Market Size of Asia-Pacific Oilfield Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Oilfield Services Market Analysis
The Asia-Pacific oil field services market is projected to register a CAGR of over 3% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has reached the pre-pandemic levels.
Over the medium term, factors such as an increase in demand for advanced technology, tools, and equipment to increase the efficiency of exploration and production activities in onshore and offshore areas are expected to drive the market for oilfield services in the Asia-Pacific region.
On the other hand, volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the growth in the Asia-Pacific oilfield services market.
Nevertheless, oil and gas production demand has always been high, leading to increased offshore exploration activities in Australia, Malaysia, and Indonesia. This, in turn, is expected to act as an opportunity for the market during the forecast period.
China is expected to be the largest market for oilfield services, owing to increased investment to meet the increasing demand for energy in the country.
