Global Oilfield Equipment Market 2020 by Current & Upcoming Trends and Global Forecast to 2023

Global 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. 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.

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.

Oilfield Equipment 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.

Based on type, the market is segmented as drilling (drill collars, drill pipe), pressure & flow control (valves, BOP, manifold).

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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Oilfield Equipment Market Research 2020 Growth Potential, Trends, Company Profiles, Global Expansion and Forecasts 2023

Oil Field Equipment Market -Overview

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 Market Research 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.

The recovery of the industry based on the operations of various drilling contractors who are upgrading their oilfield equipment portfolios is exp[ected to boost the market. Industry participants are investing massively to improve recovery and productivity of equipment which is likely augmenting the growth of the market.

The emergence of oilfield rental equipment service is seen as a threat to the oilfield equipment market. Rental services help in the reduction of capital expenditure associated with oilfield equipment and are being increasingly opted by oil explorers who are likely to constrain the market for oilfield equipment. Moreover, shifting focus on renewable energy and stringent government regulations pertaining to drilling activities is estimated to trim the growth of the market over the forecast period. However, the discovery of various new oil reserves is anticipated to provide an opportunity for market expansion in the coming years.

Segmental 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.

Regional Analysis

By region, the global oilfield equipment market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

Rigorous shale gas exploration activities have uniquely positioned North America as the leading market for oilfield equipment. Extensive rock study activities for shale oil, oil sands, and carbonate rocks are also on the rise. Moreover, a substantial number of market players are based in North America which gives the region unprecedented leverage over others. The APAC and Africa markets are slated to showcase rapid growth over the forecast period. The discoveries in the Gulf of Thailand and the South China Sea from the Asia Pacific and the Mediterranean Sea and Egypt desert from Africa are likely to provide massive growth opportunities to the markets in these regions. Moreover, due to fast-track urbanization and industrialization in the developing countries of these regions, there is towering demand for energy which is expected to reflect positively on the growth of the market.

Competitive Analysis

Schlumberger (U.S.), SGS (Switzerland), Weatherford International (U.S.), C&J Energy Services Ltd. (U.S.), Basic Energy Services, Inc. (U.S.), Superior Energy Services (U.S.), Expro International Group Holding Ltd. (UK), ABB Oil, and Gas and Petrochemical Business Unit (Switzerland), Wireline Engineering Ltd. (UK), GE Oil and Gas (U.S.), Halliburton (U.S.), Pioneer Energy Services Corp. (U.S.), Oilserv (UAE), and National Oilwell Varco, Inc. (U.S.) are the distinguished players in the global oil field equipment market.

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Oilfield Equipment Market 2019 Growth Opportunities, Growth Opportunities and Regional Trends by Forecast to 2023 | MRFR

Oilfield equipment market is expected to expand due to various factors that drive the market. The factors include, oil price recovery, increasing oil exploration and field development activities, rising number of mature oil wells. For instance, in April 2018, Carnarvon Petroleum Ltd., Perth, has announced its plans for redevelopment of Buffalo oil field in the Timor Sea. The field now lies completely within the jurisdiction of East Timor following the signing of the Maritime Boundary Treaty with Australia earlier this year.

The oilfield service industry is completely dependent on upstream operations thus, in this scenario, it will be profited. Oilfield equipment are elementary equipment used for the development of successfully explored oilfields. These include a wide range of equipment that perform the functions starting from drilling to well completion. The main functions of oilfield equipment include drilling, data acquisition, well intervention, well logging, well completion, pressure maintenance, flow control, and others.

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Segmental Analysis

Global oilfield equipment market is segmented on the basis of equipment, type and region. Based on equipment the market is further segmented into Drilling Equipment, Field Production Machinery, Pumps, Valves, Others. Amongst these segments, drilling equipment segments holds the largest share due to increased number of drilling projects across the globe.

On the basis of type, market is classified as drilling (Drill Pipe, Drill Collars), Pressure & Flow control (BOP, Valves, Manifold). Drill Pipe segment accounts for the largest market share due to large drilling activities in offshore and onshore. Also, shale production, which requires drill pipes as an essential set of equipment, has witnessed growth.

Regional Outlook

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.

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Prominent Players

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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