The
oilfield
equipment market involves various machinery and equipment that are used in
the oil and gas exploration and production activities. Some of the major
equipment used include drilling equipment, well completion equipment,
production machinery, valves and fittings, and oilfield automation and control
equipment. The demand for oilfield equipment is growing due to increasing
demand for oil and gas worldwide and rising production activities in developed
as well as developing countries. The involvement of advanced technologies to
improve oil recovery, deepwater offshore drilling, and other extraction procedures
is also fueling the market growth.
The global oilfield equipment market is estimated to be valued at US$ 129.6 Bn
in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period of
2024-2031.
Key Takeaways
Key players operating in the oilfield equipment are Baker Hughes, ABB, Delta
Corporation, Weir Group, and Sunnda Corporation. These players are focusing on
new product launches, mergers & acquisitions, and expansions to gain a
competitive edge in the market.
There are significant opportunities for oilfield equipment providers in
developing regions owing to growing demand and production activities. Countries
like India, Brazil, and Middle Eastern nations provide potential for market
expansion.
Key players are expanding their global footprint to tap the growth
opportunities. For instance, Baker Hughes acquired BHH to enhance its
production portfolio and expanded in the Middle East & African region.
Rising international offshore and onshore projects will drive demand for localized
equipment and services.
Market Drivers
One of the key drivers of the oilfield equipment market is the rising
exploration and production activities. With increasing demand for oil and gas
worldwide, companies are investing heavily in upstream projects which is
propelling the demand for drilling rigs, well completion equipment, and
production machinery.
Market Restraints
Fluctuating crude oil prices pose a major challenge for investments in the oil
& gas industry. Uncertain outlook of oil prices restrains exploration
budgets of companies which negatively impacts the demand for oilfield
equipment. Other challenges include stringent environmental regulations
regarding offshore drilling and volatile foreign policies in some regions.
Segment Analysis
The oilfield equipment market has two major segments -
drilling and well completion equipment and production equipment. The drilling
and well completion equipment segment dominates the market currently. This is
because drilling and well completion of oil wells account for a major portion
of the capital expenditure in the oilfield equipment industry. Drilling and
well completion equipment such as drill pipes, drill collars, drill bits,
casing equipment, tubing, and valves are used in every oil and gas exploration
and production project. Production equipment segment includes equipment and
tools used for lifting oil and gas to the surface and separating fluids and
solids. The equipment includes pumps, compressors, separators, storage tanks
etc.
Global Analysis
North America currently dominates the oilfield equipment market owing to
significant presence of shale oil and gas reserves and ongoing exploration and
production activities. Increased shale drilling has driven demand for oilfield
equipment in USA and Canada.
Middle
East and Africa is another major market and is expected to witness fastest
growth during the forecast period due to large exploration projects and oil
discoveries in the Gulf countries and Africa. however China is emerging as a
high growth market for oilfield equipment as the country ramps up its domestic
oil and gas production and invests heavily in oilfield services sector.
Localization of equipment manufacturing is a key trend in oil producing
counties to reduce import dependence and create local jobs.
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What
Are The Key Data Covered In This Oilfield Equipment Market Report?
:- Market
CAGR throughout the predicted period
:- Comprehensive
information on the aspects that will drive the Oilfield Equipment 's growth
between 2024 and 2031.
:- Accurate
calculation of the size of the Oilfield Equipment and its contribution to the market, with
emphasis on the parent market
:- Realistic
forecasts of future trends and changes in consumer behaviour
:- Oilfield
Equipment Industry Growth in North
America, APAC, Europe, South America, the Middle East, and Africa
:- A
complete examination of the market's competitive landscape, as well as
extensive information on vendors
:- Detailed
examination of the factors that will impede the expansion of Oilfield Equipment
vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold
in the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1.
Source: Coherent Market Insights, Public sources, Desk research
2.
We have leveraged AI tools to mine information and compile it
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