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.
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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.
Also
Read more Info @ https://www.marketwatch.com/press-release/oilfield-equipment-market-2019-recent-developments-size-share-current-industry-trends-prominent-players-analysis-demand-and-forecast-to-2023-2019-04-22
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