LONDON--(BUSINESS WIRE)--The global oilfield services market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global oilfield services market is the rise in unconventional oil and gas resources. 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 the 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. The key difference in the conventional and unconventional sources of energy is the permeability of gas distribution. Unconventional sources lag in permeability when compared with conventional sources that have high permeability.
As per Technavio, the increasing consolidation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oilfield services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
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Global oilfield services market: Consolidation in the oilfield services industry
Companies in the oilfield services industry are focusing on adapting to the volatile price environment and are striving to expand their scale of operations. Therefore, several companies are forming strategic alliances and are more involved in M&A activities even after the oil prices started recovering in 2016. Consolidation is expected to play a pivotal role in expanding geographic and service portfolios. With companies looking to diversify their businesses, bring in new technological advances, and expand their geographic presence, the consolidation among vendors is expected to increase. This will fuel the growth of the market during the forecast period.
“Apart from the rise in unconventional oil and gas resources, factors such as the increase in number of deep-water and ultra-deep-water drilling projects, and the growth in oil and gas demand will fuel the growth of the global oilfield services market during the forecast period,” says an analyst from Technavio.
Global oilfield services market: Segmentation analysis
This market research report segments the global oilfield services market by application (onshore, and offshore), and geographical regions (APAC, EMEA, and the Americas).
The Americas region led the market in 2018, followed by EMEA and APAC respectively. Although the APAC region held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period.
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