Increase in crude yielding activities around the globe owing to the increasing demand for crude oil is anticipated to be the key reason behind the growth of oilfield equipment market in the coming years. Oilfield equipment is the instruments used by oilfield operators to extract gas and oil from reservoirs. Oil equipment can be either taken on rent or bought by oil operators. Most of the time these oil operators rent the equipment as it reduces the capital expenditure.
Industrialization has led to the budding demand in development of high performance, reliable and efficient oilfield tools for improving the yielding results. Thus, several industry players are anticipated to strategize heavy capitalization into R&D not only for development of better equipment in order to improvise the productivity and recovery of crude operations but also to ensure the safety and security of workers while functioning these equipment. Capitalization and investment by market participants is expected to boost the growth of oilfield equipment market in the coming years. Moreover, the industry shift inclined towards the development of unconventional energy sources to fulfil the demand is also predicted to notably contribute to the market growth in future.
However, on-going geopolitical issues coupled with lack of skilled workers can be few of the factors restraining the market growth. Also, a shift in focus towards encouragement of green energy sources can adversely impact the activities of extracting energy sources, which in turn can pull back the market growth, globally. Nonetheless, trending utilization of cutting techniques, such as, ER and IOR are expected to generate healthy opportunities for the oilfield equipment market in coming years.
The oilfield equipment is broadly segmented into products or equipment that are further bifurcated into drilling equipment (drill collars, drill pipes, subs and heavy weight equipment), flow & pressure control (valves, BOPs and manifolds) and other equipment that include well surveying equipment etc. Drilling equipment in this market hold the majority of the market share owing to their frequent demand followed by other oilfield equipment. Augers or the drilling rigs are the chief drilling tools required in oil & gas industry. They comprise a very specific function in the industry particularly in wet and marshy regions. Pipes and valves also have an important role in this industry. The pumps and valves are required to carry energy sources efficiently and provide operators with safe and economic transit between the supplier and the end-consumer. Thus, these pipeline systems are anticipated to escalate the demand for pumps and valves in coming years, thus significantly contributing to the growth of entire oilfield equipment market.
Globally the market is fragmented into North America, Europe, Latin America, Asia-Pacific and Middle East & Africa (MEA). In North America, USA oilfield equipment market is relatively higher than other regions. Whereas, in Asia-Pacific, regional governments are expected to encourage and participate in the usage of energy supplies and the lower import rates at significant pace. China is projected to emerge as key consumer owing to the establishments in the crude oil & natural gas extraction operations. Middle East & Africa and Latin American markets for oilfield equipment are also expected to escalate a descent growth rate.
The market worldwide is distributed according to its nature and is predicted to gain attention of myriad service providers during the forecast period. Some the key players already in this market are Aker Solutions, Weatherford International, Baker Hughes, Halliburton, Schlumberger, National Oilwell Varco and Cameron International. According to the value chain of this market, an array of other market players exists in its ecosystem, such as Halliburton, Schlumberger and Weatherford International. These companies find and extract crude. Some of the manufactures and sellers of oilfield tools include FMC Technologies and National Oilwell Varco. Further, Rowan and Transocean are the companies who own & lease out the drilling equipment to oil & gas industry.
Market by Product
· Drilling equipment
o Drill collars
o Drill pipes
· Flow & pressure control
· Others (Fishing equipment, etc.)
Market by Application
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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