Oilfield Equipment Market Research Report by Equipment
(Drilling Equipment, Field Production Machinery, Pumps, Valves),
Type (drilling (Drill Pipe, Drill Collars), Pressure & Flow control
(BOP, Valves, Manifolds), Region.
Global
Oil Field Equipment Market Research Report - Forecast to 2023
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.
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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.
Prominent Players Analysis
The key players of global wireline services 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.
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Oilfield
Equipment Segments Market 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.
Geographic
Analysis
By region, the global oilfield equipment market has
been segmented into North America, the Middle East & Africa (MEA), Europe,
and Asia Pacific (APAC).
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.
Industry
Updates
March
2019 Schlumberger, a global leader of technology for
reservoir characterization, drilling, production, and processing to the oil and
gas industry, and Rockwell Automation, provider of industrial automation and
information technology, have entered into a joint venture to create an oilfield
automation solutions provider called Sensia. Sensia would aid oil and natural
gas customers cut down costs and improve efficiencies on the oilfield. This
company will specialize in sensors and measurement technology.
Also Read more Info @ https://www.marketwatch.com/press-release/oilfield-equipment-market-2019-recent-developments-size-share-current-industry-trends-prominent-players-analysis-demand-and-forecast-to-2023-2019-04-22
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