Oilfield Equipment Market 2020 Report offers a professional and in-depth study on the current state of the Global Oilfield Equipment Market along with competitive landscape, Oilfield Equipment Market share and revenue forecasts 2023.
Oilfield Equipment Market
Overview
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.
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.
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.
Industry 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 fuelling 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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