Oilfield Equipment Market Report – Global Industry Overview and Analysis 2021

  • Analysis
  • 13-May-2016

Oilfield equipment is used in the extraction and exploration of gas & crude oil from oil reservoirs and wells.  Oil equipment includes production equipment, power equipment, support equipment, drilling and supply equipment.  Consistent technological innovations in tools for improved recovery, higher production and better performance is anticipated to fuel the oilfield equipment market growth in the near future. Oilfield equipment incorporates advance techniques and technology in the extraction process and is vital part for any oilfield. These equipment are very effective in extraction in allotted timeframe and hence play a major role for the supplier and manufacturer to meet the demand of consumer by doing on-time delivery.

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Rising energy demand from emerging economies is the major driving force for oilfield equipment market. Consumer shifting preference towards the unconventional resources of energy such as US shale gas is also anticipated to boost market demand over the forecast period. However, high costs of equipment may hinder the market growth particularly in low price scenario of gas and crude oil over the coming years.

Oilfield equipment market is segmented on the basis of product into pump & valves, drilling equipment, field production and others. Drilling equipment are used to perform basic drilling function for exploration of gas & oil from the oil reservoirs. Drilling equipment are the leading product segment and is expected to grow at a significant rate owing to growing demand of the drilling process for each and every extraction in the near future. Increasing demand of pump and valves for transport and supply purposes along with growing demand for pipelines is likely to augment market growth of this segment over the coming years.

Growing demand from end user industries is also expected to bolster the market demand for oilfield equipment over the forecast period. Additionally, rising application of enhanced tools and techniques for better performance in extraction is expected for robust industry growth in the near future. Continuous growing demand for petroleum by end user industries is also projected to have a positive impact on the market. However, stringent government regulations regarding area coupled with high production cost can hamper the growth of oilfield equipment market over the coming years.

The global market is divided into five geographical regions, which include North America, Latin America, Europe, Asia Pacific and MEA (Middle East & Africa). North America Is the leading market for oilfield equipment and is expected to grow at a moderate rate owing to rising drilling activities to meet up energy demand along with shale gas activities in the region. Asia Pacific market is anticipated to show fastest growth rate on account of growing energy demand from emerging economies particularly from China, India and Thailand.
 
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Major industry participants include FMC Technologies, Weatherford International, Aker solutions, Schlumberger, Baker Hughes, Halliburton, Cameron International, National Oilwell Varco and Transocean. The global equipment market is very competitive and a number of M & A is happening by larger firms to expand their industry footprint. The rising number of merger and acquisitions will have a positive impact on the industry growth over the coming years.
 
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