Oilfield Services Market to Reach USD 346.45 Billion by 2027; Increasing Conventional Onshore Oil Projects to Foster Growth

The global oilfield services market size is expected to reach USD 346.45 billion by 2027. The increasing investment in the offshore sector is expected to favor healthy growth of the market, mentioned in a report, titled “Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operation, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2020-2027.” The market size stood at USD 267.82 billion in 2019 and is expected to exhibit a CAGR of 6.6% between 2020 to 2027.

Acquisition of Schlumberger unit by Liberty Oilfield Services to Augment Growth

Liberty Oilfield Services Inc, an oilfield service company, specializing in hydraulic fracturing, stimulation, and engineering services announced the acquisition of a Schlumberger unit. The deal will help the company to extend its services and become a leader in the near future. Liberty signed an agreement to buy Schlumberger’s OneStim fracking business in exchange for a 37% stake in the company. The Schlumberger’s electric blender technology that mixes the water, sand, and frack chemicals will enormously improve the services of liberty. The company plans to integrate electric blenders with his company’s two-year effort to develop the next generation in fracking pumps that work off electricity, rather than diesel. The growing business of liberty at present will have a tremendous impact on the market in the foreseeable future. Moreover, the strategy to replace diesel-powered frack gear with electric pumps will consequently lead to the scraping of about 1 million horsepower of fracking pumps bought from Schlumberger.

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Rising Energy Demand to Facilitate Growth

The rising energy demand has led to increased massive investments for production and exploration activities in the oil and gas industry. For instance, in July 2019, i3 Energy PLC was awarded an oilfield service contract to Baker Hughes GE to carry out drilling at Liberator and Serenity assets in the North Sea. The surging conventional onshore oil projects are expected to offer lucrative business in the forthcoming years. As per the DNV-GL Energy-Transition-Outlook, oil production is projected to increase by 83 million barrels per day (Mbpd) in 2022. Similarly, the advanced onshore oil production is likely to double around 22 Mbpd by 2035, which will be nearly 30% of all global crude oil production. Therefore, the heavy investments in both offshore and onshore oil production will consequently boost the growth of the market.

Key Focus on Distribution Network by Companies to Incite Market Expansion

The market is dominated by the presence of major companies in the industry. The focus on robust portfolios and remarkable distribution networks by companies will have an excellent effect on the market. Companies such as Schlumberger Limited, Halliburton Company, Baker Hughes, and Weatherford hold a significant share in the market. The emphasis on apt oilfield services with flexibility and reliability in the operation of oil well and reservoir by prominent players will strengthen the market. Moreover, hydratight, Muntajat, Protiviti Inc., ESG Solutions, Cyntech, Fugro, Hytera, Geokinetics are innovating their existing technologies to remain at the forefront of the industry.

The Report Lists the Main Companies in the Oilfield Services Market:

• 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)


• Abu Dhabi Oilfield Services (Abu Dhabi, UAE)


• YAS Oilfield Services (Texas, US)


• Superior Oilfield Services LLC (Abu Dhabi, UAE)


• National Arabian Petroleum Services Company (Dammam, Saudi Arabia)


• Larsen & Toubro (Mumbai, India)


• Oceaneering (Houston, Texas)


• China Oilfield Services Ltd. (Beijing, China)


• Petroleum Dynamics Oil and Gas (East Ahmadi, Kuwait)


• Petroleum Services Co. Kuwait (Kuwait)


• SPECIAL OILFIELD SERVICES CO. L.L.C. (Muscat, Oman)


• Vallourec (Boulogne-Billancourt, France)


• BJ Services (Texas, U.S.)


• STARK International (Doha -Qatar)


• Ruker Inc. (Billerica, Massachusetts)


• Xi'an Huayang Oil&Gas Equipment Co., Ltd. (Xi'an, Shaanxi)


• ADES - Advanced Energy Systems (Egypt)


• Biyaq Oilfield Services (Mawaleh, Muscat)


• Petrodar Operating Company (PDOC) (Khartoum, Sudan)

Further Report Findings:

• Regional Analysis: Asia Pacific is expected to rise tremendously owing to the growing energy demand from countries like China, Thailand, Indonesia, Malaysia, and Myanmar.


• The increasing production & exploration activities coupled with discoveries of oil & gas reserves will boost growth in the region.


• Leading Segment: The geophysical segment is expected to hold a significant share owing to its efficient technologies and solutions in petroleum field development and oil and gas transportation.

The Oilfield Services Market is Segmented into: