Growth of Oilfield Services Market to be Impacted by Technological Innovations| Technavio

The market will accelerate at a CAGR of 3% between 2019-2023

Technavio has announced its latest market research report titled global oilfield services market 2019-2023 (Graphic: Business Wire)

LONDON--()--The report, global oilfield services market has been added to Technavio’s catalog. It provides a comprehensive analysis of the market, including its global and regional market share as well as market segmentation based on applications and geography for the forecast period 2019-2023.

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This report on the oilfield services market includes:

Oilfield services market analysis and forecast 2019-2023: Features

  • Competitive landscape
  • Market segmentation
  • Applications
  • Geography
  • Market drivers
  • Market trends
  • Market challenges
  • Five forces analysis
  • Market landscape
  • Market sizing & forecast

Oilfield Services Market 2019-2023: Competitive Landscape

  • Vendors covered
  • Vendor classification
  • Baker Hughes
  • Halliburton
  • National Oilwell Varco
  • Schlumberger
  • Weatherford

Oilfield Services Market 2019-2023: Geographic Landscape

  • Americas - Market size and forecast 2018-2023
  • EMEA - Market size and forecast 2018-2023
  • APAC - Market size and forecast 2018-2023

Oilfield Services Market 2019-2023: Application

  • Onshore - Market size and forecast 2018-2023
  • Offshore - Market size and forecast 2018-2023

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Rise in unconventional oil and gas resources will drive the oilfield services market

Over the years, there has been a significant rise in the extraction of unconventional energy resources such as crude oil and natural gas that are found in shale formations, tight oil formations, and oil sands. Countries such as the US, Canada, China, and India have shown considerable interest in these unconventional reserves to limit their dependency on imported oil and gas. Increase in the drilling and production of crude oil from unconventional sources is due to technological innovations that have bought down the cost for drilling from tight formations. All these factors are expected to boost the oilfield services market growth during the forecast period.

Technological innovations to drive productivity in oilfield services market– An emerging trend in the oilfield services market

Oilfield service providers are increasingly looking for new innovations and technical breakthroughs to drive productivity and profitability, as the oilfield services industry is facing pricing pressures from oilfield operators and E&P companies. They are driving productivity by automating oilfield processes and equipment, investing in high-performance tools and systems, and using the data-driven approach to optimize activities such as exploration, drilling, and production. Thus, the use of innovative technologies by oilfield service providers will drive the growth of the market.

Other Key Topics Covered in the Report are:


  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis



  • Market definition
  • Market sizing 2018
  • Market size and forecast 2018-2023


Get Full Report:




  • Market drivers
  • Market challenges

Market Trends

  • Technological innovations to drive productivity in oilfield services market
  • Consolidation in the oilfield services industry
  • Well operators opting for extended-reach drilling technologies

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200


Release Summary

The report, global oilfield services market has been added to Technavio’s catalog.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200