Global Oilfield Services Market Revenues to Reach USD 135 Billion by 2027 – Segmented By Leading Companies, Type, and Region (2022-2027)

June 29 18:59 2022
Global Oilfield Services Market Revenues to Reach USD 135 Billion by 2027 - Segmented By Leading Companies, Type, and Region (2022-2027)
Mordor Intelligence
The new offshore contract drilling services are expected to drive the oilfield services market. For instance, in May 2022, Equinor had contracts with three oilfield services giants – Baker Hughes Norge, Halliburton, and Schlumberger for integrated drilling and well services on the Norwegian continental shelf (NCS). The contract is for two years, starting from 1st June 2022. The total value of the contract is about NOK 20 billion.

Global Oilfield Services Market Revenues to Reach USD 135 Billion by 2027 – Segmented By Leading Companies, Type, and Region (2022-2027)

Oilfield Services Industry Outlook In The Next 5 Years

The global oilfield services market was valued at USD 96.65 billion in 2020, and it is expected to reach USD 135 billion by 2027, registering a CAGR of 5.13% during the forecast period of 2022-2027. Factors such as the increasing development of gas reserves and advanced technology, tools, and equipment are expected to drive the market for oilfield services. However, 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.

Drilling services are expected to lead the market for oilfield services due to the increase in exploration activities and the massive development of shale plays in recent years. The industry’s 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 in the future.

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Key Highlights of the Drilling Services 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 at an average of 1.2 mb/d per year during 2020-2024. Together, India and China are expected to contribute around 50% of the global oil demand by 2023.
  • Hence, there is increasing pressure among the top oil and gas operating companies to increase their 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.
  • Further, new offshore contract drilling services are also expected to drive the oilfield services market. For instance, in May 2022, Equinor had contracts with three oilfield services giants – Baker Hughes Norge, Halliburton, and Schlumberger for integrated drilling and well services on the Norwegian continental shelf (NCS).
  • The contract is for two years, starting from 1st June 2022. The total value of the contract is about NOK 20 billion.

Geographical Synopsis of the Oilfield Services Market

  • In North America the oil and gas projects are becoming more competitive, owing to improving efficiencies and tightening of the supply chain, which has led to declining costs of drilling and has in turn made a lot of projects viable.
  • The United States in the region is to be one of the largest markets for oilfield services, mainly due to the increasing number of wells being drilled and fracked in the shale and tight reserves. This is supported by the low breakeven price of the basins. The recent development of shale plays, horizontal drilling, and fracking has resulted in a massive increase in demand for oilfield services in the region.
  • On a similar note, 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 of high density and has high sand particle content.

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Recent Advancements in the Oilfield Services Industry

  • In January 2022, Petrofac secured a five-year contract extension for well management and well operator services with NEO Energy. As per the contract, Petrofac will provide a five-year framework for Well Management and Well Operator support for 27 wells across the Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields located in the Central North Sea, United Kingdom.
  • In January 2021, Safe Influx Ltd, a provider of Automated Well Control solutions, received a patent from the United Kingdom Patent Office, covering its Automated Well Control technology.

Related Research and Links

List of Key Players in the Global Oilfield Services Market

  • Schlumberger Limited
  • Weatherford International plc
  • Baker Hughes Company
  • Halliburton Company
  • Transocean Ltd.
  • Valaris PLC
  • China Oilfield Services Limited
  • Nabors Industries, Inc.
  • Basic Energy Services Inc.
  • OiLSERV
  • Expro Group

*List Not Exhaustive

Mordor Intelligence has segmented the Global Oilfield Services Market based on service type, location of deployment, and geography

  • Service Type (Market Size & Forecast based on Revenues (USD Billion), 2019-2027)
    • Drilling Services
    • Completion Services
    • Production and Intervention Services
    • Other Services
  • Location of Deployment (Market Size & Forecast based on Revenues (USD Billion), 2019-2027)
    • Onshore
    • Offshore
  • Geography (Market Size & Forecast based on Revenues (USD Billion), 2019-2027)
    • North America
    • Europe
    • Asia-Pacific
    • South America
    • Middle-East and Africa

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