Oilfield Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Oilfield Services Market Size & Share. It is Segmented by Service Type (Drilling Services, Completion Services, Production and Intervention Services, and Other Services), Location of Deployment (Onshore and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Market Size and Forecasts for Oilfield Services in Revenue (USD) for all the Above Segments.

Oilfield Services (OFS) Market Size

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Oilfield Services (OFS) Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 119.36 Billion
Market Size (2029) USD 158.48 Billion
CAGR (2024 - 2029) 5.83 %
Fastest Growing Market Europe
Largest Market North America

Major Players

Oilfield Services (OFS) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Oilfield Services (OFS) Market Analysis

The Oilfield Services Market size is estimated at USD 119.36 billion in 2024, and is expected to reach USD 158.48 billion by 2029, growing at a CAGR of 5.83% during the forecast period (2024-2029).

  • Over the medium term, factors such as the increasing development of gas reserves and advanced technology, tools, and equipment are expected to drive the oilfield services market during the forecast period.
  • On the other hand, the 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 demand for the oilfield services market.
  • However, the focus on new technologies and methods to optimize the production cost of hydrocarbons is expected to create several opportunities for the oilfield services (OFS) market during the forecast period.
  • North America is expected to be the largest market during the forecast period, owing to high drilling and production activity in shale fields.

Oilfield Services (OFS) Market Trends

Drilling Services Are Expected to Dominate the Market

  • The global economy is expected to underpin a substantial increase in oil demand. Strong economies are anticipated to consume more oil, and the demand is expected to grow significantly over the years. India and China will contribute around 50% of the global oil demand by 2024.
  • According to the Organization of the Petroleum Exporting Countries (OPEC) statistics, the worldwide crude oil demand was around 102.21 million barrels per day in 2023, up from 99.57 million barrels in 2022. The rising demand for crude oil increases the demand for drilling services worldwide.
  • In April 2023, Seadrill Limited, an offshore drilling company, announced acquiring Aquadrill LLC successfully. The all-stock acquisition, valued at USD 958 million, creates a high-spec fleet comprised of 12 floaters, three harsh environment rigs, four benign jack-ups, and three tender-assisted rigs.
  • In February 2024, ADNOC Drilling, the largest national drilling company in the Middle East, was qualified to bid to supply rigs in Oman and is seeking approvals to participate in tenders in Saudi Arabia and Kuwait. By the end of 2024, the company will have enough rigs to deploy outside the United Arab Emirates.
  • Hence, the top oil and gas operating companies are under increasing pressure to increase production and meet the increasing energy demand. As a result, several operating companies have shifted their focus toward exploiting unconventional reserves, as the conventional fields have started showing signs of maturity.
  • In October 2023, Transocean announced that it secured a new extension contract for three of its onshore drilling rigs. One of those rigs is deployed in India under contract with Reliance Industries Limited at a day rate of USD 330,000. The agreement was renewed until October 2025 with an increased day rate of USD 348,000. Following completion of the current contract in December 2023, the rig will undergo a 45-day preparation period before commencing the new contract.
  • Therefore, owing to the above points, drilling services are expected to dominate the oilfield services (OFS) market during the forecast period.
Oilfield Services Market: Crude Oil Demand, in million barrels per day, Global, 2016-2023

