Oil Field Drilling Services in the US - Industry Market Research Report

Black gold: Demand for oil field services is projected to recover following broad economy recovery

The industry provides support services on a fee or contract basis to companies involved in oil extraction, mining and quarrying. Since the extraction of hydrocarbons dwarves that of any other mineral or energy source in the United States, most oil field drilling service companies are concerned with providing support services strictly to oil companies. Due to this relationship, the industry is exposed to numerous endogenous and exogenous factors that factor into the success of the Oil Drilling and Gas Extraction industry (report 21111). For example, rising hydrocarbon prices often yield an increase in demand for oil field drilling services as previously unprofitable sites become attractive to producers. Still, as prices dip, demand for oil field drilling services may recede as producers become more cautious regarding extracting resources in a low-priced environment and limit drilling to only the most profitable fields. Industry revenue has plummeted at a CAGR of 7.8% over the past five years and is expected to total $51.1 billion in 2023, when revenue will fall by an estimated 10.2%.

This industry provides oil field services to companies that explore, drill and produce oil.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.