South America 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 South America (SAM) is expected to grow from US$ 8,077.13 million in 2021 to US$ 10,994.61 million by 2028. It is estimated to grow at a CAGR of 4.5% from 2021 to 2028.

The SAM oilfield service market is propelled by increased exploration and production activities due to the rising energy demand. The rise in urbanization and industrialization and rapid technology improvements have contributed considerably to the market's growth. The upstream portion of the oil and gas business is exploration and production (E&P), and it encompasses the phases of search, exploration, drilling, and extraction. The exploration and production (E&P) sector is the first oil and gas production stage. Production and exploration activities are expanding due to the increased energy demand and profitable investment possibilities in the oil & gas sector.

In addition, recent discoveries in the Americas may increase the region's world-class geography for hydrocarbon development and production in the following years, providing significant new investment possibilities for exploration and production (E&P) firms. Advances include identifying and developing new subsurface potential (for instance, unconventional resources in Argentina and deep-water resources in Brazil) and introducing appealing access and tax regimes to stimulate new investments (for instance, new fiscal terms in Argentina and moves toward non-Petrobras operatorship in Brazil). As a result, the rising production and exploration activities in the oil & gas sector are driving the oilfield service market in this region.

South America Oilfield Service Market Revenue and Forecast to 2028 (US$ Million)

South America Oilfield Service Market Segmentation      

The South America 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 Brazil, Argentina, and the Rest of SAM. Brazil contributed a substantial share in 2020. 

Archer; Baker Hughes Company; Halliburton Energy Services, Inc; NOV Inc; Pioneer Energy Services Corp; Schlumberger Limited; and Weatherford International plc are the leading companies in the South America oilfield service market.

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

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