Oilfield Equipment Market
Overview
The
increasing prices have surged the upstream activities in the oil industry. This
has resulted in an increased demand for the oilfield equipment market. In
recent times, oil and gas sector has been experiencing a significant downturn
owing to the continuous drop in the prices. These changes in the demand and
supply dynamics is estimated to accelerate the number of oil wells which, in
turn, has boosted the demand for oil field equipment market. Growing demand for
oil and gas is also likely to propel the demand in the Oilfield
Equipment Market. The oilfield service sector is entirely dependent on
upstream operations.
Oilfield
equipment are primary equipment applied for the growth of successfully explored
oilfields. These encompass a broad range of equipment that accomplish tasks
starting from drilling to well completion. The key functions of oilfield
equipment include data acquisition, drilling, well intervention, well
completion, well logging, flow control, pressure maintenance, and others. The global oilfield equipment
market is estimated to grow at 4.5% CAGR over the forecast period.
Oilfield equipment market is likely to develop owing to the factors such as
surging oil exploration, oil price recovery, increasing number of mature oil
wells, and field development activities. In April 2018, for instance, Carnarvon
Petroleum Ltd., Perth, had announced its strategies for redevelopment of
Buffalo oil field in the Timor Sea. The field lies within the jurisdiction of
East Timor following the signing of the Maritime Boundary Treaty with Australia
during the initial part of 2018.
Market Segmentation
Global oilfield equipment
market has been segmented based on type, region, and equipment. Based on
equipment the market is segmented into field production machinery, drilling
equipment, valves, pumps, and others. Out of these segments, drilling equipment
segments represent the key share owing to surging number of drilling projects
worldwide. Based on type, the market is segmented as drilling (drill collars,
drill pipe), pressure & flow control (valves, BOP, manifold). Drill pipe
segment represents the largest share of market owing to large drilling
activities in onshore and offshore. Also, shale production needs drill pipes as
a key set of equipment and the process has witnessed considerable growth over
the years.
Regional Analysis
North
America leads the oilfield equipment market. The U.S. represents the primary
share in the North America market. The progress in unconventional drilling
technologies have attracted huge outlays for oil and gas drilling projects.
Moreover, huge hydrocarbon reserves in the U.S. shale basins and increasing
instances of offshore drilling in the Gulf of Mexico, are propelling the growth
of the oilfield equipment market. Besides, prevalence of the key players in
this region has driven the market to a large extent. Europe and Asia Pacific
are the other key markets for oilfield equipment. Augmented demand for energy
owing to rapid industrialization coupled with urbanization from the emerging
economies such as China, Indonesia, and India, among others, are encouraging
the demand of the market in APAC region. Europe oilfield equipment market is
likely to be dominated by economies such as Norway, Russia, and U.K. The growth
of modern oil and gas exploration activities such as shale, is fueling the
demand in the Europe market. It is estimated to contribute substantially over
the forecast period.
Key Players
The
global oilfield equipment market has been dominated by key players such as
Weatherford International (U.S.), GE Oil and Gas (U.S.), Schlumberger (U.S.),
Pioneer Energy Services Corp. (U.S.), Superior Energy Services (U.S.), National
Oilwell Varco, Inc. (U.S.), C&J Energy Services Ltd. (U.S.), Halliburton
(U.S.), Expro International Group Holding Ltd. (UK), Basic Energy Services,
Inc. (U.S.), Oilserv (UAE), Wireline Engineering Ltd. (UK), SGS (Switzerland),
Gas and Petrochemical Business Unit (Switzerland), and ABB Oil.
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