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At a CAGR of 4.1% between 2023 and 2030, the global oilfield equipment market is expected to expand from its 2022 valuation of $111,400,000,000 to a 2026 total of $141,498,000,000. Oilfield equipment is a collection of tools used in the exploration and production of petroleum and natural gas. It comes in many forms, such as solid control equipment, well control equipment, on- and off-shore drilling rigs, drilling rig parts, oilfield supply warehouses, pump jacks and pumping units, pumps and motors, storage tanks and vessels, and oilfield vehicles and equipment.
Increases in oil exploration and drilling as well as a rebound in oil prices are the primary forces propelling expansion in the oilfield equipment market. Demand for oilfield equipment is being fueled by an increase in its use as a result of increased economic competitiveness in the oil exploration and drilling & service industries. The expansion of the oilfield equipment market is anticipated to be restrained by factors such as the impact of currency changes on profit margins and the rising cost of raw materials.
The growth of the worldwide oilfield equipment market is anticipated to be fueled by the companies' investments in technological advancement to guarantee the users' safety and security. Over the next six years, the market is predicted to increase significantly due to the oil and gas industry's push towards producing new unconventional energy sources to meet global demand. Over the projection period, new entrants are projected to enter the global equipment rental market, which is expected to be driven by the industry's high entry barriers and technical support requirements. It is anticipated that in the future, the global market would be constrained by the skilled workforce and geopolitical conflicts between countries. Many industries, especially the burgeoning one in the Persian Gulf, will drive the demand for new pieces of machinery. However, the industry would be hampered by the negative environmental impacts of E&P activities and stringent government regulations. Over the projection period, the global market is likely to grow at a slower rate as consumers move their focus to renewable energy.
New oil and gas sources are being explored as a result of technological improvements in oil well drilling equipment and techniques to meet the increasing energy needs of the world's population. The speed with which energy can be generated is increasing, and the amount of oil and natural gas extracted from existing wells is also rising thanks to technological advancements. For instance, oil and gas firms can optimise the interaction of simulation fluid with rocks using extended reach drilling and state-of-the-art simulation technology in oilfields, resulting to consistent oil and gas extraction rates along the length of the oil wells. Less than 50.0% of oil and gas can be used in the first phase of development. Mature wells account for a significant fraction of total global oil and gas output. Oil corporations are looking for more cost-effective ways to extend the productive life of oilfields as current oil prices discourage new exploration and development. Growth in the market is also being fueled by technological developments in oilfields, an increase in the volume and diversity of data collected over an oilfield's lifetime, and the development of data visualisation and integration tools to assist oil firms in secondary and tertiary recovery from older oil fields.
One of the most important strategies employed by manufacturers in the oil field equipment industry to assist customers and expand the market is manufacturing locally to reduce operational costs. Some of the most notable benefits to medicine in recent years have come from the oil field equipment industry. The oil field equipment industry is dominated by multinational corporations such as Pioneer Energy Services Corp. (USA), C&J Energy Services Ltd. (UK), and National Oilwell Varco, Inc. (USA). Companies like Basic Energy Services, Inc. (United States) and Halliburton (United States) are spending heavily on research and development to boost market demand.
Report Coverage
Global Oil Field Equipment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil Field Equipment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil Field Equipment competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil Field Equipment market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil Field Equipment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil Field Equipment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
GE Oil and Gas (U.S.), Weatherford International (U S.), Schlumberger (U S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil Field Equipment market based on the below-mentioned segments:
Global Oil Field Equipment Market, By Type
Drilling
Drill Pipe
Drill Collars flow
Pressure and Flow Control
BOP’s
Valves
Manifolds
Global Oil Field Equipment market, By Equipment
Drilling Equipment
Field Production Machinery
Pumps & Valves
Others
Global Oil Field Equipment market, Regional Analysis
Increases in oil exploration and drilling as well as a rebound in oil prices are the primary forces propelling expansion in the oilfield equipment market. Demand for oilfield equipment is being fueled by an increase in its use as a result of increased economic competitiveness in the oil exploration and drilling & service industries. The expansion of the oilfield equipment market is anticipated to be restrained by factors such as the impact of currency changes on profit margins and the rising cost of raw materials.
The growth of the worldwide oilfield equipment market is anticipated to be fueled by the companies' investments in technological advancement to guarantee the users' safety and security. Over the next six years, the market is predicted to increase significantly due to the oil and gas industry's push towards producing new unconventional energy sources to meet global demand. Over the projection period, new entrants are projected to enter the global equipment rental market, which is expected to be driven by the industry's high entry barriers and technical support requirements. It is anticipated that in the future, the global market would be constrained by the skilled workforce and geopolitical conflicts between countries. Many industries, especially the burgeoning one in the Persian Gulf, will drive the demand for new pieces of machinery. However, the industry would be hampered by the negative environmental impacts of E&P activities and stringent government regulations. Over the projection period, the global market is likely to grow at a slower rate as consumers move their focus to renewable energy.
New oil and gas sources are being explored as a result of technological improvements in oil well drilling equipment and techniques to meet the increasing energy needs of the world's population. The speed with which energy can be generated is increasing, and the amount of oil and natural gas extracted from existing wells is also rising thanks to technological advancements. For instance, oil and gas firms can optimise the interaction of simulation fluid with rocks using extended reach drilling and state-of-the-art simulation technology in oilfields, resulting to consistent oil and gas extraction rates along the length of the oil wells. Less than 50.0% of oil and gas can be used in the first phase of development. Mature wells account for a significant fraction of total global oil and gas output. Oil corporations are looking for more cost-effective ways to extend the productive life of oilfields as current oil prices discourage new exploration and development. Growth in the market is also being fueled by technological developments in oilfields, an increase in the volume and diversity of data collected over an oilfield's lifetime, and the development of data visualisation and integration tools to assist oil firms in secondary and tertiary recovery from older oil fields.
One of the most important strategies employed by manufacturers in the oil field equipment industry to assist customers and expand the market is manufacturing locally to reduce operational costs. Some of the most notable benefits to medicine in recent years have come from the oil field equipment industry. The oil field equipment industry is dominated by multinational corporations such as Pioneer Energy Services Corp. (USA), C&J Energy Services Ltd. (UK), and National Oilwell Varco, Inc. (USA). Companies like Basic Energy Services, Inc. (United States) and Halliburton (United States) are spending heavily on research and development to boost market demand.
Report Coverage
Global Oil Field Equipment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil Field Equipment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil Field Equipment competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil Field Equipment market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | GE Oil and Gas (U.S.), Weatherford International (U S.), Schlumberger (U S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oil Field Equipment Market from 2021 to 2030.
- Market Forecast for Oil Field Equipment Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oil Field Equipment competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oil Field Equipment
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil Field Equipment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil Field Equipment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
GE Oil and Gas (U.S.), Weatherford International (U S.), Schlumberger (U S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK).
Primary Target Market
- Market Players of Oil Field Equipment
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil Field Equipment market based on the below-mentioned segments:
Global Oil Field Equipment Market, By Type
Drilling
Drill Pipe
Drill Collars flow
Pressure and Flow Control
BOP’s
Valves
Manifolds
Global Oil Field Equipment market, By Equipment
Drilling Equipment
Field Production Machinery
Pumps & Valves
Others
Global Oil Field Equipment market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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