Market World Europe Oilfield Equipment Market Size

Europe Oilfield Equipment Market Size, Production Status, Growth Rate and Revenue Forecast Till 2022 “Europe Oilfield Equipment Market Estimated to grow at a significant CAGR over the future period as the scope and its applications are rising enormously across the globe.” 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. Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/europe-oilfield-equipment-market/request-sample