Oilfield Service Market Size, Industry Analysis Report By Type (Equipment Rental, Field Operation, Analytical And Consulting Services), By Application (Onshore, Offshore), By Service (Workover And Completion Service, Production, Drilling Services, Subsea Services, Seismic Services, Processing And Separation Service) & Region – Forecast By 2030
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 223
- CATEGORY
- Energy & Power
The Oilfield Service Market is valued at around USD 325,800 million in 2022 and is expected to reach USD 205,820 million by 2030, registering a CAGR of 6.7% over the forecast period.
Market Growth Factor
It is anticipated that the market for oilfield services will be driven by elements like the increased development of gas reserves and cutting-edge technology, tools, and equipment.
Market Trends
• The top oil and gas operating companies are under increasing pressure as a result to boost production in order to meet the rising demand for energy.
• As a result of the conventional fields beginning to mature, several operating companies have shifted their attention to utilising unconventional reserves.
• As a result, it is anticipated that there will be an increase in demand for other drilling services such as onshore contract drilling, directional drilling tool rental, measurement while drilling (MWD), and logging while drilling (LWD).
• The market for oilfield services is also anticipated to be driven by new offshore contract drilling services.
Market Segmentation
The Oilfield Service Market fragrance concentrates market has been sub-classified into type, application, service.
On The Basis Of Type, The Oilfield Service Market Is Bifurcated Into:
• Equipment rental
• Field operation
• Analytical and consulting services
• Others
On The Basis Of Application, The Market Segmented Into:
• Onshore
• Offshore
• Others
On The Basis Of Service, The Market Is Segmented Into:
• Workover and completion service
• Production
• Drilling services
• Subsea services
• Seismic services
• Processing and separation service
• Others
Market Regional Analysis
North America dominated the global Oilfield Service Market, due to the high drilling and production activity in shale fields, holds the largest share of the market and is anticipated to rule the market during the forecast period.
Key Market players
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Oilfield Service Market is valued at around USD 325,800 million in 2022 and is expected to reach USD 205,820 million by 2030, registering a CAGR of 6.7% over the forecast period.
What are the drivers shaping various markets?
It is anticipated that the market for oilfield services will be driven by elements like the increased development of gas reserves and cutting-edge technology, tools, and equipment.
Who are the key competitors of market Players?
Some of the major players operating within the market are Schlumberger, Halliburton, Baker Hughes, Weatherford International, Calfrac Well Services, and Cudd Energy Services, and others.
What are the top performing segments, and countries / regions of each of the markets?
North America dominated the global Oilfield Service Market.
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