1. Market Research
  2. > Energy & Environment
  3. > Energy
  4. > Oil and Gas Market Trends
Oilfield Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Service Type

Oilfield Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Service Type

  • March 2022
  • 174 pages
  • ID: 6270030
  • Format: PDF
  • The Insight Partners


Table of Contents

Search Inside

The oilfield service market was valued at US$ 96,465.86 million in 2021 and is projected to reach US$ 145,963.08 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.

A significant increase in oil demand is predicted to be supported by the global economy.Strong economies are likely to use more oil.

The demand is expected to grow at a rate of 1.2 million barrels per day per year between 2020 and 2024. By 2023, India and China are estimated to account for over half of all global oil demand. As a result, leading oil and gas operating corporations are under increasing pressure to expand production to meet rising energy demand. As conventional fields have begun to show signs of maturity, some operating companies have turned their focus to exploitation of unconventional deposits. Therefore, alternative drilling services, such as onshore contract drilling, are likely to have a positive impact on the oilfield service market during the forecast period.

Furthermore, the surging global energy consumption, growing technological advancements in the oilfield, increasing productivity from mature deposits, and rising investments in deep-water exploration projects would drive the global oilfield service market in the coming years. Over the projected period, an increase in deep-water exploration and production activities in the Gulf is predicted to drive the demand for drilling.

The oil & gas sector is experiencing technical improvements in exploration technologies for deep-water drilling activities and project economic viability.Current technological advancements enable oil firms to boost recovery and speed output.

Offshore wells can have varying degrees of automation, ranging from essential one-way monitoring to complicated subsurface controls with intelligent completions.Petrobras has established a corporate program to investigate, develop, and apply digital integrated field management (GeDIg) among its production assets, anticipating near-term potential.

Petrobras chose the Carapeba field as a test site.It is a mature field consisting of three wells located in the northeastern portion of the Campos Basin, with automated subsurface sensors installed in the wells.

Oil and gas companies aim to install deep-water analytical technologies while selecting effective information solutions. Operators are required to modernize their existing offshore infrastructure to exploit data through the analytical technique. For instance, Rockwell Automation cooperated with Schlumberger to develop a production advising system. The digital solution, which combines linked production technology with Schlumberger’s oil and gas software, services, and domain experience, helps maximize production by linking upstream operators with essential, real-time analytics and domain insights to decrease deployment risks and costs. In December 2020, Saudi Arabia’s Energy Ministry announced the discovery of four new oil and gas fields. Thus, the increasing number of offshore/deep water discoveries would create lucrative opportunities for the oilfield service market in the coming years.

The growth of the APAC oilfield service market is attributed to the increasing adoption of technologically advanced equipment for drilling operations, coupled with continuously growing oil production.China is the largest oil producer in APAC, accounting for 5 million barrels of oil per day.

It contributes to a slightly more than 50% of the total production of Asia.In 2019, the country announced its plan of raising the capital investment by 20% in oil production.

Further, North America and Europe are among the largest contributors to the global oilfield service market growth due to the presence of several oilfield services manufacturers in the regions. Archer; Blade Energy Partners, Ltd.; Ensign Energy Services Inc.; Halliburton Energy Services, Inc.; Nabors Industries Ltd.; Schlumberger Limited; STRATA Energy Services; and Weatherford International plc are among the top market players in North America and Europe.

Due to lockdown, key oilfield service market participants in the US have cut their workforce.Over 27% of onshore drilling rigs are still idle, and over 23% of frac crews have been idled in recent years.

In addition, the oil & gas industry across the world has been hindered by the adverse effects of COVID-19 pandemic on the financial and commodity markets.As a result of government limitations on mobility in some industrialized countries, demand for oil and gas has plummeted, causing disruptions in the production and supply chain activities in the oil & gas industries.

The capital market has been aggravated by the oil market crisis, prompting matured oil corporations to cancel or postpone $41 billion in scheduled capital expenditures.Furthermore, the unanticipated oil price war between Russia and Saudi Arabia has slowed the expansion of the oilfield services market.

Due to the COVID-19 outbreak, the war has reduced production volume, while numerous adaptable business tactics have been implemented to improve oilfield service market potential.

The overall global oilfield service market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the oilfield service market.

The process also serves the purpose of obtaining an overview and forecast for the oilfield service market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, oilfield service market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the oilfield service market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Global Testing, Inspection, and Certification Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • $ 4750
  • April 2022
  • 245 pages

The global testing, inspection, and certification market (henceforth, referred to as the market studied) was valued at USD 209.78 billion in 2021, and it is expected to reach USD 306.92 billion by 2027, ...

  • World
  • Construction
  • Automotive
  • Industry analysis
  • Gross Domestic Product
  • Greenhouse Gas Emissions


Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on