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.
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.
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