Increased Crude Oil Prices, Focus on Self-Reliant Energy, and Increased Government Investment to Boost India Oilfield Services Market Through FY2031

According to Markets and Data Research report, “India Oilfield Services Market Assessment, By Region, Opportunities and Forecast, FY2017-FY2031F”, India oilfield services market was estimated at USD 628.99 million in FY2023, anticipated to reach USD 1613.85 million by FY2031, growing at a CAGR of 12.50% during the forecast period, FY2024-FY2031. India's oilfield services market showcases robust growth, reflecting the need to explore new oilfields.

India is expanding its energy exploration options with discoveries and exploration programs. The increased government investment and partnerships among government-owned brands and oilfield maintenance vendors fuel the market expansion. Sustainable extraction has become an ongoing trend in oil and gas exploration businesses. Furthermore, the government's offshore and onshore oil drilling regulations and businesses develop innovative solutions. Directional drilling, nitrogen services, well stimulation and intervention, hydraulic fracturing, and coiled tubing are some technological innovations in oilfield drilling and gas production. Businesses use these technical advancements to increase output and sustain the environment. Modern drones and IoT-enabled sensors have been incorporated into these procedures to provide real-time monitoring.

India is focusing on making the most of its fuel consumption through its reserves. In simple terms, the emerging economy is building its self-reliant infrastructure for oil and gas demands. India is the third biggest importer of oil and hence, plans to build and conserve its oil reserves. The depleting hydrocarbon reserves across the globe are pushing the demand for advanced exploration sites.

Spread through 128 pages, "India Oilfield Services Market" report includes an in-depth TOC, over 9 market data figures, the latest market developments, key drivers, and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

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Key Takeaways:

·    The increasing oil tariffs and import charges are projected to fuel the demand for oilfield services in India. The increased per capita income has fueled oil consumption, impacting India oilfield services market positively.

·    Indian government programs such as Atmnirbhar Bharat Mission are helping the energy exploration programs as government entities such as Indian Oil Corporation Limited, and Oil India Limited are expected to fuel the market growth.

·    As the on-field resources deplete, the focus on offshore exploration sites has dramatically increased. Higher oil output, lower risk of disaster, and government support for the offshore fuel application sector. A 7517 km of coastline in India including the mainland’s 6100 km delivering unparallel potential to offshore oil drilling in the country.

India's oilfield services market is segmented into the following categories:

By Type: Equipment Rental, Field Operation

By Services: Drilling Services, Pressure Pumping Services, Wireline Services, Others

By Application: Onshore, Offshore

By Region: North, South, West and Central, East

Growth in the market is likely to be fueled by government initiatives and regulations that facilitate the business climate for contractors. The government keeps an eye on every step of the process, from onshore pump jacks to offshore oil and gas platforms, including processing, storage, transportation, and refining. Government authorities have regulated the oil and gas drilling business over the years by introducing various policies. These include open acreage licensing, revenue sharing concept, and hydrocarbon exploration and licensing strategy. Additionally, the government oversees and controls the highly productive oil resources by giving market participants options for various uses, including offloading, floating storage, and transportation. Additionally, the government helps contractors, oil refiners, etc.

The offshore segment is predicted to grow at a respectable rate during the projected period based on the application. It is because there are significant hydrocarbon deposits beneath the bottom that are still undiscovered. Furthermore, as firms concentrate on developing technology to discover potential seabed that might contribute to rising energy demand, exploratory efforts are being limited because of the depletion of onshore oilfields.

Major Companies Operating in India's Oilfield Services Market Include:

• Oil and Natural Gas Corporation (ONGC)
• Jindal Drilling and Industries Limited
• Reliance Group
• Schlumberger India Technology Centre Pvt. Ltd.
• Halliburton India Operations Pvt. Ltd.
• Dynamic Drilling Company
• Asian Energy Services Ltd.
• Oil India Limited
• Cairn India Ltd
• Nabors Industries Ltd.
• Transocean Ltd.
• Fluor Daniel India Private Limited

A mix of government-owned and privately held companies make up the major competitors in India oilfield services market. Major companies rely on public-private partnerships and government procurement. To provide sustainable drilling choices, major firms in the industry innovate their drilling technology. Moreover, rivals cooperate, merge, and buy to improve their supply chain and broaden their service region. Additionally, businesses concentrate on implementing cutting-edge drilling technology to boost output while minimizing environmental damage. To expedite the discovery process, companies may partner with large international corporations.

For instance: In February 2023, the government owned ONGC stated that it is going to invest in offshore Western assets to increase oil and gas output. The company disclosed that it communicates with large international oil companies, including Equinor ASA, Chevron Corp., and Exxon Mobil Corporation.

“India Oilfield Services Market Assessment, 2016-2030F”, evaluates the future growth potential of India oilfield services market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in India oilfield services market.

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