The Latest Oilfield Services Industry Statistics Explained
Total contribution of the oilfield services industry to the US GDP in 2019 was $237 billion.
The statistic that the total contribution of the oilfield services industry to the US GDP in 2019 was $237 billion indicates the significant economic impact of this sector on the overall national economy. This figure reflects the total value of goods and services produced by the oilfield services industry, including activities related to exploration, drilling, production, and maintenance of oil and gas resources. The substantial contribution highlights the industry’s role in generating revenue, creating job opportunities, and supporting economic growth within the United States. Additionally, it underscores the dependency of various sectors on the oil and gas industry, emphasizing the importance of its continued stability and growth for the overall health of the US economy.
North America holds the biggest share of the oilfield services market with a 45.9% share in 2020.
The statistic, “North America holds the biggest share of the oilfield services market with a 45.9% share in 2020,” indicates that among all regions globally, North America has the largest portion of market activity within the oilfield services sector. This suggests that nearly half of the oilfield services market is concentrated in North America, encompassing a wide range of activities such as drilling, well maintenance, and equipment supply to support oil and gas production. The significant share held by North America underscores its prominence in the industry and highlights the region’s importance in serving the needs of the oil and gas sector on a global scale.
Revenue earned by the top 10 oilfield services companies was $231.4 billion in 2019.
The statistic indicates that the combined revenue generated by the top 10 oilfield services companies in 2019 amounted to $231.4 billion. This figure highlights the significant financial impact and market dominance of these companies within the oilfield services industry. The revenue earned by these top companies reflects the scale of operations, the demand for oilfield services, and their ability to secure lucrative contracts. The impressive sum underscores the importance of these companies in the global energy sector and their key role in providing essential services to the oil and gas industry.
There was a 25% decline in the oilfield services sector in 2020 due to the COVID-19 pandemic.
The statistic that there was a 25% decline in the oilfield services sector in 2020 due to the COVID-19 pandemic indicates that the industry experienced a substantial decrease in activity during that year. The decline can be attributed to factors such as reduced demand for oil and disruptions in supply chains caused by the pandemic. This decline likely had widespread implications for companies operating in the sector, leading to revenue losses, job cuts, and overall economic challenges. The 25% figure quantifies the extent of the impact on the oilfield services sector during 2020, highlighting the severity of the situation faced by the industry due to the pandemic.
The global oilfield services market is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.
The statistic indicates that the global oilfield services market is projected to experience steady growth over the period from 2021 to 2028, with a compound annual growth rate (CAGR) of 3.7%. This means that on average, the market is forecasted to increase by 3.7% each year during this period. The CAGR provides a useful measure of the market’s growth trajectory, smoothing out any fluctuations that may occur in individual years. The positive growth rate suggests that there is expected demand for oilfield services worldwide, driven potentially by factors such as increasing oil and gas exploration activities, ongoing investments in energy infrastructure, and technological advancements in the sector.
The drilling services held the largest share of 53.6% in the oilfield services industry in 2020.
The statistic indicates that out of all the various services offered in the oilfield industry in 2020, drilling services accounted for the largest portion at 53.6%. This means that more than half of the services provided in the oilfield sector were related to drilling activities such as well drilling, exploration, and maintenance. This data suggests that drilling services are a crucial and dominant aspect of the oilfield services industry, playing a significant role in supporting oil and gas production activities. Companies offering drilling services likely hold a strong position within the industry and play a key role in the overall operations and productivity of the oilfield sector.
Schlumberger, the largest oilfield services company, had a total revenue of $32.92 billion in 2019.
The statistic indicates that Schlumberger, the largest oilfield services company, generated a total revenue of $32.92 billion in the year 2019. This figure reflects the significant economic impact and scale of operations of the company within the oil and gas industry. Such a substantial revenue implies that Schlumberger likely played a crucial role in providing various services and technologies to support oil and gas exploration, production, and related activities worldwide. Additionally, this statistic can also serve as a key performance indicator for investors, analysts, and other stakeholders to assess the financial health and growth trajectory of Schlumberger as a major player in the oilfield services sector.
China is expected to be the fastest growing oilfield services market during 2020-2057.
The statistic indicates that China is anticipated to have the highest rate of growth in the oilfield services market between the years 2020 and 2057. This projection suggests that the demand for oilfield services in China is likely to increase at a rapid pace during this time period, possibly driven by expanding oil exploration, production, and related activities within the country. The growth in the oilfield services market in China could signify opportunities for companies operating in this sector to capitalize on the rising demand for their services, potentially resulting in increased revenue and market presence in the Chinese market.
About 61% of oilfield service companies planned to cut jobs across North America in 2020.
The statistic indicates that approximately 61% of oilfield service companies operating in North America had intentions to reduce their workforce during the year 2020. This suggests a significant level of planned job cuts within the industry, likely driven by factors such as economic downturn, low oil prices, and a decrease in demand for oilfield services. These job cuts can have implications not only for the employees directly affected but also for the overall economy and the oil and gas sector as a whole. It signifies a challenging and uncertain time for the industry and the workforce in North America, calling for strategic responses and measures to address the impact of such workforce reductions.
The market size of the global oilfield equipment rental services industry was $17.2 billion in 2020.
The statistic stating that the market size of the global oilfield equipment rental services industry was $17.2 billion in 2020 indicates the total value of goods and services exchanged within this specific sector over the course of that year. This figure represents the sum of revenues generated from renting out oilfield equipment such as drilling rigs, pumps, and tools to companies operating in the oil and gas industry worldwide. The size of the market signifies the scale and economic significance of the industry, providing insights into the demand for rental services in the oil and gas sector and serving as a key benchmark for industry players, investors, and policymakers to assess the overall health and growth potential of the market.
The global oilfield services market size was valued at $127.31 billion in 2020 and is expected to reach $143.8 billion by 2030.
The statistic presented indicates that the global oilfield services market was valued at $127.31 billion in 2020 and is projected to grow to $143.8 billion by 2030. This suggests a compound annual growth rate (CAGR) over the forecast period. The increase in market size signifies ongoing demand for oilfield services, which encompass a range of activities including exploration, drilling, well construction, production, and maintenance within the oil and gas industry. Factors driving this growth may include increasing energy consumption, technological advancements in extraction and production techniques, and expanding exploration activities in untapped regions. The growth trajectory projected for the oilfield services market reflects the continued importance of the sector in supporting the global energy supply chain.
Production services constituted about 80% of the global oilfield services industry in 2020.
The statistic indicates that production services accounted for approximately 80% of the global oilfield services industry in 2020. This suggests that a significant majority of the services provided within the oilfield sector were focused on activities related to the production phase of oil extraction, such as well stimulation, maintenance, and optimization of oil wells. This emphasis on production services highlights the critical role that this phase plays in the overall oilfield services industry, indicating a strong demand for services aimed at maximizing the efficiency and output of oil production facilities worldwide. This statistic also suggests that companies operating within the oilfield services sector may have a particular focus on meeting the needs and challenges associated with the production stage of oil extraction.
The offshore segment accounted for 70% of the revenues in the global oilfield services industry.
This statistic indicates that the offshore segment, representing activities related to oil and gas production in marine environments, generated a significant proportion of revenues within the global oilfield services industry. Specifically, 70% of total industry revenues were attributed to offshore operations, showcasing the substantial economic contribution of this sector. This suggests that companies providing services such as drilling, exploration, and production support in offshore locations played a dominant role in driving the financial performance of the oilfield services industry. The prominence of the offshore segment in revenue generation underscores the importance of activities conducted in marine environments and signifies the significant market share and business opportunities within this particular sector of the industry.
Digitization in oilfield services could unlock approximately $1.6 trillion of value for the industry, its customers, and society.
