Oilfield Services Global Market Report 2025

Oilfield services encompass the support services for both onshore and offshore oil and gas extraction and production processes. These services play a crucial role in the construction, completion, and production of oil and gas wells.

The primary types of oilfield services include subsea services, seismic services, drilling services, workover and completion services, production equipment, processing and separation services, along with other service types. Seismic services involve the examination of underground properties and rock patterns through induced shock wave reflections. The service types encompass equipment rental, field operation, and analytical and consulting services. These services find applications both onshore and offshore.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp rise in U.S. tariffs and the resulting trade tensions in spring 2025 are having a notable impact on the services sector, particularly in business services, IT, and professional consulting. The increased costs of imported technology, office equipment, and critical digital infrastructure are driving up operating expenses for service providers, compelling them to either pass these costs on to clients or absorb the financial strain themselves. Outsourcing firms and IT service providers are grappling with higher hardware costs and supply chain delays, which are disrupting project timelines and squeezing profitability. Furthermore, retaliatory tariffs have weakened demand for U.S.-based professional services in key global markets, slowing export-driven revenues. To navigate these challenges, the sector must focus on accelerating digital transformation, optimizing costs, and strengthening domestic client relationships to sustain growth and remain competitive in an increasingly uncertain trade environment.

The oilfield services market research report is one of a series of new reports from The Business Research Company that provides oilfield services market statistics, including oilfield services industry global market size, regional shares, competitors with an oilfield services market share, detailed oilfield services market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield services industry. This oilfield services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oilfield services market size has grown strongly in recent years. It will grow from $191.86 billion in 2024 to $203.66 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased global energy demand, growth in deepwater and ultra-deepwater drilling, rise in unconventional oil and gas production, expanding exploration and production activities in emerging markets, increase in production output.

The oilfield services market size is expected to see strong growth in the next few years. It will grow to $252.37 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to accelerated adoption of digital technologies in oilfield operations, focus on enhanced oil recovery (EOR) techniques, expansion of offshore exploration and production, increased investment in renewable energy sources, global recovery of oil prices and market stabilization. Major trends in the forecast period include technological advancements in oilfield exploration and production, integration of artificial intelligence and big data analytics in oilfield operations, emphasis on environmental sustainability and green technologies, rise in the use of robotics and automation in oilfield services, growing importance of data security in oilfield operations.

The forecast of 5.5% growth over the next five years reflects a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. The U.S. may experience increased energy sector costs as drilling automation systems, frac pumps, and reservoir modeling tools sourced from Norway and Canada become more expensive to deploy across upstream operations. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The anticipated growth of the oilfield services market is expected to be driven by the increasing extraction of shale gas. Shale gas, found trapped inside shale rocks, has seen a boost in production through oilfield services like directional drilling and hydraulic fracturing. Notably, in March 2022, the Energy Information Administration Report, a US government agency, reported shale volumes at 8. 591 million b/d in March, growing to 8. 708 million b/d in April, driven by increased activity in the Permian Basin. Consequently, the rising demand for shale gas is a key factor propelling the growth of the oilfield services market.

The growth of the oilfield services market is also expected to be fueled by the increasing global demand for energy. This demand, representing the quantity of energy required and consumed over a specific period in a particular region, sector, or entity, is anticipated to drive heightened exploration and production activities. This, in turn, will create opportunities for oilfield services such as drilling, well completion, and reservoir management to expand and meet the energy needs of a growing global population. As an example, the Energy Information Administration projected a 5% to 32% increase in energy usage in the US industrial sector between 2022 and 2050 in April 2023. Thus, the escalating global energy demand is a significant driver for the oilfield services market.

Major companies in the oilfield services market are concentrating on developing new technological advancements, such as Liberty Power Innovations, to boost operational efficiency, minimize environmental impact, and enhance safety in oil and gas exploration and production processes. Liberty Power Innovations is a company or initiative dedicated to creating advanced technologies and solutions that aim to improve power management and efficiency within the oil and gas sector. For instance, in April 2023, Liberty, a U.S.-based company focused on innovations in energy generation, renewable energy integration, and enhanced power systems, seeks to optimize operations while reducing environmental impact. The goal of Liberty Power Innovations is to promote sustainable practices in the oilfield services market by offering innovative power solutions that improve productivity and lower costs.

