This statistic outlines the market size of the total oil and gas equipment industry worldwide from 2002 to 2015, with projections to 2020. In 2015, the global oil and gas equipment market was worth some 168 billion U.S. dollars. It is projected that by 2020, it will be worth some 205 billion U.S. dollars.

Schlumberger is the leading provider of oil and gas service, equipment, and distribution in the United States, based on a market capitalization. Its outstanding stock shares were valued at 60.16 billion U.S. dollars on April 14, 2022. Oilfield services range from maintenance and repair work, the lending of necessary equipment such as jack-ups, and transportation via pipelines and tankers.

What is market cap?

Unlike net income, market cap and revenue do not take into account factors such as outstanding debt or the cost of goods sold. While revenue is a hard figure for the quantity of the money generated over a certain period, market cap depends on more fluid categories such as public perception and a company’s reputation. It reflects the value attributed to all outstanding company shares on the stock market at any given time. The majority of the world's leading oil equipment and service providers based on market cap are based in the U.S.

Enterprise Products Partners' ranking worldwide

Apart from being considered the most valuable U.S. oilfield service provider, Enterprise Products Partners also had one of the highest net incomes of top oil equipment and oil service providers worldwide in the 2020/2021 fiscal year. As with most its competitors, Enterprise Products Partners' revenue was lowest in times of oil crisis. When the oil market took a hit during the coronavirus pandemic, so did the oil equipment and service industry. Enterprise Products Partners saw its revenue decrease to 27.2 billion U.S. dollars in 2020.

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Oil And Gas Engineering Services Market Size 2024-2028

The oil and gas engineering services market size is forecast to increase by USD 5.32 billion at a CAGR of 8.51% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. The increase in Exploration and Production (E&P) activities, particularly In the shale industry, is driving market growth. Additionally, rising investments In the shale industry are contributing to market expansion. However, the market is also facing challenges from alternative energy sources, which are gaining popularity due to their environmental benefits. The hydrocarbon resources sector is also witnessing the emergence of new pipelines, expanding the energy source network and facilitating the transportation of hydrocarbons to various industries, including aviation, manufacturing, construction, and daily necessities. This trend is expected to intensify In the coming years, posing a significant threat to the market. Despite these challenges, the market is expected to continue growing due to the high demand for engineering services In the oil and gas sector. Companies In the market are focusing on innovation and technology to remain competitive and meet the evolving needs of their clients. Overall, the market is poised for steady growth, driven by increasing E&P activities, rising investments, and the challenges posed by alternative energy sources.

What will be the Size of the Oil And Gas Engineering Services Market During the Forecast Period?

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The market is a dynamic and evolving industry, driven by the need to maximize productivity and efficiency In the extraction and processing of hydrocarbon resources. Automation technologies, such as machine learning and artificial intelligence, are increasingly being adopted to streamline operations and reduce costs. Renewable energy and carbon footprint regulations are also influencing the market, as companies seek to minimize their environmental impact and explore alternative energy sources. Electric vehicles and changing demand patterns are further disrupting traditional business models. Strategic collaborations between multinational engineering firms and specialized niche players are on the rise, as companies seek to leverage each other's expertise and resources.
Furthermore, mechanical, electrical, civil, and chemical engineering services remain crucial for the design, construction, and maintenance of infrastructure and equipment. Regulatory developments and technological advancements continue to shape the market, as companies navigate complex hydrocarbon sources and adapt to shifting industry dynamics.

How is this Oil And Gas Engineering Services Industry segmented and which is the largest segment?

The oil and gas engineering services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Downstream
  Midstream
  Upstream


Geography

  North America

    Canada
    US


  APAC

    China
    India


  Europe



  Middle East and Africa



  South America

By Type Insights

The downstream segment is estimated to witness significant growth during the forecast period.

The downstream segment of the market is expected to dominate the industry in 2023, driven by the increasing demand for reliable operations and asset integrity management in refining, transportation, and petroleum product sales. Downstream processes, including refining, processing, and transportation, are crucial for optimizing operations and enhancing the marketability of petroleum products. Automation technologies and productivity enhancements are key trends In the market, aiming to reduce costs and improve efficiency. Additionally, renewable energy sources and carbon footprint regulations are influencing the industry, with some companies investing in hydroelectric, wind, and solar power. Machine learning and strategic collaborations between multinational engineering firms and specialized niche players are also shaping the market landscape.

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The downstream segment was valued at USD 4.83 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 39% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market is experiencing significant growth due to the increasing number of oil and gas projects I

Norway's Oilfield Equipment Rental Services Market is Segmented by Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Other Equipment). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

The global Oil and Gas Field Equipment and Services market was valued at XXX million in 2025 and is projected to reach XXX million by 2033, growing at a CAGR of XX% during the forecast period (2025-2033). The market growth is primarily attributed to the increasing exploration and development activities in the oil and gas industry, driven by rising energy demand and the need for new energy sources. Additionally, technological advancements in drilling and exploration techniques are expected to further boost market growth. The market is segmented into application, type, and region, with the petroleum exploration and development segment and the exploration segment holding significant market shares. North America is the largest market for Oil and Gas Field Equipment and Services, followed by Europe, Asia Pacific, and the Middle East & Africa. The market in North America is driven by the presence of mature oil and gas fields and the increasing exploration and development activities. Europe is also a major market for Oil and Gas Field Equipment and Services, with the market being driven by the presence of major oil and gas companies and the increasing demand for energy. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period, driven by the increasing energy demand and the development of new oil and gas fields. The Middle East & Africa market is also expected to grow at a significant rate, driven by the presence of large oil and gas reserves and the increasing investment in oil and gas exploration and development activities.

Enbridge is the world's leading oil and gas equipment and service provider based on market capitalization. As of April 14, 2022, Enbridge had a market cap of 93.37 billion U.S. dollars. The Canada-based company specializes in energy transportation and infrastructure, with a vast network of underground pipelines to deliver crude oil and liquids. The company is also the largest distributor of natural gas in Canada and extends its services into the United States and Gulf of Mexico. As of that month, the top ten ranking global companies were exclusively from North America, primarily based in the U.S.

What is market cap?

As opposed to sales or assets, market capitalization is a metric used to determine a company’s size and worth on the stock market. For example, outstanding shares of U.S.-based Energy Transfer were valued at 35.64 U.S. dollars, less than a third of Enbridge's market cap, but Energy Transfer outpaced Enbridge in terms of revenue. In the 2020/2021 fiscal year, Energy Transfer was the leading oil and gas equipment and service provider based on revenue. The differing ratios exemplify how market capitalization is not a hard figure like revenue, but inflates and fluctuates according to the perceived value of a company, influenced by less quantifiable factors.

How oil & gas equipment providers compare with oil producers

Oilfield service providers and oil and gas transportation companies are usually less valuable than those companies operating in all areas of the supply chain. The leading oil and gas companies worldwide based on market cap are producing giants such as ExxonMobil and Shell. These companies not only extract hydrocarbons, but also own and operate refineries and petrochemical manufacturing units and also serve as retailers to the average consumer.

The Oil and Gas Engineering Services Market is Segmented by Type (downstream, Midstream, and Upstream) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The Market Size is Provided in Terms of Value in USD for all the Abovementioned Segments.

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Oilfield Services Market Size 2025-2029

The oilfield services market size is forecast to increase by USD 42.5 billion at a CAGR of 4.6% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for crude oil and natural gas worldwide. The global consumption of hydrocarbons continues to rise, leading to a rise in demand for OFS companies' services. Technological innovations, such as advanced drilling technologies and the Internet of Things (IoT), are being adopted to improve productivity and efficiency in offshore drilling and well intervention services. Hydrocarbon solvents and shale gas are also gaining popularity, requiring specialized services from OFS companies. However, fluctuations in crude oil prices pose a challenge to market growth. The market is expected to remain dynamic, with logistics and supply chain management playing a crucial role in ensuring the smooth delivery of services to clients. Overall, the market is poised for growth, driven by technological advancements and the ongoing demand for hydrocarbons.

What will be the Size of the Oilfield Services Market During the Forecast Period?

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The market encompasses a diverse range of activities, from hydrocarbon exploration and drilling to production and transportation. With significant gas reserves worldwide, the market's size and direction remain influenced by various factors. Oil prices, as a primary driver, impact demand for oilfield services, with price fluctuations influencing exploration and production activities. Advanced technologies continue to shape the market, introducing new tools and fluids for drilling, completion, and remedial applications. The supply-demand gap, influenced by geopolitics and OPEC countries' production policies, further impacts market dynamics. New technologies, such as offshore sector advancements and transportation of water and materials, contribute to increasing production efficiency.
Manufacturing, maintenance, equipment repair, and transportation of oilfield equipment are essential components of the market's ecosystem. The International Energy Agency forecasts continued growth in the oilfield services sector, driven by the need for cost-effective hydrocarbon extraction and the ongoing energy transition.

