Oilfield Equipment Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Oil Field Equipment Market is expected to expand at 3.5% CAGR with valuation of 1,13,214 Million USD during the forecast period 2022-2030.
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Global Oilfield Services Market: The global oilfield services market is the sector that supports the exploration and production of oil and gas. The industry comprises companies that provide a range of services such as drilling, completions, production, intervention, and abandonment. The market is characterized by a high degree of competitiveness, with several global players dominating the industry.
Market Segmentation
The global oilfield equipment market can be segregated on the basis of type, equipment, and region.
- On the basis of type, the global oilfield equipment market can be segregated into Pressure Flow control (BOP, Valves, Manifold), drilling (Drill Pipe, Drill Collars). Among all, the Drill Pipe segment acquires the maximum market share because of the large drilling activities offshore and onshore.
- On the basis of equipment, the global oilfield equipment market can be segregated into Valves, Field Production Machinery, Drilling Equipment, Pumps, and Others. Among all, the drilling equipment segments hold the maximum because of the rising number of drilling projects
Regional Analysis
On the basis of region, the global oilfield equipment market can be segregated into North America, Europe, Asia-Pacific, and the Middle East and Africa.
The geographical analysis of North America, Europe, Asia-Pacific, and the Middle East and Africa has been conducted. As per the analysis by Market Research Future Reports, North America dominates the market. North America holds the maximum market share. The region is excelling in rock studies activities for oil sands, shale oil, and carbonate rocks, and with several other exploration activities. Out of all of the countries, the U.S. plays the most significant role in expanding the market. On the other hand, the APAC region and the African region is likely to grow significantly in the forthcoming period. The primary factor of growth can be accredited to several activities of discovery taking place in the South China Sea, Gulf of Thailand, the Mediterranean Sea, and Egypt desert from Africa.
However, due to the outbreak of pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of worldwide lockdown.
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Key Players
The forefront players of the worldwide oilfield equipment market are ABB Oil, and Gas and Petrochemical Business Unit (Switzerland), Weatherford International (U.S.), G.E. Oil and Gas (U.S.), Schlumberger (U.S.), Superior Energy Services (U.S.), CJ Energy Services Ltd. (U.S.), Pioneer Energy Services Corp. (U.S.), National Oilwell Varco, Inc. (U.S.), Basic Energy Services, Inc. (U.S.), Halliburton (U.S.), Expro International Group Holding Ltd. (U.K.), Oilserv (UAE), Wireline Engineering Ltd. (U.K.), SGS (Switzerland), are among others.
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