Edit Content

Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. 

Global Oilfield Services Market to reach USD 148.72 billion by 2028.

Global Oilfield Services Market Size study, by Application (Onshore, Offshore), By Service (Workover & Completion, Production, Drilling, Subsea, Seismic, Processing & separation services, Others), by Type (Equipment rental, Field Operation, Analytical & Consulting services) and Regional Forecasts 2022-2028

Product Code: CMOGI-82591836
Publish Date: 5-07-2022
Page: 200

Global Oilfield Services Market is valued approximately USD 117.69 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.30% over the forecast period 2022-2028. The oilfield equipment and services (or OFS) industry encompasses all goods and services related with the oil and gas exploration and production process, i.e., the energy industry’s upstream sector. In general, these businesses manufacture, repair, and maintain equipment used in oil extraction and transportation. The increasing construction of new oilfields and rising energy consumption are projected to be significant drivers of the market over the forecast period. According to the United States Energy Information Administration (EIA), worldwide energy consumption is increasing rapidly as a result of rising power usage and transportation. This is bolstered further by growing per capita income and a boom in global GDP. Over the previous few years, the global economy has grown steadily. Mature economies such as the United States and Europe had GDP growth after 2011 as a result of capacity expansions in numerous industries, higher exports, and growing individual incomes. Over the last decade, technology has grown increasingly crucial in oil and gas exploration and production. Industry participants are focused on technological advancements that will assist them in increasing overall production and operational efficiency. Contributors to oil services aimed to create further technology advancements that would improve the productivity and costs of E&P activities. During the projected period, this is likely to boost the market. Shale gases are natural gases trapped in shale strata. This is due to the poor permeability of shale rocks, trapped gases cannot easily flow deep into the ground. To increase the permeability of such shale reservoirs and liberate trapped shale gases, oil and gas firms utilize hydraulic fracturing and maybe other stimulation procedures. The ultra-deep-water finding in Guyana, the United States, and Cyprus is controlled entirely by big oil firms, indicating that the industry’s focus has shifted to deep-water exploration. New oil field discoveries generate appealing opportunities for the oil and gas industry’s services sector, propelling market expansion throughout the projection period. According to BP’s Energy Outlook 2017, natural gas consumption is expected to expand at the fastest rate from 2008 to 2020. It is expected to expand at a CAGR of 1.9 percent from 2012 to 2035, with non-OECD nations accounting for the majority of this growth, surpassing demand in OECD member countries. The rising need for energy, particularly natural gas, has shifted the market’s focus to oilfield services. However, a drop in crude oil prices stifles market development throughout the projection period of 2022-2028.

The key regions considered for the Global Oilfield Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific emerged as the market leader. Over the previous decade, Asia Pacific has emerged as a key energy user. The region’s rising energy consumption is fueled by an ever-increasing population, particularly in China and India, which feeds the fundamental energy requirements for power, transportation, and cooking fuel. The region’s need for crude oil and hydrocarbons is expanding due to the region’s rapid urbanization.

Major market player included in this report are:
Baker Hughes
Weatherford International
Calfrac Well Services
Cudd Energy Services
National Oilwell Varco, Inc
China Oilfield Services Limited (COSL)
Superior Energy Services, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
By Service:
Workover & Completion
Processing & separation services
By Type:
Equipment rental
Field Operation
Analytical & Consulting services
By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Oilfield Services Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Oilfield Services Market, by Region, 2020-2028 (USD Billion)
1.2.2. Oilfield Services Market, by Application, 2020-2028 (USD Billion)
1.2.3. Oilfield Services Market, by Service, 2020-2028 (USD Billion)
1.2.4. Oilfield Services Market, by Type, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Oilfield Services Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Oilfield Services Market Dynamics
3.1. Oilfield Services Market Impact Analysis (2020-2028)
3.1.1. Market Drivers Increasing development of new oilfields Rising demand for energy
3.1.2. Market Challenges Drop in crude oil prices
3.1.3. Market Opportunities Technological improvements in Oilfield Services
Chapter 4. Global Oilfield Services Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Oilfield Services Market, by Application
6.1. Market Snapshot
6.2. Global Oilfield Services Market by Application, Performance – Potential Analysis
6.3. Global Oilfield Services Market Estimates & Forecasts by Application 2018-2028 (USD Billion)
6.4. Oilfield Services Market, Sub Segment Analysis
6.4.1. Onshore
6.4.2. Offshore
Chapter 7. Global Oilfield Services Market, by Service
7.1. Market Snapshot
7.2. Global Oilfield Services Market by Service, Performance – Potential Analysis
7.3. Global Oilfield Services Market Estimates & Forecasts by Service 2018-2028 (USD Billion)
7.4. Oilfield Services Market, Sub Segment Analysis
7.4.1. Workover & Completion
7.4.2. Production
7.4.3. Drilling
7.4.4. Subsea
7.4.5. Seismic
7.4.6. Processing & separation services
7.4.7. Others
Chapter 8. Global Oilfield Services Market, by Type
8.1. Market Snapshot
8.2. Global Oilfield Services Market by Type, Performance – Potential Analysis
8.3. Global Oilfield Services Market Estimates & Forecasts by Type 2018-2028 (USD Billion)
8.4. Oilfield Services Market, Sub Segment Analysis
8.4.1. Equipment rental
8.4.2. Field Operation
8.4.3. Analytical & Consulting services
Chapter 9. Global Oilfield Services Market, Regional Analysis
9.1. Oilfield Services Market, Regional Market Snapshot
9.2. North America Oilfield Services Market
9.2.1. U.S. Oilfield Services Market Application breakdown estimates & forecasts, 2018-2028 Service breakdown estimates & forecasts, 2018-2028 Type breakdown estimates & forecasts, 2018-2028
9.2.2. Canada Oilfield Services Market
9.3. Europe Oilfield Services Market Snapshot
9.3.1. U.K. Oilfield Services Market
9.3.2. Germany Oilfield Services Market
9.3.3. France Oilfield Services Market
9.3.4. Spain Oilfield Services Market
9.3.5. Italy Oilfield Services Market
9.3.6. Rest of Europe Oilfield Services Market
9.4. Asia-Pacific Oilfield Services Market Snapshot
9.4.1. China Oilfield Services Market
9.4.2. India Oilfield Services Market
9.4.3. Japan Oilfield Services Market
9.4.4. Australia Oilfield Services Market
9.4.5. South Korea Oilfield Services Market
9.4.6. Rest of Asia Pacific Oilfield Services Market
9.5. Latin America Oilfield Services Market Snapshot
9.5.1. Brazil Oilfield Services Market
9.5.2. Mexico Oilfield Services Market
9.6. Rest of The World Oilfield Services Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Schlumberger Key Information Overview Financial (Subject to Data Availability) Application Summary Recent Developments
10.2.2. Halliburton
10.2.3. Baker Hughes
10.2.4. Weatherford International
10.2.5. Calfrac Well Services
10.2.6. Cudd Energy Services
10.2.7. National Oilwell Varco, Inc
10.2.8. China Oilfield Services Limited (COSL)
10.2.9. Superior Energy Services, Inc.
10.2.10. Technipfmc.PLC
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

Need Assistance

Contact Person -
Krishant Mennon
Call us @
+ 91 99931 15879
Email: sales@bizwitresearch.com


Why Choose Us?

Quality over Quantity

Backed by 60+ paid data sources our reports deliver crisp insights with no compromise quality.

Analyst Support

24x7 Chat Support plus
free analyst hours with every purchase

Flawless Methodology

Our 360-degree approach of market study, our research methods leave stones unturned.

Enquiry Now