How is the Oilfield Services Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Onshore
  Offshore


Type

  Field operations
  Analytical and consulting services
  Equipment rental


Geography

  North America

    Canada
    Mexico
    US


  Middle East and Africa



  APAC

    China
    India
    Japan


  Europe



  South America

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period. The global onshore market held a significant share in 2024, driven by the high volume of drilling and production activities and lower capital requirements compared to offshore fields. The onshore market is populated by numerous oilfield service companies due to the reduced investment needed for onshore operations. The market expansion is fueled by the increasing upstream activities, including new drilling and advanced technologies, in response to the global energy demand rise. Oil and gas exploration and production (E&P) companies in North America and the Middle East are prioritizing the development of new projects as mature fields reach the end of their lifecycle.
Advanced technologies, such as directional drilling, hydraulic fracturing, and high-pressure well intervention services, are essential for maximizing hydrocarbon reserves in shale fields and conventional fields. The oilfield services sector encompasses upstream service companies, including Schlumberger Limited, Baker Hughes Company, Halliburton Company, and Weatherford International Plc, which offer drilling services, exploration, hydraulic fracturing, stimulation techniques, shale gas extraction, service, equipment rental, field operation, analytical services, pressure pumping services, wireline services, and well intervention services. The offshore sector also contributes significantly to the market, with offshore contract drilling, drilling costs, shale plays, horizontal drilling, and fracking being key focus areas. The energy cost, well productivity, reservoir performance, low-stress environment, safety and security, and offshore greenfield investment are crucial factors influencing the market's growth.

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The Onshore segment was valued at USD 131.00 billion in 2019 and showed a gradual increase during

Oil and gas field service providers are directly tied to oil and gas production, so the industry typically follows trends that are significant to that industry (IBISWorld Report 21111). The period started off on a low note as the pandemic massively weakened production, cutting down the need for field service providers as the number of rigs operating saw a steep drop. This drop carried on in 2021 but resurged in 2022, driven by favorable pricing because of supply chain issues from Russia’s invasion of Ukraine, which briefly bolstered field services providers. This revenue growth carried on into 2023 and 2024 as production continued to push up. Even so, prices took a dip, so growth was not as significant. Overall revenue pushed up at a CAGR of 1.4%, reaching $101.5 billion through 2025, including a 1.9% push down in 2025 as oil and gas prices are set to fall. Amid these fluctuations, the adoption of advanced enhanced oil recovery techniques initially benefited oil and gas field services providers as companies enlisted support for new technologies. Yet, increased efficiency led to a reduced need for rigs, fundamentally constraining growth for oil and gas field service providers. Despite this, profit has swelled amid lower operational costs. Nonetheless, with this uptick in efficiency, field service providers have cut down their workforce as employment has pushed down at a CAGR of 3.4% from 2020 to 2025. Looking ahead, oil and gas field services providers are poised to enjoy modest growth. The stabilization of natural gas and crude oil prices will continue, allowing for more investment in the industry and providing a much-needed boost to field service providers. Even so, the continued push for investment in renewable energy poses a competitive threat. Despite these challenges, US oil and gas producers will sustain robust production levels, particularly for exports, which will positively influence field service providers. The need for natural gas will also support growth in this sector. Overall, revenue for oil and gas field services providers is set to climb at a CAGR of 0.5%, reaching $104.0 billion in 2030.

The global oil and gas field equipment and services market is estimated to be worth USD XXX million in 2025 and is projected to grow at a CAGR of XX% over the forecast period (2025-2033). The growth of the market is attributed to the increasing demand for oil and gas, rising investments in exploration and production activities, and the development of new technologies for efficient oil and gas extraction. Key drivers of the market include the increasing demand for energy sources, rising investments in oil and gas exploration and production activities, and the development of new technologies for efficient oil and gas extraction. The market is segmented based on application, type, and region. Major companies operating in the market include GE (Baker Hughes), Halliburton, National Oilwell Varco, Saipem, and Schlumberger. The market is expected to witness significant growth in the Asia-Pacific region due to the increasing demand for energy sources and the rising investments in oil and gas exploration and production activities in the region.

Oilfield support and oil drilling services are the two largest segments of the United States oilfield services (OFS)industry. The OFS umbrella includes a wide variety of services that encompass several extractive industries, such as the mining industry, oil industry, and natural gas industry. Oilfield support services accounted for the largest segmental share of this industry as a whole in the U.S. in 2018, at 54.4 percent.

