$46.4bn
$X.Xbn
74,419
11,153
$X.Xbn
Oil and gas field service operators in Canada have experienced volatile market conditions throughout 2023. World commodity prices performed well throughout the reporting period. However, a fall in natural gas and crude oil prices adversely affected revenue in 2020 and 2023. This decrease in revenue can be mainly attributed to the COVID-19 pandemic and other geopolitical tensions that caused the collapse in oil and gas demand and prices. As economic conditions improved from the peak of the pandemic, demand for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, IBISWorld forecasts revenue has been increasing at a CAGR of 4.9% over the past five years, reaching an estimated $46.4 billion in 2023. This includes a 17.6% decline in 2023 alone, when profit is projected to reach 10.7%. The decline in 2023 can be mainly attributed to uncertain geopolitical tensions from Russia's invasion of Ukraine, which caused global sanctions on Russian oil.
Industry revenue has grown at a CAGR of 4.9 % over the past five years, to reach an estimated $46.4bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Schlumberger | 2,277.8 | 448.4 | 19.7 | |
Baker Hughes Company | 900.2 | 81.8 | 9.1 | |
Weatherford International PLC | 330.6 | 52.8 | 16.0 |
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Industry revenue is measured across several distinct product and services lines, including Oil and gas exploration drilling, Oil development drilling and Gas development drilling. Oil and gas exploration drilling is the largest segment of the Oil & Gas Field Services in Canada.
Demand for gas drilling services grows second fastest
Operators in the Oil and Gas Field Services industry in Canada provide support services to oil and gas extraction companies and mining and quarrying companies. These services include drilling, reserve estimates, pressure pumping, cementing and well maintenance.
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NAICS 213111 - Oil & Gas Field Services in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
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Alberta has a majority share of all establishments. Since Alberta is one of Canada's most resource-rich provinces, most establishments are located in northern Alberta.
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Contracts secured by oil and gas field service providers are largely awarded on a competitive bid basis. Price competition is often the primary factor in determining contract...
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Companies are investing in improving the current infrastructure. Since oil and gas field services are costly to maintain and operate, companies are focused on improving their...
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Oil and gas field service providers experience a very high level of regulation and very little industry assistance. The level of regulation will continue to rise over the for...
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Wages represent one of the industry’s largest expenses. The Mining sector is experiencing a lack of new labourers entering the workforce.
Including values and annual change:
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Key data sources in Canada include:
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:
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.
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.
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The market size of the Oil & Gas Field Services industry in Canada is $46.4bn in 2024.
There are 11,153 businesses in the Oil & Gas Field Services industry in Canada, which has declined at a CAGR of 4.7 % between 2018 and 2023.
The market size of the Oil & Gas Field Services industry in Canada has been growing at a CAGR of 4.9 % between 2018 and 2023.
Over the next five years, the Oil & Gas Field Services industry in Canada is expected to decline.
The biggest companies operating in the Oil & Gas Field Services market in Canada are Schlumberger, Baker Hughes Company and Weatherford International PLC
Exploration drilling and Development drilling are part of the Oil & Gas Field Services industry.
The company holding the most market share in Canada is Schlumberger.
The level of competition is high and steady in the Oil & Gas Field Services industry in Canada.