Oilfield Services Market Size

Oilfield Services Market size was valued at USD 134.62 Billion in 2023 and is projected to cross USD 301.54 Billion by the end of 2036, expanding at more than 6.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oilfield services is estimated at USD 142.37 Billion.The growth of the market can be attributed to growing demand for oil. In 2022, when global oil consumption was expected to reach about 98 mb/d, growth was slightly curtailed to approximately 2 mb/d. However, in 2023, an additional about 3 mb/d increase is anticipated, driven primarily by non-OECD nations' robust growth trends. Hence, the extraction of oil is anticipated to grow further boosting the oilfield services market for oilfield services.

Moreover, another two important aspects, such as reducing the price of oilfield services and raising production, have also fueled the global industry. Major upstream service providers provide a variety of tailored packages that may save operators millions of dollars. Additionally, the growing usage of hydraulic fracturing and other stimulation techniques for shale gas extraction is also estimated to support the oilfield services sector. According to the U.S. Energy Information Administration (EIA), the amount of dry natural gas produced in the United States in 2022 from shale formations was around 28.5 trillion cubic feet (Tcf), or 80% of all dry natural gas produced in the country that year.