Market Size of Africa Oilfield Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.97 Billion |
| Market Size (2029) | USD 8.35 Billion |
| CAGR (2024 - 2029) | 6.95 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Africa Oilfield Services Market Analysis
The Africa Oilfield Services Market size is estimated at USD 5.97 billion in 2024, and is expected to reach USD 8.35 billion by 2029, growing at a CAGR of 6.95% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
Over the long term, increasing exploration and production activities due to rising crude oil and natural gas demand will likely drive the African oilfield services market during the forecast period.
On the other hand, volatile oil and gas prices are leading to uncertainty among oil and gas operators, which is likely to restrain the growth of the African oilfield services market in the coming years.
In addition, advancements in the region's deepwater and ultra-deepwater drilling activities and increasing primary energy consumption are expected to create ample opportunities for market players in the coming years.
Nigeria is expected to dominate the market, owing to increased exploration activity to compensate for declining fields elsewhere and recent oil discoveries.
