Asia Pacific Onshore Oilfield Services Market Size (2022-2027):

The Asia Pacific Onshore Oilfield Services Market is expected to grow at a CAGR of 7.12% during the forecast period and generate USD 22,000 million in 2022, which is expected to reach a value of 37,000 million by 2027.

Market Overview:

The Oilfield Services Industry describes all goods and services related to the search for and extraction of oil and gas, or the upstream sector of the energy business. These businesses often manufacture, repair, and maintain machinery used in the transportation and extraction of oil. A new abundance of natural gas has emerged due to shale gas development. As a result, extraction technology has advanced; thus, it will likely take over the predicted future. The equipment and services represent an expansive and profitable market for upstream machinery, parts, and other supplies. Drilling rigs for use on land and at sea, power systems, tools for casting cement, centrifuges, generators, turbines, and engines, as well as blowers, down-hole tools, water injection pumps, gas injection pumps, and other devices, are all included in the equipment. From a financial standpoint, the sector's viability depends entirely on technical know-how and effective production methods. In addition, it is anticipated that the discovery of new oilfields, mergers, acquisitions, and recent licenses and product launches will provide sizable potential in this industry. However, the market growth is restrained by stringent government controls on exploration and production (E&P) activities, price variations in crude oil, and a lack of competent workers.

Market Drivers and Restraints:

Unconventional oil and gas fields are being investigated to meet the demand, especially in transportation, power generation, and other industries. For instance, it was very expensive to extract oil and gas from bituminous sand and shale. On the other side, new technologically advanced techniques have reduced the cost. Due to the benefits of high accuracy, precision, and single-diameter holes, laser drilling techniques are becoming more and more popular in the oil and gas sector. Regions' oilfield projects are becoming more competitive due to increased efficiencies and tighter supply chains. The demand from the shale industry mostly drove the region's demand for OFS. In addition, the use of oil and gas for electricity production has increased due to the increased demand for energy, particularly from the APAC region. The demand for oil and gas, a key raw resource for power production firms, is fuelled by factors including the expanding population and industrial development. The primary barrier to the oilfield was the initial expense, which included labor, equipment, research, and the ability to function in a challenging and remote area. Among the reasons that could impede the expansion of the offshore sector of the oilfield services industry are the significant use of unconventional fuels in the production of crude oil and the increase in energy prices. Also, the oilfield services market suffers due to the suspension of drilling operations and the delays in new investments and projects caused by the rising price of oil. The development trend is predicted to continue, supported by continued exploration in developing provinces and numerous encouraging high-impact wells aiming for potentially millions of dollars in resources. The oil & gas industry's services sector has attractive potential due to recent oil field discoveries, which is driving the market's expansion over the forecast period. Oilfield services R&D spending and technical development are expected to open up a lot of chances for industry participants. It is challenging to operate at peak efficiency without high-quality equipment. Smooth and effective operations are ensured by well-planned, maintained, and managed assets. IoT devices can deliver successful asset management, including proactive maintenance, equipment monitoring from a distance, and business process automation. These disciplines impact the integrity of the equipment and infrastructure, and best practice facilities have extensive, completely integrated IoT systems. Environmental rules are becoming more stringent due to the oil and gas industry's enormous use of energy and water resources. This forces them to reconsider their extraction, manufacturing, and distribution processes to obtain or keep their operating license.

ASIA PACIFIC ONSHORE OILFIELD SERVICES MARKET REPORT COVERAGE:

Market Segmentation:

Asia Pacific Onshore Oilfield Services Market - By Service Type:

• Well InterventionPressure Pumping
• Well Completion
• Drilling and Completion of fluids
• Coiled tubing services
• Wireline services
• Others

Oil well completion services are the post-drilling tasks required for extracting oil and gas. The process of completion planning entails deciding on and setting up the necessary tools, materials, production line tubing dimensions, production intervals, and lastly, deciding on the method of formation fluid production. Well-completion services aim to run tubing to extend the well's life and make maintenance easier while stimulating the well to maximum production. The well-completion services market is expanding due to rising demand for high oil production from the production site and shale gas price inflation. A significant portion of the Onshore Oilfield Services Market is anticipated to be occupied by the drilling services sector throughout the forecast period due to increased deep-water exploration and production operations, improved efficiency, and rising technological investment. However, because of the increasing need for good preparation for petroleum production, it is predicted that the completion services segment will increase quickly during the forecast period. Following drilling and well completion, the pressure pumping services category held the second-largest proportion of the oilfield services market. This market is expanding due to new oil wells, ongoing technological advancement, and mandated standards for safe and effective oil well operations.

Asia Pacific Onshore Oilfield Services Market - By Application:

• Onshore
• Offshore

Due to newly discovered wells, increased demand for natural gas and crude oil, and increased investments in the oil and gas industry, the onshore segment is anticipated to hold a significant portion of the market throughout the forecast period. Onshore oilfield services are those provided to the onshore oil well production sites for good upkeep, intervention, completion, production, supply, and logistical support. This onshore oilfield services market segment is expanding primarily due to variables like rising new oil well finds and rising global output of earth oil. Oil well maintenance is simpler and easier with conventional land drilling than water drilling. It will have a lot of chances as a result of this rising demand. Most oilfields are onshore, which is the main benefit of onshore services.

Asia Pacific Onshore Oilfield Services Market - By Country:

• China
• India
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Indonesia
• Philippines
• Vietnam
• Singapore
• Rest of APAC

The fastest growth will be seen in the Asia Pacific, which includes China, India, Korea, Japan, and the rest of Asia. It is anticipated that factors including consistent oil production, rising oil rig counts, and expanding offshore activities in China will propel the oilfield services market in this area. The oilfield service firms in APAC should anticipate benefiting from these trends of rising oil output and rig counts. The country with the most crude oil production was China. China National Offshore Oil Corporation (CNOOC), a state-owned oil and gas firm in China, intends to drill 140 exploration wells.

Additionally, China is implementing regulations to raise the amount of gas and decrease the share of coal in the overall energy mix due to concerns about air pollution and the environment. Therefore, it is anticipated that China will lead the demand for oilfield services in the Asia-Pacific with growing exploration and production activities supported by government efforts. Similarly, the Indian state-owned oil and gas business Oil and Natural Gas Corporation Limited (ONGC) has discovered natural gas in the Gulf of Kutch and plans to begin production in two to three years. The number of oil rigs has also been rising.

Market Key Players:

1. Schlumberger Limited
2. Baker Hughes GE
3. Halliburton Company
4. Weatherford International
5. China Oilfield Services Limited (COSL)
6. Basic Energy Services
7. Superior Energy Services, Inc.,
8. FMC Technologies, Inc.,
9. Weir Oil & Gas
10. National Oilwell Varco
11. Oil States International, Inc.,