About Oilfield and Drilling Services
The global Oilfield Services Market includes a diversity of activities starting from finding to extracting oil or gas. The oilfield services company supplies the products that are required to construct, complete, and produce oil & gas wells and supports the process of finding, evaluating, producing, developing, and abandoning oil and gas resources. These companies are involved in the manufacturing, repair & maintenance of the equipment that's utilized in oil extraction and transportation. The oilfield services provide a good range of products and services, which incorporate By Application-based services that are required for performing actual field operations. These services comprise energy data management, locating energy sources, geological sciences, and drilling & formulation evaluation, among others. The imposed lockdown and spread of the contagious virus have slowed down the operations in various industries including chemical, metallurgy, Power Generation, Mechanical, and many more. Measures such as restrictions and lockdowns across the globe have been explicit and unprecedented. Following the pandemic, several oil and gas companies around the world have announced job cuts as part of their efforts to reduce expenses. It has further disrupted supply chains, delayed projects on an oilfield, and power generation, and created labor shortages.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Competition among existing players is due to the Oilfield and Drilling Services market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Oilfield and Drilling Services Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Oilfield and Drilling Services market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Schlumberger Limited (SLB) (United States), Halliburton Company (United States), Baker Hughes Company (United States), Weatherford International plc (United States), National Oilwell Varco (NOV) Inc (United States), TechnipFMC plc (United States), Saipem S.p.A. (Italy), Transocean Ltd. (Switzerland), Fluor Corporation (United States) and China Oilfield Services Limited (COSL) (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Petrofac Limited (United States), Nabors Industries Ltd. (Bermuda), Superior Energy Services, Inc. (United States), Welltec International ApS (Denmark) and Flowco Holdings (United States).
Segmentation Overview
AMA Research has segmented the market of Global Oilfield and Drilling Services market by Type (Field Operation, Equipment Rental, Analytical and Consulting Services), Application (Onshore and Offshore) and Region.
On the basis of geography, the market of Oilfield and Drilling Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service Type, the sub-segment i.e. Production Services will boost the Oilfield and Drilling Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of digital technologies and data analytics
Market Growth Drivers:
Rising Energy Demand and Growing emphasis on adopting sustainable practices
Challenges:
Skilled Labor Shortage
Restraints:
Volatility in Oil Prices
Opportunities:
Adoption of new technologies and Advancements in drilling technologies
Market Leaders and their expansionary development strategies
In March 2024, Azad Engineering Limited enter into a deal worth billions of dollars with an oil field service company called Baker Hughes Company. The deal captures Azad's attention in that it details the construction of precision parts, which the-additive would able to last for the oil field having mid to high complexity C- machining parts. It is also worth noting that this contract could be extended for another three years as an advantage to Azad Engineering firm.
In March 2024, Azad Engineering Limited, a manufacturer of precision machined components, secured a significant five-year deal with Baker Hughes Company, an oilfield services company. This agreement entails supplying Baker Hughes with medium-high-complexity precision machined parts crucial for their oilfield operations. The contract has the potential to be extended for three more years, bringing potential long-term benefits to Azad Engineering.
Key Target Audience
Manufacturers, Maintenance and Service Providers, Raw Material Suppliers, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.