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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