The global oilfield equipment market size is projected to reach USD 142,238 million by 2026, growing at a CAGR of 3.4% from 2020 to 2027.
The oilfield equipment are a set of equipment used for excavation and drilling purposes for oil or gas. Its types include solid control equipment, well control equipment, on-shore & off-shore drilling rig, drilling rig components, oilfield supply lots, pump jacks & pumping units, pumps & motors, tanks & vessels, and oilfield trucks and machinery.
Rise in redevelopment of mature oil wells, oil price recovery, and increase in exploration and drilling activities for oil around the globe drives the oilfield equipment market growth. In addition, the improved economic competitiveness in the oil exploration and drilling & service industries boosts the utilization of oilfield equipment, which in turn fuels the demand for oilfield equipment. However, the fluctuations in foreign currencies continues its influence over profit margins and increase in prices of raw materials are expected to hinder the oilfield equipment market growth.
Furthermore, the advanced technology in oilfield equipment offers lucrative growth opportunities for the oilfield equipment market players during forecast period. Emerging technologies in the oil and gas industry have the potential to improve oil and gas production. In addition, advancements in technology in oilfield equipment offers benefits such as increase in safety, reduction in costs, rise in speed of the processes, and, surge in efficiency.
The advanced technologies such as Artificial Intelligence, IoT, and analytics helps in digitization of oil and gas refineries, pipelines, exploration sites, and infrastructure. This factor enables the oil & gas companies to collect all the respective data on a single platform. Furthermore, there is increase in investment for emerging technologies in oil and gas companies to increase productivity, reduce risks and costs. For instance, in September 2019, Imperial and Alberta Machine Intelligence Institute (Amii) collaborated to develop machine learning capabilities and artificial intelligence (AI) for the oil & gas industry to improve the safety of its workforce and reduce environmental impacts. Similarly, in December 2019, Dataiku Technology and Schlumberger established partnership to develop and deploy artificial intelligence solutions across oil and gas operations.
The global oilfield equipment market is segmented on the basis of type, application, and region. By type, the market is segmented into drilling equipment, field production machinery, pumps and valves, and others. By type, the drilling equipment segment garnered the largest share in terms of revenue in 2020 and the pumps and valves segment is expected to experience high growth during the forecast period. The growing in oil well exploration projects are expected to provide lucrative opportunities for the oilfield equipment market expansion.
The pumps & valves segment is expected to manifest the highest CAGR of 5.5% during the forecast period. However, the drilling equipment segment held the largest share in 2020, accounting for nearly two-thirds of the market.
By application, it is divided into on-shore, and off-shore. By region, the oilfield equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2020, by application, the on-shore segment accounted for the largest share in the global oilfield equipment market in terms of revenue. The on-shore segment is expected to portray the highest CAGR of 3.8% during the forecast period. Moreover, the segment held the largest share in 2018, accounting for two-thirds of the market.
North America has largest share in the global market in terms of revenue in 2020. Developed economies, such as U.S., and others, are expected to support market expansion due to increase in demand for oil and gas.
The key market players profiled in the oilfield equipment market report include ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A , and Weir Group.
Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.
The major players operating in the global oilfield market have adopted key strategies such as business expansion, and partnership to strengthen their market outreach and sustain the stiff competition in the market. For instance, in October 2018, Baker Hughes established partnership with Abu Dhabi National Oil Company to support the growth and development of ADNOC’s subsidiary, ADNOC Drilling, into a fully-integrated drilling and well construction provider. Similarly, in September 2019, Vår Energi AS has signed an agreement with Baker Hughes to award a subsea contract for the engineering, procurement, construction, and installation (EPCI) of subsea systems and associated services for the Balder X project on the Norwegian Continental Shelf (NCS)..
The Oilfield Equipment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Oilfield Equipment market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Oilfield Equipment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Oilfield Equipment market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Oilfield Equipment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Oilfield Equipment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Oilfield Equipment by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Oilfield Equipment market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Oilfield Equipment market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Oilfield Equipment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Oilfield Equipment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Oilfield Equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Oilfield Equipment market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Oilfield Equipment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Oilfield Equipment market. These factors have benefited the growth of the global market for Oilfield Equipment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Oilfield Equipment. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Oilfield Equipment are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: