ID: MRFR/E&P/0883-HCR | February 2021 | Region: Global | 120 pages
Oilfield equipment market is expected to expand at ~4.5% CAGR during the forecast period.
Oilfield equipment market is expected to expand due to various factors that drive the market. The factors include, oil price recovery, increasing oil exploration and field development activities, rising number of mature oil wells. For instance, in April 2018, Carnarvon Petroleum Ltd., Perth, has announced its plans for redevelopment of Buffalo oil field in the Timor Sea. The field now lies completely within the jurisdiction of East Timor following the signing of the Maritime Boundary Treaty with Australia earlier this year.
Global Oilfield Equipment Market
Global oilfield equipment market is expected to observe phenomenal growth during the forecast period owing to increasing exploration and drilling activities and recovery of oil prices after price shock of 2014. North America region held the largest market share in oilfield equipment market. In North America region exploration activities and rock study activities for shale oil, oil sands, and carbonate rocks are rising. For instance the production from shale oil in 2017 was 4.67 million barrels, which contributed half of the total oil produce from U.S. Asia Pacific and Africa region are likely to lead to the growth of oilfield equipment market. Major growth is attributed to the discoveries in Gulf of Thailand, and South China Sea from Asia Pacific and Mediterranean Sea and Egypt desert from Africa.
The key players of global oilfield equipment market are GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK), Wireline Engineering Ltd. (UK), Oilserv (UAE), SGS (Switzerland), ABB Oil, and Gas and Petrochemical Business Unit (Switzerland) are among others.
The global oilfield equipment market is expected to expand at ~4.5% CAGR during the forecast period.
Global oilfield equipment market is segmented on the basis of equipment, type and region. Based on equipment the market is further segmented into Drilling Equipment, Field Production Machinery, Pumps, Valves, Others. Amongst these segments, drilling equipment segments holds the largest share due to increased number of drilling projects across the globe. On the basis of type, market is classified as drilling (Drill Pipe, Drill Collars), Pressure & Flow control (BOP, Valves, Manifold). Drill Pipe segment accounts for the largest market share due to large drilling activities in offshore and onshore. Also, shale production, which requires drill pipes as an essential set of equipment, has witnessed growth.
The rising prices have boosted the upstream activities in oil industry. This has resulted in a rise in demand for the Oilfield Equipment market. In recent times oil and gas has been witnessing a significant downturn due to the continuous fall in the prices. These changes in the supply and demand dynamics is expected to raise the number of oil wells thus, resulting in boosting the oil field Equipment market. Increasing demand for oil and gas is also expected to fuel the demand in the oilfield Equipment market.
The oilfield service industry is completely dependent on upstream operations thus, in this scenario, it will be profited. Oilfield equipment are elementary equipment used for the development of successfully explored oilfields. These include a wide range of equipment that perform the functions starting from drilling to well completion. The main functions of oilfield equipment include drilling, data acquisition, well intervention, well logging, well completion, pressure maintenance, flow control, and others.
|Market Size||2027: Significant Value|
|CAGR||4.5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment and Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GE Oil and Gas (U.S.), Weatherford International (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK), Wireline Engineering Ltd. (UK), Oilserv (UAE), SGS (Switzerland), ABB Oil, and Gas and Petrochemical Business Unit (Switzerland)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global oil field equipment market is expected to record a substantial market valuation due to the increasing prices which are driving upstream activities in the oil and gas industry.
The global oil field equipment market is projected to register a moderate 4.5% CAGR in the forecast period.
The pressure and flow control segment is slated to expand as the fastest-growing segment.
The drilling equipment segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global oil field equipment market are Oilserv (UAE), SGS (Switzerland), Gas and Petrochemical Business Unit (Switzerland), and ABB Oil, among others.