Oil Field Service Market Expected to Grow at High CAGR Through 2028
Increase in Natural Gas Production and Focused
Plan to Begin Production from Unconventional Reserves in the Country is expected to
drive the Oil Field Services Market.
According to TechSci Research
report, “Oil
Field Service Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, key
factors attributed to the growth of the market are reduced cost of oilfield
services and increased production output. This increase in growth is linked to
rising domestic oil demand, which continues to represent the most lucrative
market for global oilfield service providers.
Based on Service Type, drilling
services is the dominant segment in Global Oil Field Service Market.
In the coming years, the demand for drilling services is anticipated to
increase significantly due to the expansion of E&P activities in the
offshore region. Directional drilling, coiled tubing, and re-entry, measurement
and logging while drilling, reservoir navigation services, casing/liner
drilling systems, surface logging services, coring services, and hole
enlargement are all included in the list of drilling services. The drilling
services industry primarily provides E&P firms with contractual services.
Every stage of the project's lifespan, including the exploration, production,
field development, and study phases need this service. The drilling services
market is driven by the expansion of mature assets in the area and greater
enhanced oil recovery (EOR). Additionally, the region's abundant oil and gas
resources, many of which still need to be found and used, provide a sizable
market for global drilling service providers.
Based on Location of
Deployment, Onshore is the dominant segment in Global Oil
Field Service market, as onshore drilling has lower operational costs than
offshore drilling. The number of onshore rigs has been progressively rising as
oil prices have stabilized. Onshore drilling experiences the benefits of
recovery in oil prices, initially, because its operational costs are lower than
offshore drilling.
In terms of regional
analysis, the global Oil Field Service market is segmented into North America,
Asia-Pacific, Europe, MEA, and South America. According to projections, Middle
East & Africa region emerged as the dominant force in the Global Oilfield Service Market, underscoring its pivotal role in the global energy landscape. The Middle East & Africa, renowned for its vast oil and gas reserves and strategic position
as a major player in the global energy market, exhibited a robust demand for
oilfield services. Key countries such as Saudi Arabia, the United Arab Emirates,
and Iraq witnessed substantial investments in both onshore and offshore
exploration and production activities, contributing significantly to the
dominance of the Middle East & Africa in the oilfield services sector. The region's
dominance is further propelled by its proactive approach in adopting advanced
technologies and its commitment to maintaining leadership in global oil
production. Ongoing projects, including the development of unconventional
reserves and the exploration of challenging environments, solidify the Middle East & Africa's position as a key influencer in the oilfield services market. The
region's enduring dominance is anticipated to persist during the forecast
period, driven by its continuous focus on technological advancements,
exploration of new reserves, and sustained investments in the oil and gas
sector. While other regions contribute substantially to the global oilfield
services market, the unique combination of abundant reserves, strategic
investments, and a commitment to technological progress solidifies the Middle East & Africa's role as the primary driver in the dynamic and competitive landscape of
the Global Oilfield Services Market.
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Oil Field Service Market.”
Key market
players in the Global Oil Field Service Market include:
• Schlumberger (Texas,
United States)
• Halliburton (Texas,
United States)
• Baker Hughes (Texas,
United States)
• Weir Oil and Gas
(Glasgow, United Kingdom)
• Emerson (Missouri,
United States)
• National Oilwell Varco
(Texas, United States)
• Weatherford (Texas,
United States)
• AlMansoori Specialized
Engineering (Abu Dhabi, UAE)
• Saudi Aramco (Dhahran,
Saudi Arabia)
• Protiviti (California,
United States)
The main drivers
of the expansion of the global market are the decreasing cost of oilfield
services and the rise in production output. Additionally, the operators save up
to millions of dollars, thanks to the variety of tailored packages provided by
major upstream service providers. The need for these services is anticipated to
rise as shale gas extraction through hydraulic fracturing and other stimulation
techniques increases. During the projection period, the oilfield service sector
will be driven by the increased demand for oil and gas from offshore regions.
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“The global Oil
Field Service market is expected to expand during the projected period. Technology
developments and factors like increased offshore drilling activity are expected
to fuel the well completion market. In addition, rising production service
spending from some of the main oil-producing nations are expected to drive that
industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Oil Field Service Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented by Service
Type (Drilling Services, Completion Services, Production and Intervention
Services, and Other Services), By Location of Deployment (Onshore and
Offshore), By Region, has evaluated the future
growth potential of global Oil Field Service 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 Global Oil Field Service Market.
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