As the global economy recovers in 2021 and the supply of the industrial chain improves, the oilfield services market will undergo major changes. The global oilfield services market was valued at USD 96.65 billion in 2020, and it is expected to reach USD 135 billion by 2027, registering a CAGR of 5.13% during the forecast period of 2022-2027. During 2020, due to the COVID-19 pandemic the oil and gas industry witnessed a severe impact, with a decrease in crude oil demand due to lower consumption in various parts of the world, thus forcing several companies to either suspend or reduce investment in projects. For example, Chevron Corporation decreased capital expenditure from USD 13.5 billion to USD 11.5 billion for the year 2021. Factors such as the increasing development of gas reserves and advanced technology, tools, and equipment are expected to drive the market for oilfield services. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors have been restraining the growth in the demand for the oilfield services market.
The global oilfield services industry report provides top-notch qualitative and quantitative information including: Market size (2017-2021 value and 2022 forecast). The report also contains descriptions of key players, including key financial indicators and market competitive pressure analysis.
The report also assesses key opportunities in the market and outlines the factors that are and will drive the growth of the industry. Taking into account previous growth patterns, growth drivers, and current and future trends, we also forecast the overall growth of the global oilfield services market during the next few years. The global oilfield services market size will reach USD million in 2028, growing at a CAGR of % during the analysis period.
The oilfield services market can be split based on product types, major applications, and important regions as follows:
Weatherford International Plc
Baker Hughes Company
China Oilfield Services Limited
Production and Intervention Services