Rise in oil gas extraction activities is a significant factor driving growth of the global oil field equipment market.
Market Size – USD 115.36 Billion in 2019, Market Growth – at a CAGR of 2.8%, Market Trends –Technological advancements in oil field equipment.
The oil field equipment market is expected to reach a market size of USD 144.43 Billion in 2027 and register a significantly high CAGR during the forecast period, according to a new report by Reports and Data. Oil field equipment demand has been increasing steadily, and is attributed to a steep rise in oil gas extraction activities globally. Oil and gas play a crucial part in the global energy mix and even though renewable energy sources are anticipated to witness an increase in share in the energy mix gradually, oil and gas is projected to contribute 44.0% of the energy supply worldwide in 2050. Hence, investments would be required for opening up new oilfields and to continue oil and gas extraction from existing oil wells to cater to the predicted high demand. This in turn, is expected to continue to boost demand for oil field equipment, thus driving growth of the oil field equipment market to a significant extent.
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Further key findings from the report suggest
- In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
- Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
- North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
- The oil field equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
- In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.
- Key market participants include Schlumberger Ltd., Halliburton Company, Zenith Oilfield Technology Ltd., Abbot Group Ltd., FMC Technologies Inc., Baker Hughes Company, Weatherford International PLC, Aker Solutions, NOV Inc., and Transocean Ltd.
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Market Segmentation:
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Drilling Equipment
- Field Production Machinery
- Pumps Valves
- Others
- Application Outlook (Revenue, USD Billion; 2017-2027)
- On-shore
- Off-shore
- Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
Regional Outlook:
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Oil field equipment Market report:
- What is the expected market size of the global Oil field equipment Market during the forecast period?
- What factors are expected to hamper global Oil field equipment Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Oil field equipment Market?
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