United
States Oilfield Services Market is anticipated to grow at a good pace in the
forecast period 2024-2028. The factors driving the market are increased
development of gas reserves, rising deep-water projects, and growing
exploration and production of oil & gas.
Oilfield
services include all the services necessary to construct, complete and produce
oil & gas wells for the extraction of petroleum. These services involve
drilling and formation evaluation, well construction, and completion services.
However, oil field service companies do not typically produce petroleum themselves.
Some of the other oilfield services are logging, cementing, casing,
perforating, fracturing, and maintenance.
Increasing
Demand of Offshore/Deep-Water Discoveries
Technical
advancements in deep-water drilling activities and project economic feasibility
are occurring in the oil and gas sector. Modern technological developments
allow oil companies to increase recovery and output. Diverse levels of
automation are possible for offshore wells, from basic one-way monitoring to
intricate subsurface controls with intelligent completions. With an eye on
prospective applications in the near future, Petrobras has launched a corporate
programme to research, develop, and implement digital integrated field
management (GeDIg) among its production assets, in 2019. Oil and gas firms seek
to build effective information solutions while installing deep-water analytical
technologies. Operators must update their current offshore infrastructure in
order to use analytical techniques to leverage data. For illustration, Rockwell
Automation and Schlumberger worked together to create a production advisory
system. In order to reduce deployment risks and costs, the digital solution,
which combines linked production technology with Schlumberger's oil and gas
software, services, and domain expertise, links upstream operators with
critical real-time analytics and domain insights to help maximize production.
So, in the upcoming years, the market for oilfield services would benefit
greatly from the rising number of offshore/deep water discoveries.
Technological
Innovation in Oilfield Service
Oilfield
service companies have always been crucial to the development of technology in
the upstream oil & gas sector. Operators from the largest national oil
corporations to the smallest independents, rely on these businesses as the
primary source of equipment and experience to advance technological innovation
and enhance field performance in a variety of economic environments. The
emergence of the Fourth Industrial Revolution occurs at a crucial time for the
oilfield services industry. As drilling technologies advance and siloed
computerization approaches reach their limits, a new horizon for breakthroughs
in production, uptime, and efficiency based on effective data integration from
multiple sources opens up.
Additionally,
Baker Hughes released its Jewel Suite apps in the Microsoft Azure Marketplace in
November 2021, making it easier to create and maintain AI and machine learning
applications on the Azure cloud platform. With the help of the Jewel Suite
Subsurface Modelling tool, accurate geological models can be quickly created
and easily updated with fresh well data for better field development and
increased production. Moreover, Schlumberger and AVEVA worked together in
September 2021 to connect edge, AI, and digital cloud systems in their DELFITM
cognitive E&P environment, enhancing how energy companies gather, analyze,
and use field data to increase well site efficiency and equipment health
management and performance.
Furthermore,
NOV Inc. is dealing with a problem that arises frequently when integrating
digital tools for processing technologies with lack of sensors throughout the
facility. Even though there has been a rise in the online characterization of
process fluids, many tools in a process system are still not being used to
their full potential for process optimization. Oilfield service providers may
increase the volume and diversity of data accessible for decision-making while
learning new techniques to enhance operational performance by improving
Machine-to-Machine (M2M) communication and getting new insights from virtual
sensors. Additionally, oilfield service providers have worked to promote
technological innovations that have improved the efficiency and profitability
of exploration and production activities. Remotely operated vehicles (ROVs) and
robotic oil rigs have helped with the development of offshore oil resources
since the 1980s. These technical advancements ultimately result in a
streamlined, quick, and efficient process that helps increase output levels.
Thus, it is anticipated that technological advancement in oilfield services
will fuel the market's expansion over the time of forecasting.
Rising
Shale Gas Extraction
Due
to the permeability of shale rocks, the trapped shale gases cannot readily flow
into the well. To increase the permeability of shale formations and produce
trapped shale gases, oil and gas companies use hydraulic fracturing and other
stimulation techniques. Because shale gas emits less carbon than coal, it might
be used as a more environmentally friendly energy source in many countries that
rely heavily on coal. A new abundance of natural gas has emerged as a result of
shale gas development. The US has an estimated 482 trillion cubic feet of
theoretically recoverable shale gas, according to the Energy Information
Administration (EIA).
In
the past ten years, the country's shale gas production increased 12 times; this
trend is anticipated to last at least until 2035. Due to the advancement of
drilling technologies including long-reach horizontal wellbores and
well-finishing procedures like multistage hydraulic fracturing, the United
States Oilfield Service Market will expand over the forecast period.
