Increasing oil and gas investments, along with the rise in deep-water projects, are major drivers of growth in the United States Oilfield Services Market during the forecast period 2024-2028.
As per the TechSci Research report “United States Oilfield Services Market – By Region, Competition, Forecast & Opportunities, 2028,” robust growth is anticipated in the United States Oilfield Services Market during 2024-2028.
This growth is fueled by the escalating energy demand and increasing production and exploration activities in the oil and gas sector. Technological advancements also play a crucial role in driving the oilfield services industry forward. The projected period is expected to witness a surge in demand for drilling services due to the rise in deep-water exploration and production activities. Additionally, increased investment in deep-water exploration projects and enhanced productivity from mature assets are expected to contribute to future market expansion. Furthermore, heightened spending on research and development for innovative products presents promising opportunities for market players.
In August 2020, DOF Subsea announced securing four new contracts worth USD 110 million with Petrobras. Under these contracts, three vessels from the DOF fleet will be deployed to inspect flexible pipelines, risers, and subsea equipment in various basins, including Campos, Santos, and Espirito Santos, as well as the Marlin field.
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The United States Oilfield Services Market is categorized by Application, Type, and Service. Application-wise, it’s divided into Onshore and Offshore. Type-wise, it’s segmented into Field Operation and Equipment Rental. And concerning Service, it’s split into Drilling, Mud Engineering, Wireline, Pressure Pumping, Cementing, and Drilling Waste Management.
In terms of Type, the dominant segment in the United States Oilfield Services Market is Equipment Rental. It holds the largest market share, with potential for gradual growth as demand for field optimization and analytical services increases. The Field Operation segment is expanding its market share due to the deployment of numerous ground services for project execution. The analytical services market is expected to grow due to a variety of offerings such as real-time analytics, software solutions, monitoring, routine quality control, and sample analysis, all contributing to enhanced field production output.
The market is further categorized into Onshore and Offshore segments based on application. Offshore locations are expected to drive market growth, particularly due to increased investment in subsea oil and gas assets. This segment is forecasted to experience the fastest growth during the projection period as oil field service companies heavily invest in offshore assets to enhance well productivity, reservoir performance, and overall well lifecycle. Meanwhile, the demand for more reliable and adaptable tools and services in the onshore location contributes to the industry’s growth.
Key market players in the United States Oilfield Services Market: –
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Company
- Emerson
- National Oilwell Varco
- Weatherford International plc
- Protiviti
- YAS Oilfield Services
- Oceaneering
- BJ Services
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Over the past decade, technology has increasingly shaped oil and gas production and exploration, with industry players striving to develop innovations to reduce E&P costs and enhance efficiency. This trend is expected to continue driving the market in the projected period.
“During the forecast period, the United States Oilfield Services Market is poised for growth,” stated Mr. Karan Chechi, Research Director at TechSci Research. Factors such as increasing deep-water projects, production and exploration activities, and oil and gas consumption in the United States will drive this growth.
The report titled “United States Oilfield Services Market by Application (Onshore, Offshore), By Type (Field Operation and Equipment Rental), By Service (Drilling Services, Mud Engineering, Wireline Services, Pressure Pumping Services, Cementing Services, Drilling Waste Management Services), By Region, Competition, Forecast and Opportunities, 2028” assesses the market’s future growth potential, providing insights to aid decision-makers in making informed investment decisions. Additionally, the report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the United States Oilfield Services Market.
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