Market Size of Oilfield Services (OFS) Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 119.85 Billion |
| Market Size (2029) | USD 153.49 Billion |
| CAGR (2024 - 2029) | 5.13 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
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 119.85 billion in 2024, and is expected to reach USD 153.49 billion by 2029, growing at a CAGR of 5.13% 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.
- Nevertheless, 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. It is expected to dominate the market during the forecast period.