Increasing
Production & Exploration Activities in the Oil & Gas Industry
Oil
and gas production, which requires expensive equipment and highly specialized
people, is one of the capital-intensive industries. Plans are established for
drilling once a business finds the oil or gas's location. Several oil and gas
corporations get into contracts with specialist drilling firms and pay for the
crew's labor as well as the rig's daily rates. The drilling depth, rock
hardness, weather, and distance from the site, can all affect how long the
process takes. Data tracking with smart technology like IoT, AI etc., can help
with drilling efficiency and well performance, by providing real-time
information and trends. Although the basic components of every drilling rig are
the same, the drilling methods vary depending on the type of oil or gas and the
geology of the area. The oil and gas industry's production and exploration
operations are growing, which means that the equipment is being utilized more
and is requiring maintenance due to wear and tear.
Exploration
is costly, high risk, and mostly funded by corporate funds. An unsuccessful
exploration can cost USD5 million to USD20 million per exploration site, and in
certain circumstances much more, if it involves seismic research and dry well
drilling. Nonetheless, exploration expenses are recovered and are considerably
lower than other production costs when an exploration location is productive
for oil and gas extraction.
Recent
Development:
- With
NEO Energy, Petrofac obtained a five-year contract renewal in January 2022
for well management and well operator services. The Affleck, Balloch,
Dumbarton, Lochranza, and Finlaggan fields are located in the Central
North Sea, United Kingdom. According to the contract, Petrofac will
provide a five-year framework for Well Management and Well Operator
support for 27 wells throughout these fields.
- In May
2021, Halliburton started using a huge, coiled tubing intervention system
at its new training facility in Louisiana. The system consists of a
tension lift frame with a 750-ton capacity, a reel that can contain 36,000
feet of 2-3/8-inch coiled tubing, and a V135HP coiled tubing injector from
Halliburton. These components are the biggest, most potent, and sturdiest
ones ever used in combat.
- The
MS-2 Annulus Seal, a unique subsea wellhead technology, was introduced by
Baker Hughes in April 2022. It will significantly lower operational rig
costs by lowering overall installation costs, as a result of fewer rig
visits. The innovative integrated sealing solution, which was introduced
at the 2022 Offshore Technology Conference in Houston and received
worldwide publicity, has already won the support of numerous clients in
North and South America.
- Schlumberger
and PETRONAS established a collaboration in April 2022 to look into
possibilities for preservation, modernization, shared technology
development, and the Internet of Things. The participants will continue to
be committed to enhancing organizational performance through digital
transformation initiatives including developing digital twins and
connecting facilities with IoT edge technology.
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Market
Segmentation
The
United States Oilfield Services Market is Application, Type, and Service. Based
on Application, the market is divided into Onshore and Offshore. Based on Type,
the market is segmented into Field Operation and Equipment Rental. Based on
Service, the market is divided into Drilling Services, Mud Engineering,
Wireline Services, Pressure Pumping Services, Cementing Services, and Drilling Waste
Management Services.
Market
Players
Major
market players in the United States Oilfield Services Market are Schlumberger
Limited, Halliburton Company, Baker Hughes Company, Emerson, National Oilwell
Varco, Weatherford International plc, Protiviti, YAS Oilfield Services,
Oceaneering, BJ Services.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
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2018 –
2022
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Estimated Year
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2023
|
|
Forecast Period
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2024
– 2028
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Quantitative Units
|
Value (USD Million) and CAGR for 2018-2022 and 2023-2028
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|
Report coverage
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Revenue
forecast, company share, growth factors, and trends
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|
Segments covered
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Application
Type
Service
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|
Region scope
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West,
Midwest, Northeast, South
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|
Key companies profiled
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Schlumberger
Limited, Halliburton Company, Baker Hughes Company, Emerson, National Oilwell
Varco, Weatherford International plc, Protiviti, YAS Oilfield Services,
Oceaneering, BJ Services
|
|
Customization scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report
Scope:
In this report,
the United States Oilfield Services Market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- United States Oilfield Services
Market, By Application:
o Onshore
o Offshore
- United States Oilfield Services Market,
By Type:
o Field Operation
o Equipment Rental
- United States Oilfield Services
Market, By Service:
o Drilling Services
o Mud Engineering
o Wireline Services
o Pressure Pumping Services
o Cementing Services
o Drilling Waste Management Services
- United States Oilfield Services
Market, By Region:
o West
o Midwest
o Northeast
o South
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the United States Oilfield Services
Market.
Available
Customizations:
United States
Oilfield Services Market report with the given market data, TechSci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
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States Oilfield Services Market is an upcoming report to be released soon. If
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release, please contact us at
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