Oilfield Services Market Components, Regional Analysis, Industry Share, Size, Growth Drivers, Top Players, Technology, Current Trends and Global Outlook 2028
Nov 24, 2022
Oilfield Services Market Research Report and Growth Analysis 2022 by Service Type (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, Wireline Services, And Drilling Waste Management Services), by Application (Onshore, Offshore), Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Forecast till 2028
Oilfield Services Market Overview
According to the analysis reports by MRFR, the global market for oilfield services is expected to flourish substantially during the assessment era from 2021 to 2028 at a healthy growth rate of approximately 5.12%. The report anticipates the market to attain a size of around USD 4,09,921.5 million by the end of 2028.
Oilfield Services Market Competitive Analysis
The global market for oilfield services has an extreme and competitive landscape. The players across the global market are implementing several new growth policies, such as mergers, partnerships, etc., in order to strengthen their global market footprint. The catalog for leading participants across the global market for oilfield services includes players such as,
- China Oilfield Services Limited (China)
- TechnipFMC plc (UK)
- National Oilwell Varcos (US)
- Baker Hughes (US)
- Schlumberger Limited (US)
- Superior Energy Services Inc (US)
- Asian Energy Services Limited (India)
- Weatherford International plc (US)
- Halliburton (US)
- and several others.
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- November 2022- An oilfield services company providing completions services to upstream oil and gas companies, ProPetro Holding Corp., has disclosed the acquisition of a provider of wireline perforating and pump-down services solely in the Permian Basin, Silvertip Completion Services Operating, LLC is generating a prominent completions-focused oilfield services company headquartered in the Permian Basin.
Oilfield services refer to the operations associated with the oil used for the complete life cycle of sound exploration. The operations include intervention, stimulation, drilling, completion, exploration, and production. The global market for oilfield services has demonstrated a massive expansion in recent years. The market’s growth is ascribed to the factors such as the escalating production of oil & gas, increase in shale gas extraction, rising shale gas extraction, and growing oil & gas investment in the potential region.
Oilfield Services Market Segment Analysis
the global market for oilfield services has been segregated into several segments based on service type, application, and region.
Based on the service types, the global market for oilfield services is fragmented into drilling waste management services, OCTG, coiled tubing services, well completion equipment & services, wireline services, pressure pumping services, well intervention services, and several others.
Based on the application, the global market for oilfield services is fragmented into offshore and onshore.
Oilfield Services Market Regional Analysis
The global market for oilfield services is analyzed across five significant geographies: the Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America.
According to the research reports by MRFR, the North American region secured the top position across the global market for oilfield services in the year 2020 with a maximum contribution of approximately 41.39%. The report further anticipates the regional market to thrive substantially during the assessment timeframe at a healthy growth rate of approximately 5.50%. The region has the United States as the leading growth contributor in terms of revenues. The primary aspect causing an upsurge in the regional market’s performance is the growing drilling & production activities across the region. In the US, development in hydraulic fracturing technology has aided the operators in raising their shale production across the region. In 2018, the nation had 968 active rigs and more than a million producing wells, and it is one of the biggest markets for drilling oilfield services across the globe.
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The European regional market for oilfield services is anticipated to show substantial growth over the coming years. the region has further been segregated into Belgium, Poland, the UK, Italy, Germany, the Netherlands, Russia, Spain, France, and the Rest of Europe. The availability of natural gas reserves across the European region in the Barents Sea, the Norwegian Sea, the North Sea, the Mediterranean, the Caspian, and the Black Sea may offer lucrative opportunities for growth over the coming years. Furthermore, significant shale gas reserves present lucrative opportunities for market participants across the European region. It is likely to catalyze the regional market’s growth over the coming years.
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