Market Revenue Europe Oilfield Equipment Market Methodology 2020

Europe Oilfield Equipment Market Methodology and Scope
Variables, Trends Forecast 2012-2020
“Europe Oilfield Equipment Market size was valued at USD 16.39 billion in
2014 and is anticipated to reach USD 18.71 billion by 2022. Increase in
demand of crude is driving the exploration & production and onshore &
offshore drilling activities in many locations of Europe.”
Europe Oilfield Equipment Market size was valued at USD 16.39 billion in 2014 and is anticipated to reach USD
18.71 billion by 2022. Increase in demand of crude is driving the exploration & production and onshore &
offshore drilling activities in many locations of Europe. Increasing number of crude field production in the
expanse owing to deep water discoveries in the North Sea is anticipated to drive the demand over the forecast
period. Companies involved in exploration and refining are shifting their focus to make the most of their
revenues and gain the competitive advantage. Moreover, companies are also involved in research and
development of shale gas extraction technology.
Crude prices are declining as observed in recent past; this has impacted the European oil field equipment market
and service market. Decrease in prices is forcing the producers to concentrate on long term projects instead of
short term projects. The may result in fall in machinery demand. In Europe, offshore drilling contractors are
cutting costs and reducing capacities to minimize the losses. Companies that rent the equipment including
Transocean are either accommodating rig prices quoted by the purchaser or delaying the deliveries in order to
cut the losses triggered by decreasing crude prices. According to industry experts, crude prices are expected to
recover after 2017 which also means machinery revenues are predicated to drive after a period of two years.
As the crude price variations are difficult to forecast, it is challenging to project its influence on equipment
revenues over the forecast period.
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