Oil & Gas Field Services in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: November 2023
NAICS 21311Revenue
$95.4bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
273k
Businesses
30,570
Wages
$XX.Xbn
Oil & Gas Field Services in the US industry analysis
Oil and gas field services providers have faced declines over the current period. The outbreak of COVID-19 led to considerable declines in oil and gas production and the need for oil and gas field services providers, with the number of oil and gas rigs operating plummeting in 2020. Oil and gas field services providers continued to face declines as the number of operating rigs did not return to pre-pandemic levels in 2021. As production began to ramp up to take advantage of favorable pricing as Russia’s invasion of Ukraine led to supply chain woes, oil and gas field services providers enjoyed strong growth in 2022 but did not recover from pandemic-induced declines. Oil and gas field services providers faced declines in 2023 despite climbing production as the number of operational rigs fell that year. Industry revenue has been falling at a CAGR of 5.0% over the current period to total an estimated $95.4 billion in 2023, including an estimated decrease of 4.2%, with profit set to climb to 20.4%.
Trends and Insights
- Technological growth has led to declines. The need for oil and gas field services providers has fallen as the adoption of efficient enhanced oil recovery techniques led to fewer rigs needed to produce a greater amount of fossil fuels.
- Oil extractors have decreased their dependence on field services providers. Hydraulic fracturing and horizontal drilling have made operational wells extremely productive, decreasing the need for field services providers.
- Texas is the energy capital of the world. It's home to numerous field service companies that help produce oil and gas.
- Contracts secured by companies are largely awarded on a competitive bid basis. Price competition is often the primary factor in determining which contractor is awarded a contract, although quality of service, operational and safety performance are also factors.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 5.0 % over the past five years, to reach an estimated $95.4bn in 2023.
Trends and Insights
The shale gas revolution
- The widespread adoption of hydraulic fracturing and horizontal drilling has contributed to a rapid outburst of crude oil and natural gas availability since the early 2000s.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Oil and gas prices are poised to fall
- Oil and gas field services demand hinges on upstream exploration and production activity. Oil and gas companies ramp up extraction when prices and demand are high.
Biggest companies in the Oil & Gas Field Services in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Halliburton Company | 5,780.2 | 685.2 | 11.9 | |
Schlumberger Limited | 4,266.3 | 587.1 | 13.8 | |
Technipfmc Plc | 3,031.1 | -817.5 | -27.0 |
To view the market share and analysis for all 49 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Oilfield support services, Oil drilling services and Natural gas well support services. Oilfield support services is the largest segment of the Oil & Gas Field Services in the US.
Trends and Insights
Increased efficiencies have hindered the need for oil drilling services and oilfield support services
- Oil drilling services include spudding, drilling, redrilling, tailing in, directional drilling, hydraulic fracturing and reworking oil and gas wells.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Oil Drilling & Gas Extraction in the US
- Coal Mining in the US
- Gold & Silver Ore Mining in the US
- Sand & Gravel Mining in the US
International industries
- Global Oil & Gas Exploration & Production
- Oil & Gas Field Services in Canada
- Petroleum Exploration in Australia
- Mineral Exploration in Australia
- Mining Support Services in Australia
Table of Contents
About this industry
Industry definition
Operators in this industry provide support services on a fee or contract basis to companies involved in oil and gas extraction, mining and quarrying. Industry operators may also provide services such as drilling, taking core samples and making geological observations at prospective work sites.
What's included in this industry?
Drilling oil and gas wellsSurveying wellsRunning, cutting and pulling casings, tubes and rodsCementing wellsPerforating well casingsAcidizing and chemically treating wellsCoal explorationMetal ore explorationNonmetallic mineral ore explorationContract miningCompanies
Halliburton CompanySchlumberger LimitedTechnipfmc PlcPurchase this report to view all 49 major companies in this industry.
Related Terms
SEMI-SUBMERSIBLE RIGHYDRAULIC FRACTURING (FRACKING)JACK-UP RIGDRILLSHIPWELL LOGGINGDRILLING RIGDAY RATEDAYWORK CONTRACTWORKOVERIndustry Code
NAICS 21311 - Oil & Gas Field Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Technological growth has led to declines. The need for oil and gas field services providers has fallen as the adoption of efficient enhanced oil recovery techniques led to fe...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Oil extractors have decreased their dependence on field services providers. Hydraulic fracturing and horizontal drilling have made operational wells extremely productive, dec...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Texas is the energy capital of the world. It's home to numerous field service companies that help produce oil and gas.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Contracts secured by companies are largely awarded on a competitive bid basis. Price competition is often the primary factor in determining which contractor is awarded a cont...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Schlumberger acquired Smith International in an $11.3 billion deal in 2010. This deal significantly boosted Schlumberger’s concentration within the oil and gas services indus...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Halliburton Company's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Schlumberger Limited's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Technipfmc Plc's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 46 additional companies
Detailed analysis
- Description and key data for Halliburton Company, and factors influencing its performance in the industry
- Description and key data for Schlumberger Limited, and factors influencing its performance in the industry
- Description and key data for Technipfmc Plc, and factors influencing its performance in the industry
- Description, key data and performance trends for 46 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Field service providers face a very high level of regulation and enjoy very little industry assistance. The level of regulation will continue to rise over the forthcoming yea...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit has climbed despite headwinds. While oil field service providers have faced revenue declines, the price of contracts won to provide services typically follow oil and g...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Oil & Gas Field Services in the US industry in United States in 2024?
The market size of the Oil & Gas Field Services in the US industry in United States is $95.4bn in 2024.
How many businesses are there in the Oil & Gas Field Services in the US industry in 2023?
There are 30,570 businesses in the Oil & Gas Field Services in the US industry in United States, which has declined at a CAGR of 0.9 % between 2018 and 2023.
Has the Oil & Gas Field Services in the US industry in United States grown or declined over the past 5 years?
The market size of the Oil & Gas Field Services in the US industry in United States has been declining at a CAGR of 5.0 % between 2018 and 2023.
What is the forecast growth of the Oil & Gas Field Services in the US industry in United States over the next 5 years?
Over the next five years, the Oil & Gas Field Services in the US industry in United States is expected to grow.
What are the biggest companies in the Oil & Gas Field Services in the US market in United States?
The biggest companies operating in the Oil & Gas Field Services market in United States are Halliburton Company, Schlumberger Limited and Technipfmc Plc
What does the Oil & Gas Field Services in the US in United States include?
Drilling oil and gas wells and Surveying wells are part of the Oil & Gas Field Services in the US industry.
Which companies have the highest market share in the Oil & Gas Field Services in the US in United States?
The company holding the most market share in United States is Halliburton Company.
How competitive is the Oil & Gas Field Services in the US industry in United States?
The level of competition is high and increasing in the Oil & Gas Field Services in the US industry in United States.
