Global Oilfield Equipment Market Set to Reach USD 156.8 Million by 2030, With a Sustainable CAGR Of 3.4% | Growth Market Reports
PUNE, India, Sept. 14, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Oilfield Equipment Market" by Types (Drilling Equipment, Pumps & Valves, Pressure & Flow Control Equipment, Field Production Machinery, Fishing Equipment, and Others), Applications (On-shore and Off-shore), and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2030", the market was valued at USD 118.2 Million in 2021 and is expected to grow at a healthy growth rate of 3.4% by the year 2030. The global oilfield equipment market is projected to expand at a rapid pace, due to increasing oil drilling activities and the rising gas exploration to meet the growing demand for oil and gas energy worldwide.
Key Market Players Profiled in the Report
- Schlumberger Limited
- Baker Hughes Company
- Halliburton Company
- Pioneer Energy Services Corp
- Weatherford International PLC
- Aker Solutions
- NOV Inc.
- Yantai Jereh Petroleum Equipment & Technologies Co. Ltd.
- Superior Energy Services Inc.
- Petrofac Limited
- COSL - China Oilfield Services Limited
- UZTEL S.A.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Oilfield Equipment Market
In terms of types, the global oilfield equipment market is segmented into drilling equipment, pumps & valves, pressure & flow control equipment, field production machinery, fishing equipment, and others. The drilling equipment type segment is anticipated to expand at a significant growth rate during the forecast period, owing to the global explosion in oil and gas drilling and excavation activity.
On the basis of applications, the global oilfield equipment market is segmented into on-shore and off-shore. The on-shore segment accounted for a key market share in 2021 and is projected to continue its dominance during the forecast period, owing to increasing risk related to offshore oil & gas production. Nearly 70% of the world's oil and gas extraction is currently made up of on-shore oil excavation and drilling activities, and on-shore drilling operations are far less expensive than off-shore ones.
Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period, owing to the increasing demand for gas & oil and growing shale gas production in the US and Canada. The market in Asia Pacific is anticipated to hold a substantial share of the global oilfield equipment market, owing to increasing investment in finding new oil reserves and the rapid advancement of the technology used to extract natural gas and crude oil in India, Thailand, and China.
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Key Takeaways from the Study:
- The oilfield equipment market in North America is expanding and dominating as compared to other regional markets, owing to the rising off-shore oil rig activity and widespread use of cutting-edge drilling technology in off-shore oil production. The market in North America is expanding at a rapid pace due to the tremendous expansion of shale oil extraction and operations in the Gulf of Mexico.
- The oilfield equipment market in Asia Pacific is expected to grow significantly during the forest period. The rising exploration and production activities as well as the import of oil and gas on a large scale in Asia Pacific are factors responsible for the regional market growth in the coming years.
- The drilling equipment type segment is anticipated to grow at a significant pace, the need for drilling operations is being further boosted by the rising exploration of new oil fields and gas wells as well as the growing government measures to maintain high levels of oil output. Moreover, with increased oil reserve depletion in some major provinces, there has been an increase in the discovery of new oil fields and gas wells.
- The on-shore segment is anticipated to expand at a sustainable CAGR during the forecast period. The growth of the segment is attributed to enormous on-shore oil drilling operations worldwide in newly discovered oil reserve provinces. The segment is further driven by the wide adoption of cutting-edge on-shore oil drilling equipment and the high availability of oilfield equipment rental services for on-shore exploration and drilling activities.
Read 219 Pages Research Report with Detailed ToC on "Global Oilfield Equipment Market" by Types (Drilling Equipment, Pumps & Valves, Pressure & Flow Control Equipment, Field Production Machinery, Fishing Equipment, and Others), Applications (On-shore and Off-shore), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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Key Segments Covered
By Types
- Drilling Equipment
- Pumps & Valves
- Pressure & Flow Control Equipment
- Field Production Machinery
- Fishing Equipment
- Others
By Applications
- On-shore
- Off-shore
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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