GITNUX MARKETDATA REPORT 2024

Oilfield Services Industry Statistics

The Oilfield Services Industry involves companies that provide services and equipment to support oil and gas exploration, development, and production activities.

With sources from: grandviewresearch.com, researchandmarkets.com, fortunebusinessinsights.com, alliedmarketresearch.com and many more

Statistic 1

Total contribution of the oilfield services industry to the US GDP in 2019 was $237 billion.

Statistic 2

North America holds the biggest share of the oilfield services market with a 45.9% share in 2020.

Statistic 3

Revenue earned by the top 10 oilfield services companies was $231.4 billion in 2019.

Statistic 4

There was a 25% decline in the oilfield services sector in 2020 due to the COVID-19 pandemic.

Statistic 5

The global oilfield services market is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.

Statistic 6

The drilling services held the largest share of 53.6% in the oilfield services industry in 2020.

Statistic 7

Schlumberger, the largest oilfield services company, had a total revenue of $32.92 billion in 2019.

Statistic 8

China is expected to be the fastest growing oilfield services market during 2020-2057.

Statistic 9

About 61% of oilfield service companies planned to cut jobs across North America in 2020.

Statistic 10

The market size of the global oilfield equipment rental services industry was $17.2 billion in 2020.

Statistic 11

The global oilfield services market size was valued at $127.31 billion in 2020 and is expected to reach $143.8 billion by 2030.

Statistic 12

Production services constituted about 80% of the global oilfield services industry in 2020.

Statistic 13

The offshore segment accounted for 70% of the revenues in the global oilfield services industry.

Statistic 14

Digitization in oilfield services could unlock approximately $1.6 trillion of value for the industry, its customers, and society.

Statistic 15

Latin America holds the second-largest market share in the oilfield services industry with a share of 11.2% in 2020.

Statistic 16

The largest oilfield in the world, Ghawar in Saudi Arabia, can produce up to 5 million barrels of oil per day.

Statistic 17

By 2025, 20% of the workforce in the oilfield services industry is projected to be composed of digital and technology-centric roles.

Statistic 18

Exploration and production industry spending on oilfield services and equipment dropped 20% to $621 billion in 2020.

Statistic 19

The oilfield communication market is expected to grow at a CAGR of 8% from 2019 to 2024.

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In this post, we will explore a comprehensive overview of the oilfield services industry, examining key statistics that shed light on its significant contributions to the global economy. From revenue figures and market shares to projections for future growth, these statistics paint a vivid picture of the industry’s dynamics and challenges amidst evolving landscapes.

Statistic 1

"Total contribution of the oilfield services industry to the US GDP in 2019 was $237 billion."

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Statistic 2

"North America holds the biggest share of the oilfield services market with a 45.9% share in 2020."

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Statistic 3

"Revenue earned by the top 10 oilfield services companies was $231.4 billion in 2019."

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Statistic 4

"There was a 25% decline in the oilfield services sector in 2020 due to the COVID-19 pandemic."

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Statistic 5

"The global oilfield services market is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028."

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Statistic 6

"The drilling services held the largest share of 53.6% in the oilfield services industry in 2020."

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Statistic 7

"Schlumberger, the largest oilfield services company, had a total revenue of $32.92 billion in 2019."

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Statistic 8

"China is expected to be the fastest growing oilfield services market during 2020-2057."

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Statistic 9

"About 61% of oilfield service companies planned to cut jobs across North America in 2020."

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Statistic 10

"The market size of the global oilfield equipment rental services industry was $17.2 billion in 2020."

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Statistic 11

"The global oilfield services market size was valued at $127.31 billion in 2020 and is expected to reach $143.8 billion by 2030."

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Statistic 12

"Production services constituted about 80% of the global oilfield services industry in 2020."

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Statistic 13

"The offshore segment accounted for 70% of the revenues in the global oilfield services industry."

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Statistic 14

"Digitization in oilfield services could unlock approximately $1.6 trillion of value for the industry, its customers, and society."

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Statistic 15

"Latin America holds the second-largest market share in the oilfield services industry with a share of 11.2% in 2020."

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Statistic 16

"The largest oilfield in the world, Ghawar in Saudi Arabia, can produce up to 5 million barrels of oil per day."

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Statistic 17

"By 2025, 20% of the workforce in the oilfield services industry is projected to be composed of digital and technology-centric roles."

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Statistic 18

"Exploration and production industry spending on oilfield services and equipment dropped 20% to $621 billion in 2020."

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Statistic 19

"The oilfield communication market is expected to grow at a CAGR of 8% from 2019 to 2024."

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Interpretation

In conclusion, the oilfield services industry plays a significant role in the global economy, with the US leading in contributions to the GDP. Despite facing challenges such as the COVID-19 pandemic and workforce adjustments, the industry is poised for growth, especially in regions like North America and China. The shift towards digitization presents opportunities for value creation, while segments like drilling services and production services continue to dominate the market. As the industry evolves, it will be crucial for companies to adapt to technological advancements and changing market dynamics to stay competitive and drive sustainable growth.

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