Asia Pacific Oilfield Service Market Forecast to 2028 – COVID-19 Impact and Analysis – by Application (Onshore and Offshore) and Service Type (Well Completion, Wire line, Artificial Lift, Perforation, Drilling and Completion Fluids, and Others) 

The oilfield service market in Asia Pacific is expected to grow from US$ 21,195.08 million in 2021 to US$ 34,264.84 million by 2028. It is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

The trapped shale gases cannot easily flow into the well due to the limited permeability of shale rocks. Oil and gas firms use hydraulic fracturing and other stimulation operations to improve the permeability of shale formations and generate trapped shale gases. Shale gas emits less carbon than coal, which makes it a greener energy option among many economies that rely on coal as an energy source.

Shale gas production has resulted in a new abundance of natural gas supply. Due to advancements in extraction technology, it is likely to take up the anticipated future. China has the most shale reserves, with a sizable portion of its output coming from the Sichuan Basin near Chongqing.

According to China National Energy Administration, with new drilling instruments and shale gas exploration techniques, the country intends to increase output to 30 billion cubic meters by 2020 and 80–100 billion cubic meters per year by 2030. Therefore, the continuous growth of shale basins in key nations, such as China, is bolstering the growth of the APAC oilfield services market.

Asia Pacific Oilfield Service Market Revenue and Forecast to 2028 (US$ Million)

Asia-Pacific Oilfield Service Market Segmentation           

The Asia Pacific oilfield service market is analyzed on the basis of application, service type, and country. Based on application, the market is bifurcated into onshore and offshore. In 2020, the onshore segment held the largest share in the market.

Based on service type, the market is segmented into well completion, wireline, artificial lift, perforation, drilling and completion fluids, and others. In 2020, the others segment held the largest share in the market.

Similarly, based on country, the market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China contributed a substantial share in 2020. 

Archer; Baker Hughes Company; Halliburton Energy Services, Inc; NOV Inc; Schlumberger Limited; Weatherford International plc; and Wireline Services Group are the leading companies in the Asia Pacific oilfield service market.

1. Archer
2. Baker Hughes Company
3. Halliburton Energy Services, Inc
4. NOV Inc
5. Schlumberger Limited
6. Weatherford International plc
7. Wireline Services Group

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• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth Asia-Pacific market trends and outlook coupled with the factors driving Oilfield Service Market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution