Oilfield Services Market Size To Reach $166.4 Billion By 2030

Oilfield Services Market Growth & Trends

The global oilfield services market size is expected to be valued at USD 166.4 billion by 2030 , growing at a CAGR of 3.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. These services are being increasingly implemented owing to the rising demand for energy and the development of new oilfields. The purpose of oilfield services is to help operators control the subsurface pressures, minimize formation damage, control borehole erosion, and optimize drilling parameters including the penetration rate and hole cleaning. The burgeoning offshore industry, particularly in the Persian Gulf, is anticipated to drive the oilfield services market over the forecast period. However, the adverse environmental effects of E&P activities coupled with strict government regulations are likely to hinder the market growth.

The processing & separation segment accounted for a market share of 11.84% in 2023 and is anticipated to ascend at a CAGR of 0.79% over the forecast period. This service aids the treatment of oil by means of distillate treaters, desalting & dehydration electrostatic treaters, and multiphase separation systems. It helps purify the natural gas obtained from reservoirs, eliminating its inherent impurities. The techniques employed in gas processing & treatment include glycol dehydration, monoethylene glycol reclamation & regeneration, phase separation, and acid gas treatment & removal. The various advantages of processing & separation are anticipated to boost the demand for oilfield services over the next few years.

The growing number of deep-water exploration and production activities in the Gulf region is projected to fuel the demand for drilling fluids over the forecast period. In 2015, major companies such as Chevron, Petronas, Shell, Total, and YPF had announced plans to invest in E&P activities. However, macroeconomic factors such as inflation, falling oil prices, and the economic downturn had a negative impact on oil production in various parts of Argentina, Brazil, and Venezuela.

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Oilfield Services Market Report Highlights

• The global oilfield services market size was valued at USD 133.1 billion in 2023 and is projected to grow at a CAGR of 3.4% from 2024 to 2030.

• The onshore segment dominated the market and accounted for the largest revenue share of 65.9% in 2023.

• The workover & completion services segment accounted for the largest revenue share of 20.34% in 2023.

• The seismic services segment is expected to grow at the fastest CAGR of 6.7% over the forecast period.

• The oilfield services market in Asia Pacific is expected to grow at the fastest CAGR of 3.9% over the forecast period. Growing concerns about the wellbore stability, well blowout, and extreme temperature operating conditions are expected to boost the demand for oilfield services in offshore and onshore regions in the coming years.

Oilfield Services Market Segmentation

Grand View Research has segmented the global oilfield services market report based on application, service, type, and region:

Oilfield Services Application Outlook (Revenue, USD Million, 2018 - 2030)

• Onshore

• Offshore

Oilfield Service Outlook (Revenue, USD Million, 2018 - 2030)

• Workover & completion services

• Production

• Drilling Services

• Subsea Services

• Seismic Services

• Processing & Separation Services

• Others

Oilfield Services Type Outlook (Revenue, USD Million, 2018 - 2030)

• Equipment Rental

• Field Operation

• Analytical & Consulting Services

Oilfield Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Spain

  •  Russia

  • Netherlands

  • Norway

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • Indonesia

  • Malaysia

  • Thailand

• Latin America

  • Brazil

  • Argentina

  • Venezuela

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

  • Qatar

  • Oman

List of Key Players of Oilfield Services Market

• Baker Hughes Company

• HALLIBURTON

• SLB

• Weatherford

• Superior Energy Services

• NOV.

• China Oilfield Services Limited

• ARCHER OILFIELD ENGINEERS

• Expro Group

• TechnipFMC plc