Energy and Power Oilfield Equipment Market Research

Market Overview
The increasing prices have surged the upstream activities in the oil industry. This has resulted in
an increased demand for the oilfield equipment market. In recent times, oil and gas sector has been
experiencing a significant downturn owing to the continuous drop in the prices. These changes in
the demand and supply dynamics is estimated to accelerate the number of oil wells which, in turn,
has boosted the demand for oil field equipment market. Growing demand for oil and gas is also
likely to propel the demand in the oilfield equipment market. The oilfield service sector is entirely
dependent on upstream operations. Oilfield equipment are primary equipment applied for the
growth of successfully explored oilfields. These encompass a broad range of equipment that
accomplish tasks starting from drilling to well completion. The key functions of oilfield equipment
include data acquisition, drilling, well intervention, well completion, well logging, flow control,
pressure maintenance, and others. The global oilfield equipment market is estimated to grow at
4.5% CAGR over the forecast period. Oilfield equipment market is likely to develop owing to the
factors such as surging oil exploration, oil price recovery, increasing number of mature oil wells,
and field development activities. In April 2018, for instance, Carnarvon Petroleum Ltd., Perth, had
announced its strategies for redevelopment of Buffalo oil field in the Timor Sea. The field lies
within the jurisdiction of East Timor following the signing of the Maritime Boundary Treaty with
Australia during the initial part of 2018.
Market Segmentation
Global Oilfield Equipment Market Research has been segmented based on type, region, and
equipment. Based on equipment the market is segmented into field production machinery, drilling
equipment, valves, pumps, and others. Out of these segments, drilling equipment segments
represent the key share owing to surging number of drilling projects worldwide. Based on type,
the market is segmented as drilling (drill collars, drill pipe), pressure & flow control (valves, BOP,
manifold). Drill pipe segment represents the largest share of market owing to large drilling
activities in onshore and offshore. Also, shale production needs drill pipes as a key set of
equipment and the process has witnessed considerable growth over the years.
Regional Analysis
North America leads the oilfield equipment market. The U.S. represents the primary share in the
North America market. The progress in unconventional drilling technologies have attracted huge
outlays for oil and gas drilling projects. Moreover, huge hydrocarbon reserves in the U.S. shale
basins and increasing instances of offshore drilling in the Gulf of Mexico, are propelling the growth
of the oilfield equipment market. Besides, prevalence of the key players in this region has driven
the market to a large extent. Europe and Asia Pacific are the other key markets for oilfield
equipment. Augmented demand for energy owing to rapid industrialization coupled with
urbanization from the emerging economies such as China, Indonesia, and India, among others, are
encouraging the demand of the market in APAC region. Europe oilfield equipment market is likely
to be dominated by economies such as Norway, Russia, and U.K. The growth of modern oil and
gas exploration activities such as shale, is fueling the demand in the Europe market. It is estimated
to contribute substantially over the forecast period.
Key Players