Oil Field Equipment Market -Overview
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 Market Research 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.
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.
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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