBD in 2019, compared to a 7% global growth rate. India's natural gas demand is projected to triple to 133 BCM in 2030 from 64 BCM in 2019, a 12% increase compared to the global average. 

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“During the anticipated time, the India Oilfield Services Market is anticipated to grow. The market will be driven by a number of factors, including rising deep-water projects, rising production & exploration activities in the oil & gas industry, and rising oil and gas consumption in India. Oilfield services and oil & gas plants are expected to increase significantly as a result of service providers' technological advancements. The adoption of these technologies is assisting firms in improving operational efficiency, productivity, and business processes. The market for oilfield services in India is seeing profitable opportunities thanks to the numerous deep-water and ultra-deepwater drilling projects. Due to the stabilization of crude oil prices, this has increased the drilling and production industries' profit margins,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Oilfield Services Market By Application (Onshore, Offshore), By Type (Equipment Rental and Field Operation), By Services (Drilling Services, Pressure Pumping Services, Wireline Services, Cementing Services, Mud Engineering and Drilling Waste Management Services), By Region, Competition, Forecast and Opportunities, 2028,” has evaluated the future growth potential of India Oilfield Services Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India Oilfield Services Market.

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