Major global events, like the pandemic and the Ukraine war, have greatly impacted machinery manufacturers by creating significant volatility in commodity prices. Major production and travel slowdowns harmed demand for oil and gas, resulting in fewer extraction projects and lowering the need for machinery. Still, Russia's invasion of Ukraine led to sanctions placed on Russia by various countries, which led to surging oil and gas prices. This uptick in prices led to strong US oil and gas production growth, boosting machinery sales in 2022 and 2023. Still, supply chain woes led to considerable increases in machinery production costs. Manufacturers passed these higher costs onto customers to retain profit but hindered revenue growth as customers increasingly sought cheaper imports. Overall, revenue has been falling at a CAGR of 3.4% over the past five years to total an estimated $14.0 billion through the end of 2024, including an estimated decrease of 1.8% in 2024. Manufacturers have also endured export declines. The increasing value of the US dollar has disincentivized foreign energy producers from purchasing US-made machinery despite its high quality. Interest rate hikes have also hindered manufacturers' performance. Since oil and gas producers typically purchase machinery on credit, higher interest rates reduce capital expenditures. Interest rate cuts and increases in oil and gas prices will benefit manufacturers in 2024. Falling oil and gas prices will negatively impact machinery manufacturers. These price drops will cause drilling projects to slow down, reducing the need for new machinery and maintenance services. While the dollar's falling value will reduce import penetration, exports will continue to drop alongside oil and gas prices. The Willow Project, one of the largest oil projects in the United States, is likely to boost domestic oil production, driving machinery sales. Domestic manufacturers will continue to focus on high-value-added products, protecting them from substitutes and enabling them to become more profitable. The Trump administration plans to ramp up oil drilling and gas extraction by rolling back previous regulations restricting carbon emissions, thereby creating greater energy independence for the nation and potentially boosting equipment sales. Overall, revenue is forecast to fall at a CAGR of 4.6% to total an estimated $11.0 billion through the end of 2029.

According to Cognitive Market Research, the global Oilfield Services market will be USD 119.36 billion in 2024 and expand at a compound annual growth rate (CAGR) of 5.82% from 2024 to 2031. Market Dynamics of Oilfield Services Market

Key Drivers for Oilfield Services Market

Technological Advancements - One of the main reasons the Oilfield Services market is driven by advancements in technology, including digitalization, automation, and data analytics. These innovations enhance exploration efficiency, optimize production processes, and improve reservoir management. Technologies like hydraulic fracturing (fracking) and horizontal drilling techniques have revolutionized extraction capabilities, particularly in unconventional oil and gas reserves. Additionally, advancements in equipment and software for real-time monitoring and predictive maintenance bolster operational efficiency and reduce costs, driving demand for integrated service solutions from oilfield service providers.
The drives exploration and production, boosting oilfield services growth is anticipated to drive the Oilfield Services market's expansion in the years ahead.

Key Restraints for Oilfield Services Market

Stringent regulations impacting operational flexibility and cost-effectiveness to the Oilfield Services industry growth.
Fluctuating oil prices affecting investment and project viability in oilfields to data security and privacy impact market growth.

Introduction of the Oilfield Services Market

The Oilfield Services market includes global energy demand, technological advancements in drilling and extraction techniques, as well as the growth of unconventional gas and oil resources. Increasing exploration activities in challenging environments like deepwater and shale formations necessitate specialized services such as hydraulic fracturing, directional drilling, and well-stimulation. Additionally, ongoing efforts to enhance operational efficiency, reduce environmental impact, and improve safety standards drive demand for innovative oilfield services. Economic factors such as oil prices and geopolitical dynamics also influence market growth by affecting investment in upstream exploration and production activities worldwide.

Global Gas Equipment Market size worth at USD 53.86 Billion in 2023 and projected to USD 111.86 Billion by 2032, with a CAGR of around 8.46%.

The global oilfield services market is poised to grow from USD 143.79 billion in 2024 to USD 326.04 billion by 2037, demonstrating a CAGR of more than 6.5% throughout the forecast timeline, from 2025 to 2037. Key industry players include Schlumberger Limited, Baker Hughes Company, Halliburton Energy Services, Inc., among others.

The Report Covers Oil and Gas Static and Rotating Equipment Market Size and Share. It is Segmented by Application (Upstream, Midstream, and Downstream), Type (Static and Rotating), and Geography (North America, Europe, Asia-Pacific, Middle and Africa, and the Rest of the World). The Market Size and Forecasts are Provided in Terms of Revenue (USD) for all the Above Segments.

The market is segmented by Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, Pressure Pumping Equipment, and Other Equipment), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa)

The Oilfield Services Market is projected to grow at 5.5% CAGR, reaching $252.95 Billion by 2029. Where is the industry heading next? Get the sample report now!

Oilfield Services Market size is set to expand from $ 112.35 Billion in 2023 to $ 184.09 Billion by 2032, with an anticipated CAGR of around 5.64% from 2024 to 2032.

The global oilfield services sector is predicted to expand 3.35% to USD 143 billion by 2026.