Global oilfield services market is projected to witness a CAGR of 4.27% during the forecast period 2025-2032, growing from USD 140.43 billion in 2024 to USD 196.22 billion in 2032. The global oilfield services market has experienced significant growth in recent years due to rising demand for oil and gas and rapid adoption of advanced techniques for oil extraction is expected to maintain a strong pace of expansion in the coming years. The oilfield services market serves as an important pillar of the energy sector. The oilfield service industry enables the efficient exploration and extraction of oil from untapped resources. The industry includes several kinds of services, ranging from drilling, well completion, pressure pumping to wireline logging and equipment rental delivered across both onshore and offshore oilfields. Moreover, the oilfield services companies support oil operators in upstream activities and ensure the reliability and productivity of hydrocarbon supply chains.
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Report Attribute |
Details |
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Base Year of the Analysis |
2024 |
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Forecast Period |
2025-2032F |
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Historical Period |
2018-2023 |
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Projected Growth Rate |
CAGR of 4.27% between 2025 and 2032 |
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Revenue Forecast in 2032 |
USD 196.22 billion |
For instance, as per the report from EIA in June 2025, the forecast average oil production from the Federal Offshore Gulf of America (GOA) will be 1.80 million barrels per day (b/d) in 2025 and 1.81 million b/d in 2026, compared with 1.77 million b/d in 2024. This development highlights an increase in the oil production, which will drive the demand for oilfield services in the market.
In addition, several regions are facing the problem related to the depletion of conventional oil and gas reserves which is prompting operators to pursue resource extraction from complex reservoirs which is creating a market opportunity for the oilfield service market. Even, oil operators are adopting advanced technologies and equipment for oil extraction which boosts the market growth for the oilfield services market in the coming years. Additionally, the industry is witnessing a surge in international exploration projects, with major investments in both mature and frontier regions, further boosting service requirements. Despite its growth prospects, the sector faces headwinds from volatile crude oil prices, evolving regulatory landscapes, and the global push toward renewable energy and sustainability, which may restrain the market size in the coming years.
Rising Investment in Deepwater and Ultra-Deepwater Exploration Projects Augmenting Market Growth
With the decline in shallow-water reserves and onshore reserves, oil and gas companies are increasingly moving towards the extraction of oil from the deepwater and ultra-deepwater fields. The deepwater reserves hold vast untapped hydrocarbon resources which could help to meet the global energy demand. The extraction of reserves from the deepwater and ultra-deepwater locations which requires substantial capital expenditure and other services. Oil companies are involved in the oil field discoveries such as in South America, West Africa, Brazil, and the Gulf of Mexico. Operators are opting for oilfield services that deploy the advanced equipment on site to enhance the exploration and development activity, thus driving the market growth of oil field services market in the coming years.
For instance, in May 2025, ExxonMobil has affirmed a long-term commitment to Nigeria oil and gas sector with a planned investment of USD 1.5 billion in deepwater exploration and development. This development highlights the rising investment in the oil and gas exploration projects which boosts the demand for oilfield services in the market.
The deepwater operations require a wide range of specialized oilfield services which including advanced drilling, subsea installation, well completion equipment, and enhanced safety and environmental management operations. The demand for the oilfield services varies with the deepwater operations as a multidisciplinary workforce and innovative equipment are required to complete the operation efficiently. Currently, oil production companies stimulate demand for core drilling equipment and completion services, as well as company demand for field services such as maintenance, logistics, and digital monitoring solutions, which boosts the oilfield service market size. Moreover, government is also incentivizing offshore exploration projects in various regions, further accelerating the demand for oilfield services in the market.
Rising Adoption of Advanced Techniques and Equipment for Oil Recovery in Mature Fields Creating Market Opportunity
The growing global energy demand, coupled with the need to maximize output from mature fields, is driving demand for oil field services. Oil production companies are seeking to deploy advanced techniques and equipment for oil recovery from mature fields to increase the oil production which is driving demand for oilfield services in the sector. Moreover, a decline in the number of conventional oils well reserves in developed countries is leading to rising investment in the unconventional oil fields for oil extraction. Developing countries are trying their best to reach the untapped reserves, creating opportunities for oilfield services in the market.
For instance, in February 2025, China started the ultra-deep onshore oil and gas drilling activities. Xinjiang Uygur Autonomous Region’s drilling campaign aims to reach oil and gas resources that are about 8,000 meters (26,247 feet) underground. Another, the Manshen 72-H6 well in Xayar county is planned to reach a depth of 8,735 meters (28,658 feet) for oil and gas extraction. Furthermore, in recent years, the country has intensified ultra-deep drilling, both onshore and offshore, looking to unlock more of domestic oil and gas resources to help meet its demand for hydrocarbons and reduce dependence on imports. This development highlights the rising demand for oilfield services in the developing countries.
The rising adoption of advanced techniques like EOR which include thermal recovery (steam injection), gas injection (CO₂ or nitrogen), chemical flooding, and emerging microbial EOR methods for oil extraction, is creating substantial market opportunities for the oilfield services sector. The advanced techniques require sophisticated equipment and specialized services, driving demand for oilfield service providers capable of delivering tailored solutions for the sector.
Regions with large mature fields, notably North America and the Middle East are adopting advanced recovery methods, further supporting the oilfield service market growth in the coming years. Oil operator companies are looking for cost-effective, efficient solutions to extend the productive life of mature oilfields and meet future energy needs in the market. Consequently, oilfield service companies are investing in EOR technologies and advancing the equipment portfolio to get well-positioned in the market.