The statistic implies that the adoption of digital technologies and processes within the oilfield services sector has the potential to generate significant economic value amounting to approximately $1.6 trillion. This value encompasses benefits not only for the industry itself, in terms of cost savings, efficiency improvements, and revenue growth, but also for its customers who would experience enhanced services and productivity gains. Furthermore, the broader society stands to benefit through job creation, environmental sustainability, and overall economic growth. The statistic emphasizes the transformative power of digitization in driving innovation and competitiveness within the oilfield services industry, with far-reaching positive implications for various stakeholders.
Latin America holds the second-largest market share in the oilfield services industry with a share of 11.2% in 2020.
In 2020, Latin America accounted for the second-largest market share within the oilfield services industry, representing 11.2% of the total market. This statistic signifies the significant presence and contribution of Latin America to the global oilfield services sector. The region’s substantial market share highlights its importance in providing various services and technologies to support oil and gas exploration, extraction, and production activities. Latin America’s competitive position in the industry suggests strong capabilities, resources, and opportunities for both domestic and international companies operating within the region. This statistic underscores Latin America’s relevance and impact on the global energy market as a key player in the oilfield services sector.
The largest oilfield in the world, Ghawar in Saudi Arabia, can produce up to 5 million barrels of oil per day.
The statistic stating that the largest oilfield in the world, Ghawar in Saudi Arabia, can produce up to 5 million barrels of oil per day highlights the immense scale and significance of this particular resource. Given the global dependence on oil for energy production and various industries, the sheer capacity of Ghawar to supply such a substantial amount of oil daily underscores its pivotal role in meeting global demand. This statistic also emphasizes Saudi Arabia’s prominent position as a major player in the oil market, with Ghawar’s production capacity being a critical factor that can impact global oil prices, supply chains, and geopolitics.
By 2025, 20% of the workforce in the oilfield services industry is projected to be composed of digital and technology-centric roles.
This statistic indicates that there is a projected shift in the composition of the workforce in the oilfield services industry towards more digital and technology-centric roles by the year 2025. Specifically, it is estimated that 20% of the total workforce in this industry will be engaged in positions that are focused on digital technologies, automation, data analysis, and other related fields. This trend highlights the increasing importance of technological advancements in the oilfield services sector, signaling a move towards digital transformation and the adoption of innovative technologies to drive efficiency, productivity, and competitiveness within the industry. Companies in this sector may need to adapt to this changing workforce composition by upskilling or hiring individuals with expertise in digital and technology-centric roles to remain competitive in the evolving marketplace.
Exploration and production industry spending on oilfield services and equipment dropped 20% to $621 billion in 2020.
The statistic indicates that in the exploration and production industry, the spending on oilfield services and equipment experienced a significant decline of 20% in 2020, amounting to a total of $621 billion. This drop in spending suggests that companies within the industry scaled back their investments in services and equipment related to oilfield operations. Such a decrease can be attributed to various factors, including the impact of the COVID-19 pandemic on global oil demand, lower oil prices, and cost-cutting measures implemented by companies amidst economic uncertainties. This reduction in spending reflects the challenging economic conditions faced by the exploration and production sector in 2020, leading to a notable decline in investments in oilfield-related services and equipment.
The oilfield communication market is expected to grow at a CAGR of 8% from 2019 to 2024.
This statistic indicates that the oilfield communication market is projected to experience a Compound Annual Growth Rate (CAGR) of 8% between 2019 and 2024. A CAGR of 8% implies that the market size is estimated to increase by 8% on an annual basis over this period. This growth rate suggests a positive trend in the market, with increasing demand for communication solutions within the oilfield industry. Factors such as technological advancements, higher digital transformation initiatives, and the need for efficiency and safety in oilfield operations are likely to be driving forces behind this anticipated growth. Overall, this statistic highlights a favorable outlook for the oilfield communication market in the forecasted period.
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