The Global Onshore Oilfield Services Market was worth US$ 112.70 billion in 2023 and is anticipated to reach a valuation of US$ 136.94 billion by 2029 and is predicted to register a CAGR of 3.30% during 2024-2029.
Onshore oilfield services refer to the various activities and services involved in the exploration, development, and production of oil and gas resources on land-based oilfields. These services include drilling, well completion, well testing, well maintenance, and other support services such as logistics, transportation, and environmental management. Onshore oilfield services companies provide specialized equipment, personnel, and expertise required to operate and manage the oil and gas production process. These services are essential for extracting oil and gas from reservoirs located beneath the surface of the earth and for ensuring the safe and efficient operation of oil and gas wells. Onshore oilfield services play a crucial role in the global oil and gas industry and are essential for meeting the growing energy demands of various end-use industries.
Emerging economies, in particular, are experiencing a rapid increase in energy demand due to economic growth and industrialization. Onshore oilfield services are crucial in meeting this growing demand by extracting oil and gas resources from onshore oilfields. And it providers are thus poised to benefit from the increasing demand for their services as emerging economies continue to grow and industrialize.
The development of onshore oil and gas infrastructure, including pipelines and storage facilities, is a significant driver of the onshore oilfield services market. The production of oil and gas from onshore oilfields requires a range of infrastructure, including drilling rigs, pipelines, and storage facilities, among others. As such, the development of this infrastructure is crucial in enabling the efficient and cost-effective production of oil and gas resources from onshore oilfields.
The growth of unconventional oil and gas resources, such as shale oil and gas, is driving the demand for the onshore oilfield services market. Unconventional oil and gas resources require specialized techniques, such as hydraulic fracturing, horizontal drilling, and other advanced technologies, to extract the resources from rock formations that were previously considered uneconomical to develop.
Fluctuations in oil prices can impact the demand for onshore oilfield services, as oil companies may cut back on their exploration and production activities during periods of low prices.
The technical complexities associated with the extraction of oil and gas from onshore oilfields, particularly in remote or inaccessible locations, can increase the cost and complexity of onshore oilfield services. This can limit the ability of oil and gas companies to explore and develop new resources, especially in regions where infrastructure and transportation are inadequate. As a result, the growth of the onshore oilfield services market may be hindered by these challenges.
Advancements in technology are expected to create opportunities for onshore oilfield services market growth, as they can enhance the efficiency and effectiveness of oil and gas extraction. For instance, advanced drilling techniques like hydraulic fracturing and horizontal drilling, as well as automation and digitalization of onshore oilfield operations, can reduce operational costs and increase productivity. This is expected to drive the adoption of onshore oilfield services, particularly in unconventional resource plays.
The development of oil and gas reserves in new regions, such as Africa and Asia, as well as the potential for increased investment in mature regions, such as North America creates an opportunity for the onshore oilfield services market to expand its operations and capabilities in these regions, driving growth and revenue. Additionally, the increasing demand for natural gas, particularly in developing countries, presents an opportunity for onshore oilfield services companies to expand their services to include gas exploration and production.
The COVID-19 pandemic had a significant impact on the Onshore Oilfield Services Market. On one hand, the global economic slowdown caused a decrease in demand for oil and gas, which led to a reduction in exploration and production activities, and subsequently, a decrease in demand for onshore oilfield services. On the other hand, the pandemic also highlighted the importance of domestic energy security, leading to an increased focus on domestic oil and gas production in some countries, which drove the demand for onshore oilfield services. Additionally, the pandemic also accelerated the adoption of digital technologies in the oil and gas industry, which created opportunities for onshore oilfield services companies that offer digital solutions.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2029 |
|
CAGR |
3.30% |
|
Segments Covered |
By Services, Application, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International plc, National Oilwell Varco, Inc., TechnipFMC plc, China Oilfield Services Limited, Nabors Industries Ltd., Archer Limited, Basic Energy Services, Inc., and Others. |
Drilling services are likely dominating the Onshore Oilfield Services market, as drilling is a critical and essential service in the exploration and production of oil and gas resources. Drilling services involve the use of various techniques to penetrate the earth's surface and reach the hydrocarbon reservoirs beneath, allowing for the extraction of oil and gas. The increasing demand for energy resources and the exploration and development of new oil and gas fields are expected to drive the growth of the drilling services segment in the Onshore Oilfield Services market.
The unconventional onshore oilfields segment is currently dominating the Onshore Oilfield Services Market. This is due to the increasing demand for unconventional oil and gas resources, such as shale gas and tight oil, which require specialized drilling and completion techniques. These techniques involve hydraulic fracturing, horizontal drilling, and other unconventional methods that require a wide range of onshore oilfield services to extract oil and gas from these resources. The growth in this segment is expected to continue due to the growing global demand for energy and the increasing exploration and production of unconventional oil and gas resources.
North American region dominates the onshore oilfield services market due to the presence of a large number of onshore oilfields and high investments in the exploration and production of shale gas and tight oil. The region is also home to several major players in the onshore oilfield services market, which have significant experience and expertise in providing a wide range of services to oil and gas companies. The Asia-Pacific region is also expected to experience significant growth in the onshore oilfield services market due to the increasing demand for oil and gas in emerging economies such as China and India. The region is expected to witness significant investments in the exploration and production of onshore oilfields, particularly in countries such as Australia, Malaysia, and Indonesia. Europe and the Middle East and Africa regions are also expected to witness moderate growth in the onshore oilfield services market, primarily due to the presence of established oil and gas industries and ongoing exploration and production activities in the region. The Latin American region is also expected to witness significant growth in the onshore oilfield services market, primarily due to the increasing investments in the exploration and production of oil and gas resources in countries such as Brazil and Mexico.
Companies playing a prominent role in the global onshore oilfield services market include Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International plc, National Oilwell Varco, Inc., TechnipFMC plc, China Oilfield Services Limited, Nabors Industries Ltd., Archer Limited, Basic Energy Services, Inc., and Others.
By Services
By Application
By Region
Frequently Asked Questions
The onshore oilfield services market is expected to grow with a CAGR of 3.30% during the forecast period.
North America is currently dominating the onshore oilfield services market by region.
unconventional onshore oilfields are currently dominating the onshore oilfield services market by application type.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region