India Oilfield Services Market Forecast and Opportunities, 2028

India Oilfield Services Market

Increasing investments in oil and gas and growing deep-water projects in India will propel the India Oilfield Services Market.

The TechSci Research’s report, India Oilfield Services Market is projected to reach USD 1133.46 million by 2028 at a CAGR of 12.70%. This growth is driven by the escalating energy demand and increased oil and gas exploration and production activities.

In 2022, onshore oilfield services dominated with an 84.31% market share due to the abundance of rigs in the country. The rise in deep-water projects offers significant growth opportunities. India’s petroleum consumption, currently at 5 million barrels per day, grows at 3%, exceeding the global average.

Equipment rental leads the market in terms of type due to high machinery maintenance costs. Drilling services, with a 39.49% market share in 2022, dominate the services segment. Innovative drilling techniques, including horizontal and multilateral drilling, drive this growth.

The onshore segment dominates application with an 84.31% market share in 2022, driven by increased onshore drilling activities. The West region leads with a 46.01% market share, with significant investments from companies like ONGC and Reliance Industries.

The Association of Indian Oilfield Service Providers (AIOSP) aims to strengthen the Indian oilfield services industry. However, challenges like overseas competition and procurement policy limitations pose obstacles to market implementation.

Browse over 38 market data Figures and 11 Tables spread through 115 Pages and an in-depth TOC on “ India Oilfield Services Market.”

Key market players in the India Oilfield Services Market include:

  • Schlumberger India Technology Centre Private Limited
  • Asian Energy Services Limited
  • HSL Asia Limited
  • Alphageo (India) Limited
  • Halliburton India Operations Pvt. Ltd.
  • OGD Services Limited
  • Petrofac Engineering Services India Private Limited
  • Baker Hughes Oilfield Services India Private Limited
  • Oil States Industries (India) Private Limited
  • Fluor Daniel India Private Limited.

In FY2021–22, India’s natural gas consumption reached 63.9 BCM and petroleum product consumption stood at 204.23 MMT, marking increases of 5.1% and 5% respectively compared to FY2020–21. By 2030, India’s oil demand is expected to surge by 50% to 7.2 MBD from 4.8 MBD in 2019, surpassing the global growth rate of 7%. Similarly, India’s natural gas demand is forecasted to triple to 133 BCM by 2030 from 64 BCM in 2019, representing a 12% increase compared to the global average.

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“India’s Oilfield Services Market is poised for growth, driven by factors such as increasing deep-water projects, rising production and exploration activities in the oil and gas industry, and growing oil and gas consumption in the country. Technological advancements by service providers are expected to significantly boost oilfield services and oil and gas plant operations, enhancing operational efficiency and productivity. The market presents lucrative opportunities, particularly in deep-water and ultra-deepwater drilling projects. Stable crude oil prices have further improved profit margins in the drilling and production industries,” stated Mr. Karan Chechi, Research Director at TechSci Research.

TechSci Research’s report, “India Oilfield Services Market By Application (Onshore, Offshore), By Type (Equipment Rental and Field Operation), By Services (Drilling Services, Pressure Pumping Services, Wireline Services, Cementing Services, Mud Engineering and Drilling Waste Management Services), By Region, Competition, Forecast and Opportunities, 2028,” assesses the market’s future growth potential. It offers insights into market structure, size, share, and future growth trends, aiming to provide actionable market intelligence for investment decisions. The report also identifies and analyzes emerging trends, drivers, challenges, and opportunities in the India Oilfield Services Market.

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