North America is Expected to Dominate the Market

  • North America has one of the most well-developed offshore oil and gas industries globally, with the primary areas of focus being the vast reserves in the Gulf of Mexico and offshore Alaska region. As drilling depths increased over the years, the volume of technically recoverable reserves increased significantly, attracting investments in the region's offshore oil & gas sector. Due to the factors mentioned above, the region is also a global hotspot for the oilfield services market, with most of the share from the United States.
  • As the United States invested heavily in expanding its oil & gas production capacity, the Gulf of Mexico has become a key hotspot for offshore drilling rig services. The Gulf of Mexico is responsible for the region's rich natural resources, including oil and gas.
  • The United States is expected to be one of the largest markets for oilfield services, mainly due to the increasing number of wells being drilled and fracked in shale and tight reserves. The basins' low breakeven price supports this. The recent development of shale plays, horizontal drilling, and fracking has resulted in a massive increase in demand for oilfield services in the region.
  • The United States has always been at the forefront and is expected to continue dominating North America's oil and gas market during the forecast period. The United States is a major crude oil and natural gas producer globally, and it is expected to cover around 60% of the world's oil demand in the coming years. However, owing to the negative impact of the Russia-Ukraine War, the United States imposed restrictions on importing oil, refined petroleum products, natural gas, and coal from Russia. This led to higher gas prices and increased inflation pressure across the United States, leading to a decline in the capital budget and expenditure, curtailed production, and reduced drilling rig count by the operating companies in 2022.
  • However, this scenario recovered in 2023. For instance, according to the Baker Hughes Rig Count, in February 2024, the United States had 626 active rotary rigs, of which 20 were offshore rigs and 606 onshore rigs. This recorded a rise in the offshore rig counts compared to the 15 active rigs at the end of 2022. These trends will likely support the growth of the country's drilling services and further promote the growth of the oilfield services market.
  • Similarly, Canada has the world's third-largest crude oil reserves, after Venezuela and Saudi Arabia, of which 96% are oil sand reserves. The oil available in the country is high-density and has a high sand particle content. Due to this, oil transport from the bottom hole of the oil well to the surface requires high pressure and wellbore intervention, thus increasing the demand for oilfield services in the country.
  • Therefore, owing to the above points, North America is expected to dominate the oilfield services (OFS) market during the forecast period.
Oilfield Services (OFS) Market: Growth Rate by Region, 2024-2029

Oilfield Services (OFS) Industry Overview

The oilfield services market is fragmented. Some of the major players in the market (in no particular order) include Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International PLC, and China Oilfield Services Limited.

Oilfield Services (OFS) Market Leaders

  1. Weatherford International Plc

  2. Schlumberger Limited

  3. Halliburton Company

  4. Baker Hughes Company

  5. China Oilfield Services Limited

*Disclaimer: Major Players sorted in no particular order

Oilfield Services (OFS) Market Concentration
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Oilfield Services (OFS) Market News

  • September 2023: SLB signed a subsurface technology agreement with INEOS Energy, the energy division of INEOS, a global chemical and manufacturing company. INEOS Energy will partner with SLB’s Performance Centre in Aberdeen to collaborate and innovate subsurface technologies, including AI capabilities, to help it drive operational performance for continued growth, new acquisitions, and carbon capture and storage (CCS).
  • April 2023: QatarEnergy, formerly Qatar Petroleum, a state-owned petroleum company of Qatar, agreed with Shell PLC to acquire a 40% working interest in the C-10 block located offshore Mauritania. Shell PLC and QatarEnergy have decided to explore the C-10 block, which is approximately 50 kilometers off the coast of Mauritania, Africa.

Oilfield Services (OFS) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2029

    3. 4.3 Crude Oil and Natural Gas Production and Forecast, till 2029

    4. 4.4 Onshore and Offshore Active Rig Count, till 2023

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

        1. 4.7.1.1 Increasing Development of Gas Reserves and Advanced Technology, Tools, and Equipment

        2. 4.7.1.2 Increasing Investment in the Oilfield Services across World

      2. 4.7.2 Restraints

        1. 4.7.2.1 The Volatile Oil Prices Over the Recent Period, Owing to the Supply-Demand Gap

