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The Global Oilfield Service Market size was valued at nearly US$ 250 Bn in 2018 and is projected to reach approximately US$ 330 Bn by the end of 2026, exhibiting a CAGR of 3.7% in the forecast period.
Oilfield service plays a significant role in the upstream service industry, especially in offshore assets. The demand for drilling, completion, and workover services holds the major share in the global market owing to the increasing demand of advanced technology, tools & equipment to enhance the exploration and production activities in both onshore and offshore areas.
Reducing the cost of oilfield services and increasing the production output is a key focus for operators to contribute to the growth of the global market. Moreover, the range of customized packages offered by major upstream service companies participating in oilfield service covers results in saving millions of dollars to the operators. The rising demand for oil & gas from offshore areas is expected to boost the market for oilfield services during the forecast period 2018-2026.
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"Drilling and Completion Service Segment to Dominate the Global Oilfield Service Market by Service Type"
Countries around the world are focusing on increasing investment in their upstream activities to meet the increasing demand for oil & gas, thus fueling the global market revenue. This, in turn, creates demand for oilfield service providers to provide advanced technology and cost-effective solutions for exploration, completion, and production activities. At present major upstream countries such as the U.S., China, Russia, and Norway are focusing on identifying new reservoirs and enhanced recovery from existing wells which increased the demand for oilfield services such as drilling, completion, and workover services around the world. In terms of oilfield service type, drilling service and completion & workover service account for more than 50% of the global oilfield service market size and the trend is expected to follow in the forecast period.
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Increasing Investment in Offshore Upstream Sector to Augment the Global Oilfield Service Market
In terms of application, the offshore sector in oilfield services is expected to be the fastest-growing segment during the forecast period, owing to increasing investment in subsea oil & gas assets. Various oil field service providers are investing deeply in offshore assets to increase their well productivity, reservoir performance and overall life cycle of the well. The global oilfield service market growth was dominated by onshore segment in the year 2018 and it is expected to decline during the forecast period.
"North America is Going to Dominate the Market with a Significant Growth Rate"
North America accounted for a major market share of the global market demand followed by the Asia Pacific and Europe respectively. The trend is anticipated to remain the same during the forecast period with significant activities expected to happen in offshore assets in the Gulf of Mexico and the North Sea, driving up the demand for oilfield services. Globally, the US accounted for almost 50% of the new well drilled in the year 2017 followed by China and other Asian countries. Oilfield services in the Middle East & Africa region are expected to expand at a relatively higher CAGR during 2019-2026, which is attributable to the increasing focus on offshore assets and huge investment budget in the Gulf countries.
North America Oilfield Service Market, 2018
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"Schlumberger and Halliburton Account for a Major Market Share in Terms of Revenue"
The oilfield service industry is highly fragmented with the presence of lots of competitive players around the world. Schlumberger is the leading player in oilfield service industry followed by multiple other key players in the global oilfield service market such as Halliburton, National Oil Well Varco, SGS, Baker Hughes, Transocean, Fluor Corporation, Weatherford International, Saipem, BJ Services Company, Petrofac, Oil States Industries, Weir Oil and Gas and China Oilfield Services Limited, among others.
With the increasing demand of oil & gas, particularly for oilfield services, around the world, companies are focusing on increasing exploration and production activities to enhance production output from already drilled wells and at the same time exploring new reservoirs for the future production. Oilfield service providers offer highly customized and advanced technology solutions to upstream operators for geophysical surveys, well drilling, completion, workover, production, reservoir sampling, subsea operations, etc. With the recovery of crude oil price, oil & gas companies have shifted their focus on exploring unconventional reserves which require advanced technology and latest drilling and completion services to be economically feasible, which bodes well for the global oilfield service market.
The report provides qualitative and quantitative insights on the oilfield service industry and detailed analysis of market size & growth rate for all possible segments in the market. The market for oilfield services is segmented by service, applications, and geography. Based on the service, the global market is segmented into Seismic Service, Drilling Service, Completion & Workover Service, Production Service, Processing & Separation Service, and Others. Based on the applications, the global market is segmented into Onshore and Offshore. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the market trends, dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, upstream investment scenario, technological advancement, and key industry trends.
Fortune Business Insights says that the oilfield service market is projected to reach 330 Billion by 2026.
In 2018, the oilfield service market was valued at 250 Billion.
Growing at a CAGR of 3.7%, the oilfield service market will exhibit steady growth in the forecast period.
Drilling service type segment dominates the global market and is projected to lead the market in the forecast period.
Increasing focus on upstream activities, shale gas exploration and cost-efficient production are the key factor driving the growth of the global oilfield service market.
Schlumberger, Halliburton, National Oilwell Varco, Baker Hughes, and Weatherford International are among the top players in the oilfield service market.
North America holds the major share in the oilfield service market and is projected to maintain its dominance in the forecast period.
Drilling service and Completion & Workover service type holds a major portion of the market and is projected to dominate the segment in the forecast period.