The global oilfield equipment
market is demonstrating an ascending growth rate due to rapid onshore oil
exploration activities. The pressure on OPEC countries for increasing their
extraction rate is likely to fuel the demand for oil field equipment. However, due
to low investments, offshore exploration has a less promising outlook. Market
Research Future has asserted that the oilfield equipment is set to capture a
CAGR of 4.5% over the forecast period.
Major oilfield equipment
market players such as Schlumberger, Halliburton, and Baker Hughes have
witnessed a surge in their earnings recently which had been dampened by the
2014 oil price crash. The demand for oilfield equipment has been lifted by the
recovery of the drilling frenzy in North America. Shale gas exploration is
likely to continue expanding in North America, and the Gulf of Mexico also
shows promising prospects for the growth of the oilfield equipment market, with
several substantial discoveries in the Norphlet reservoir.
Industry Highlights
The recovery of the industry
based on the operations of various drilling contractors who are upgrading their
oilfield equipment portfolios is exp[ected to boost the market. Industry
participants are investing massively to improve recovery and productivity of
equipment which is likely augmenting the growth of the market.
The emergence of oilfield
rental equipment service is seen as a threat to the oilfield equipment market.
Rental services help in the reduction of capital expenditure associated with
oilfield equipment and are being increasingly opted by oil explorers who are
likely to constrain the market for oilfield equipment. Moreover, shifting focus
on renewable energy and stringent government regulations pertaining to drilling
activities is estimated to trim the growth of the market over the forecast
period. However, the discovery of various new oil reserves is anticipated to
provide an opportunity for market expansion in the coming years.
Segmental Analysis
The global oilfield equipment
market has been segmented based on type and equipment. By type, the oilfield
equipment market has been segmented into drilling and pressure flow control.
The drilling segment has been further segmented into drill pipe, and drill
collars flow. The pressure and flow control segment has been further segmented
into BOPs, Valves, and manifolds. On the basis of equipment, it has been
segmented into drilling equipment, field production machinery, pumps &
valves, and others.
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Regional Analysis
By region, the global oilfield
equipment market has been segmented into North America, the Middle East &
Africa (MEA), Europe, and Asia Pacific (APAC).
Rigorous shale gas exploration
activities have uniquely positioned North America as the leading market for
oilfield equipment. Extensive rock study activities for shale oil, oil sands,
and carbonate rocks are also on the rise. Moreover, a substantial number of
market players are based in North America which gives the region unprecedented
leverage over others. The APAC and Africa markets are slated to showcase rapid
growth over the forecast period. The discoveries in the Gulf of Thailand and the
South China Sea from the Asia Pacific and the Mediterranean Sea and Egypt
desert from Africa are likely to provide massive growth opportunities to the
markets in these regions. Moreover, due to fast-track urbanization and
industrialization in the developing countries of these regions, there is
towering demand for energy which is expected to reflect positively on the
growth of the market.
Competitive Analysis
Schlumberger (U.S.), SGS
(Switzerland), Weatherford International (U.S.), C&J Energy Services Ltd.
(U.S.), Basic Energy Services, Inc. (U.S.), Superior Energy Services (U.S.),
Expro International Group Holding Ltd. (UK), ABB Oil, and Gas and Petrochemical
Business Unit (Switzerland), Wireline Engineering Ltd. (UK), GE Oil and Gas
(U.S.), Halliburton (U.S.), Pioneer Energy Services Corp. (U.S.), Oilserv
(UAE), and National Oilwell Varco, Inc. (U.S.) are the distinguished players in
the global oil field equipment market.
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