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Service Type

      1. 5.1.1 Drilling Services

      2. 5.1.2 Completion Services

      3. 5.1.3 Production and Intervention Services

      4. 5.1.4 Other Services

    2. 5.2 Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 France

        3. 5.3.2.3 United Kingdom

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Russia

        6. 5.3.2.6 Spain

        7. 5.3.2.7 NORDIC

        8. 5.3.2.8 Turkey

        9. 5.3.2.9 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Malaysia

        6. 5.3.3.6 Thailand

        7. 5.3.3.7 Vietnam

        8. 5.3.3.8 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Colombia

        4. 5.3.4.4 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 South Africa

        4. 5.3.5.4 Nigeria

        5. 5.3.5.5 Qatar

        6. 5.3.5.6 Egypt

        7. 5.3.5.7 Rest of the Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Schlumberger Limited

      2. 6.3.2 Weatherford International PLC

      3. 6.3.3 Baker Hughes Company

      4. 6.3.4 Halliburton Company

      5. 6.3.5 Transocean Ltd

      6. 6.3.6 Valaris PLC

      7. 6.3.7 China Oilfield Services Limited

      8. 6.3.8 Nabors Industries Inc.

      9. 6.3.9 Basic Energy Services Inc.

      10. 6.3.10 OiLSERV

      11. 6.3.11 Expro Group

    4. *List Not Exhaustive
    5. 6.4 Market Ranking/Share (%) Analysis

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Focus on New Technologies and Methods to Optimize its Production Cost of Hydrocarbons

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Oilfield Services (OFS) Industry Segmentation

Oilfield services (OFS) refer to all the services that support onshore and offshore oil and gas extraction and production processes. These include drilling and formation evaluation, well construction, and completion services.

The oilfield services market is segmented by service type, location of deployment, and geography. The market is segmented by service type into drilling, completion, production, and other services. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the oilfield services market across major regions. Market sizes and forecasts for each segment are based on revenue (USD).

Service Type
Drilling Services
Completion Services
Production and Intervention Services
Other Services
Location of Deployment
Onshore
Offshore
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Russia
Spain
NORDIC
Turkey
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Nigeria
Qatar
Egypt
Rest of the Middle East and Africa
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Oilfield Services (OFS) Market Research FAQs

The Oilfield Services Market size is expected to reach USD 119.36 billion in 2024 and grow at a CAGR of 5.83% to reach USD 158.48 billion by 2029.

In 2024, the Oilfield Services Market size is expected to reach USD 119.36 billion.

Weatherford International Plc, Schlumberger Limited, Halliburton Company, Baker Hughes Company and China Oilfield Services Limited are the major companies operating in the Oilfield Services Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Oilfield Services Market.

In 2023, the Oilfield Services Market size was estimated at USD 112.40 billion. The report covers the Oilfield Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oilfield Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The latest trends in the global Oilfield Services Market are a) Increasing investment in the offshore sector and the growing number of offshore discoveries b) Increasing production & exploration activities in the oil & gas industry c) Advancements in technology for higher production yield

The global Oilfield Services Market is segmented based on a) Service Type: Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG (Oil Country Tabular Goods), and Wireline Services b) Application: Offshore and Onshore

Oilfield Services Industry Report

The global oilfield services market is poised for significant growth, driven by increasing shale gas extraction and rising demand for oil and gas from offshore regions. The oilfield services (OFS) market encompasses a wide range of services essential for the upstream sector of the oil and gas industry, including equipment rental, field operations, and analytical services. Key segments such as drilling, completion and workover, and production services are expected to see substantial growth due to technological advancements and increased investment in offshore assets. The market's expansion is further fueled by the growing number of oil and gas discoveries and the adoption of advanced techniques for improved production yields. The market is set to benefit from the rising energy demand and the continuous exploration and production activities in the oil and gas sector. Oilfield services companies are well-positioned to capitalize on these opportunities, driving further growth in the OFS market. Statistics for the Oilfield Services (OFS) market share, size, and revenue growth rate, created by Mordor Intelligence™ Industry Reports, provide a comprehensive analysis. The Oilfield Services (OFS) analysis includes a market forecast outlook and a historical overview. Get a sample of this industry analysis as a free report PDF download.

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Oilfield Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)