Equipment Rental Segment is Expected to Register Significant Growth in Global Oilfield Services Market
The equipment rental segment is expected to register significant growth as several oil operators are inclined towards the adoption of advanced technology and equipment for oil extraction which could lower the cost of production. Furthermore, oil and gas industry is marked by various fluctuation such oil prices and evolving regulatory standards, so to overcome companies prefer renting over purchasing expensive equipment which makes the segment to dominate in the market. The renting methods allow operators to avoid large upfront capital expenditures and ongoing maintenance costs which enable the oil company to allocate resources in adopting of advance equipment for oil production.
Moreover, taking equipment on rent is highly valuable for short-term projects, exploration in new regions, or when specialized equipment is needed for specific phases of drilling, completion, or production thus makes the segment to dominate in the market. Additionally, oilfield service companies provided the added services and offer such as maintenance, support, and rapid replacement, minimizing downtime and ensuring compliance with safety and environmental regulations which drive its demand in the market. Lastly, as oilfield projects become more complex drive the demand for phase-specific, high-performance equipment which will make the segment grow in the market in the coming years.
North America Region Dominates the Global Market
Several interrelated factors are contributing to the rise in demand for oilfield services such as rising investment in oil extraction projects from unconventional reserves. Even, the region includes the United States country which is the home for several shale formation reserves in various locations. The country adopted advanced drilling and completion techniques like hydraulic fracturing and horizontal drilling, which have unlocked vast reserves of oil and natural gas, thus driving the demand for oilfield services in the market. Furthermore, the region has well-established infrastructure for oil production and the presence of a highly skilled workforce further supports efficient and large-scale exploration and production activities, thus driving the demand for oilfield services in the market.
For instance, in January 2025, Shell Offshore Inc. a subsidiary of Shell plc, decided to start production at the Shell-operated Whale floating production facility in the Gulf of Mexico. The Whale development is owned by Shell Offshore Inc. (60%, operator) and Chevron U.S.A. Inc. (40%). This development highlights that companies are entering into partnerships to increase the oil production at different locations in the country which drives the demand for oilfield services in the market.
Moreover, the region is highly involved in the adoption of digital solutions, automation, and advanced equipment for improving operational efficiency and cost-effectiveness which makes the oilfield services indispensable for both conventional and unconventional resource development. Several oil companies are involved in the discovery of new oilfields and looking to increase the production from the same well which drives the demand for specialized services such as well completion, maintenance, and enhanced oil recovery solutions, thus contributing to the market growth in the coming years.
Impact of United States Tariff on Global Oilfield Services Market
- The tariffs disrupt established global supply chains, causing delays, inefficiencies, and challenges in sourcing critical materials and equipment, which negatively affect project timelines and service delivery.
- The combination of higher equipment costs and falling oil prices is expected to reduce drilling and exploration activity, as companies scale back projects and investments in response to increased operational expenses and market uncertainty.
- Tariffs create uncertainty in the market, leading to delays in capital expenditure decisions and discouraging long-term investment in oilfield services.
Report Scope
“Global Oilfield Services Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global oilfield services market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute |
Details |
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Segments Covered |
Type, Services, Application |
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Regions Covered |
North America, Europe, South America, Asia-Pacific, Middle East and Africa |
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Key Companies Profiled |
Schlumberger Limited (including ChampionX), Baker Hughes Company, Halliburton Energy Services, Inc., NOV Inc., Weatherford International plc, Liberty Energy Inc., China Oilfield Services Limited, China National Petroleum Corporation, Superior Energy Services, Inc., TechnipFMC plc |
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Customization Scope |
15% free report customization with purchase |
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Pricing and Purchase Options |
Avail the customized purchase options to fulfil your precise research needs |
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Delivery Format |
PDF and Excel through email (subject to the license purchased) |
In the report, global oilfield services market has been segmented into the following categories:
- By Type
- Equipment Rental
- Field Operation
- Others
- By Services
- Drilling Services
- Pressure Pumping Services
- Wireline Services
- Others
- By Application
- Onshore
- Offshore
- By Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
Key Players Landscape and Outlook
Oilfield services companies are pursuing several strategic moves by entering into contracts with oil producers in the market. Companies are also investing heavily in technological innovation and digital platforms to enhance equipment performance due to which companies are deploying the equipment on rental model. Strategic alliances, mergers, and acquisitions are being used to broaden service portfolios and strengthen competitive positioning. Additionally, companies are focusing on offering specialized, phase-specific equipment and eco-friendly solutions to meet evolving customer needs and regulatory standards which makes companies to increase revenue. Product launches, agreements, business expansions, collaborations, and developing technologies are projected to increase competition in the fast-paced market.
For instance, in April 2025, Schlumberger Limited decided to enter into a partnership with Shell plc to deploy Petrel subsurface software across its assets worldwide. The adoption of Petrel software is designed to increase digital capabilities and drive operating cost efficiencies. The software service will help the company to optimize its field operation effectively. This development will help the company to earn revenue in the company years.
Key Players Operating in Global Oilfield Services Market are:
- Schlumberger Limited (including ChampionX)
- Baker Hughes Company
- Halliburton Energy Services, Inc.
- NOV Inc.
- Weatherford International plc
- Liberty Energy Inc.
- China Oilfield Services Limited
- China National Petroleum Corporation
- Superior Energy Services, Inc.
- TechnipFMC plc
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