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.
Also Read: https://www.marketwatch.com/press-release/oilfield-equipment-market-2020-current-trends-worldwide-overview-covid-19-impact-analysis-growth-insights-emerging-technologies-and-forecast-to-2023-2020-06-16
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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