Oilfield Services Market to Surpass 301.82 Billion by 2028 Drives Due to the Rising Demand for Energy

Rising natural gas production and plans to tap unconventional reserves are set to propel the Oil Field Services Market.

TechSci Research's report, “Oil Field Service Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” attributes market growth to reduced oilfield service costs and increased production. This surge is tied to growing domestic oil demand, a lucrative market for global service providers. Drilling services dominate the market, with offshore expansion expected to drive significant demand. Services include directional drilling, coiled tubing, logging, and reservoir navigation, vital across exploration, production, and field development phases.

The market benefits from mature asset expansion and enhanced oil recovery (EOR), tapping into abundant oil and gas resources. Onshore deployment leads the market due to lower operational costs. As oil prices stabilize, onshore drilling rigs rise, initially benefiting from cost advantages over offshore operations. Regionally, the Middle East & Africa leads the Oil Field Service Market, fueled by substantial investments in exploration and production. Countries like Saudi Arabia, UAE, and Iraq witness significant activity, propelled by advanced technology adoption and a commitment to global oil production leadership. Ongoing projects in unconventional reserves and challenging environments solidify the region's dominance, expected to continue with technological advancements and sustained investments. While other regions play a role, the Middle East & Africa's abundant reserves, strategic investments, and focus on innovation cement its primary position in the competitive landscape of the Global Oilfield Services Market.

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Global Oil Field Service Market.”

https://www.techsciresearch.com/report/global-oilfield-services-market/3719.html

Key market players in the Global Oil Field Service Market include:

•           Schlumberger (Texas, United States)

•           Halliburton (Texas, United States)

•           Baker Hughes (Texas, United States)

•           Weir Oil and Gas (Glasgow, United Kingdom)

•           Emerson (Missouri, United States)

•           National Oilwell Varco (Texas, United States)

•           Weatherford (Texas, United States)

•           AlMansoori Specialized Engineering (Abu Dhabi, UAE)

•           Saudi Aramco (Dhahran, Saudi Arabia)

•           Protiviti (California, United States)


The global market's growth is propelled by the declining cost of oilfield services and increased production output. Major upstream service providers offer customized packages, enabling operators to save millions of dollars. With the anticipated rise in shale gas extraction through hydraulic fracturing and other stimulation techniques, the demand for these services is expected to increase. Furthermore, during the projection period, the oilfield service sector will be bolstered by heightened demand for oil and gas from offshore regions.

Top of Form

Download Free Sample Report@

https://www.techsciresearch.com/sample-report.aspx?cid=3719

Customers can also request for 10% free customization on this report.


"The global Oil Field Service market is poised for expansion in the forecast period. Technological advancements and increased offshore drilling activity are expected to drive growth in the well completion market. Additionally, rising production service spending in key oil-producing nations is anticipated to bolster the industry," stated Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.

The report, "Oil Field Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F," segmented by Service Type (Drilling Services, Completion Services, Production and Intervention Services, and Other Services), By Location of Deployment (Onshore and Offshore), By Region, assesses the future growth potential of the global Oil Field Service market. Providing comprehensive statistics and information on market structure, size, share, and future growth, the report aims to offer cutting-edge market intelligence for informed investment decisions. Additionally, it identifies and analyzes emerging trends, essential drivers, challenges, and opportunities within the Global Oil Field Service Market.

Review More Oil and Gas Reports:

Directional Drilling Services Market: Directional Drilling Services Market was valued at USD 6.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.19% through 2029.

Frac Stack Market: Frac Stack Market was valued at USD 6.43 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.22% through 2029.

Large Scale LNG Terminal Market: Large Scale LNG Terminal Market was valued at USD 2.81 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.39% through 2029.

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Web: https://www.techsciresearch.com

Comments

Post a Comment

Popular posts from this blog

Centralizers and Float Equipment Market to Reach $971.80 Million by 2029: TechSci Research

Image
Increasing oil and gas exploration, both onshore and offshore, is driving global demand for centralizers. The TechSci Research's report, " Centralizers and Float Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029," centralizers are mechanical devices placed around casing points to secure them and prevent contact with borehole walls. This ensures a continuous annular gap for proper cement sealing, essential for quality cementing jobs by preventing mud channels and poor zone isolation. Centralizers also support casing and prevent binding differentials. Oil, prone to significant price fluctuations, is influenced by OPEC's production decisions, private oil companies like ExxonMobil, geopolitical events, and environmental awareness. Reduced crude oil and natural gas demand directly impacts production, affecting centralizer usage in oil well cementing. Global governments' environmental regulations to curb vehicle emissions,
Read more

Offshore Decommissioning Market Growth Forecast 2028: Recent Trends, Developments, And Opportunities

Image
The Global Offshore Decommissioning Market is poised for growth from 2024 to 2028, driven by increased demand for oil and gas and aging offshore infrastructure. According to TechSci Research's report, The Offshore Decommissioning Market is expected to experience robust growth during this period, with a focus on mature oil and gas fields and aging offshore platforms, particularly in shallow water. As hydrocarbon production declines in producing wells, decommissioning becomes necessary to prevent accidents or hydrocarbon leaks into marine waters. This need, coupled with the aging of worldwide oil fields, contributes to the market's expansion. Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "   Global Offshore Decommissioning Market .” https://www.techsciresearch.com/report/global-offshore-decommissioning-market/2684.html The Global Offshore Decommissioning Market is segmented by service, structure, water depth, and region. Servi
Read more

Saudi Arabia logging while drilling (LWD) Market Outlook: Industry Overview and Forecast (2024 to 2028)

Image
The Saudi Arabia logging while drilling (LWD) market is anticipated to witness growth driven by the increased advantages of LWD and the rise in industrialization and urbanization. According to TechSci Research's report, the Saudi Arabia logging while drilling (LWD) Market for LWD in Saudi Arabia is essential for hydrocarbon exploration, providing real-time formation evaluation during drilling. The Onshore segment dominates the market, benefiting from easier project launch and improved crude oil prices. However, offshore drilling is gaining popularity due to its productivity potential. The offshore market is expected to expand steadily in the coming years. Regionally, the Eastern Region dominates the Saudi Arabia LWD market, housing most oil wells and experiencing a high growth rate due to the presence of numerous rigs. These methods enhance drilling efficiency and optimize exploration activities, supporting decision-making for future bore wells. The increasing demand for o
Read more