Oilfield Equipment Market Research 2020 Trends, Competitive Analysis – 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.

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.

Oilfield Equipment Segments Market Analysis

The global oilfield equipment market research 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.