Major companies in the oilfield services market are also investing in automation solutions to gain a competitive advantage. Automation involves the integration of technology, sensors, and software to streamline and optimize various processes in oil and gas operations. This reduces manual labor, enhances efficiency, and improves safety and productivity. For instance, in April 2022, Honeywell International collaborated with Petroleum Development Oman to modernize the control system architecture of PDO's Government Gas Plant in northern Oman. This involved deploying technology solutions to upgrade the plant's supervisory control center, enhancing efficiency, sustainability, and the ability to meet growing gas demand in Oman.

In June 2023, RPC, Inc., a U.S.-based company offering a range of oilfield services and solutions to the oil and gas industry, acquired Spinnaker for an undisclosed amount. RPC's acquisition of Spinnaker, another oilfield services company, aims to expand its service offerings and enhance its capabilities in the oil and gas sector, thereby reinforcing its competitive position and delivering more comprehensive solutions to its clients. Spinnaker specializes in providing various services to the oil and gas industry, including drilling and production support, and is also based in the U.S.

Major companies operating in the oilfield services market include Schlumberger Limited, Baker Hughes GE, Halliburton Company, Weatherford International plc, China Oilfield Services Limited, Basic Energy Services Inc., Superior Energy Services Inc., Transocean Ltd., National Oilwell Varco Inc., Saipem Spa, Petrofac Limited, Trican Well Services Ltd., Oil States Industries Inc., Emerson Electric Company, Welltec Oilfield Services Pvt. Ltd., Weir Oil & Gas Inc., TechnipFMC plc, ABB Ltd., Aker Solutions ASA, BGR Energy Systems Ltd., Calfrac Well Services Ltd., Canary LLC, Challenger Limited, Helmerich & Payne Inc., Hill International Inc., Hunting plc, ION Geophysical Corp., J&L Supply Co. Ltd., Jacobs Engineering Group Inc., Key Energy Services Inc., Larsen & Toubro Ltd., McDermott International Inc., Nabors Industries Ltd., Ecolab Inc., Neuman & Esser Group, Newpark Resources Inc., Noble Corporation, Oceaneering International Inc.

North America will be the largest region in the oilfield services market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the oilfield services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The oilfield services market includes revenues earned by entities by providing services such as drilling and formation evaluation, well construction, and completion services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Oilfield Services Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on oilfield services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for oilfield services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The oilfield services market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

• Markets Covered:1) By Service Type: Subsea Services; Seismic Services; Drilling Services; Workover And Completion Services; Production Equipment; Processing And Separation Services; Other Service Types
• 2) By Type: Equipment Rental; Field Operation; Analytical And Consulting Services
• 3) By Application: Onshore; Offshore
• Subsegments:
• 1) By Subsea Services: Subsea Construction; Subsea Inspection, Maintenance, And Repair (IMR); Subsea Tieback; Subsea Umbilicals, Risers, And Flowlines (URF)
• 2) By Seismic Services: Onshore Seismic Services; Offshore Seismic Services; Data Processing And Interpretation; 3D And 4D Seismic Surveys
• 3) By Drilling Services: Drilling Rigs; Directional Drilling; Drilling Fluid Services; Managed Pressure Drilling
• 4) By Workover And Completion Services: Well Completion Services; Well Intervention Services; Stimulation Services; Plug And Abandonment Services
• 5) By Production Equipment: Wellhead Equipment; Christmas Trees; Separator And Processing Equipment; Pumps And Compressors
• 6) By Processing And Separation Services: Oil And Gas Processing; Gas Treatment; Water Treatment; Separation Technologies
• 7) By Other Service Types: Reservoir Evaluation; Production Optimization; Equipment Rental And Maintenance; Engineering And Project Management Services
• Companies Mentioned:Schlumberger Limited; Baker Hughes GE; Halliburton Company; Weatherford International plc; China Oilfield Services Limited; Basic Energy Services Inc.; Superior Energy Services Inc.; Transocean Ltd.; National Oilwell Varco Inc.; Saipem Spa; Petrofac Limited; Trican Well Services Ltd.; Oil States Industries Inc.; Emerson Electric Company; Welltec Oilfield Services Pvt. Ltd.; Weir Oil & Gas Inc.; TechnipFMC plc; ABB Ltd.; Aker Solutions ASA; BGR Energy Systems Ltd.; Calfrac Well Services Ltd.; Canary LLC; Challenger Limited; Helmerich & Payne Inc.; Hill International Inc.; Hunting plc; ION Geophysical Corp.; J&L Supply Co. Ltd.; Jacobs Engineering Group Inc.; Key Energy Services Inc.; Larsen & Toubro Ltd.; McDermott International Inc.; Nabors Industries Ltd.; Ecolab Inc.; Neuman & Esser Group; Newpark Resources Inc.; Noble Corporation; Oceaneering International Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.