Market World Europe Oilfield Equipment Market Size | Page 2

Drilling equipment market is anticipated to grow significantly owing to machine requirement in piercing fields
such as bits, rigs, and pipes which are particularly expensive. This segment is expected to generate maximum
revenue compared to other segments. The industry is predicted to dominate over the forecast period owing to
energy development activities in Russia, Norway and the UK. Moreover, Horizontal and directional drilling
technology is expected to increase the profits. Initiatives by European government to explore and develop shale
gas will drive the drilling market segment over the period of seven years. Field machinery used in production is
anticipated to have lower CAGR over the period of seven years owing to less development in technology in this
segment. Lifting devices and well head are also included in machinery. Valves and pumps machines are expected
to have a moderate CAGR of 1.5% over the period of seven years. Advancement in technology is expected to
emerge as a major market driver.
Rest of the segments is expected to witness relatively higher growth as the segment comprises of well surveying
devices and machinery. The division is anticipated to grow at significant rate owing to enhancing down hole and
wire line measurement techniques. Russia is a leader in oil field business as it has the highest number of oil field
development activities. Russia is one of the major producers of crude producer globally. According to BP
statistics, Russian oil federation produced around 10838 thousand barrels of oil per day was produced in 2015.
Oil production is directly dependent on the field machine demand, Russia had maximum share in global market
of field machine. The market domination of Russia is expected to continue over the forecast period.
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Norway is projected to grow at the highest CAGR owing to rising offshore field development activities due to
the presence of North Sea. UK is also anticipated to grow at significant CAGR and produce significant incomes
owing to increasing offshore activities as compared to onshore. Major industry participant’s manufacturers
based in Europe include SBS Oilfield Equipment GmbH, Zenith Oilfield Technology, Schoeller-Bleckmann Oilfield
Technology GmbH, Atlas Copco, KSB AG, Foster Wheeler AG, Vallourec, Sandvik AB, Technip SA, Sulzer Limited,
and Tenaris SA.
Market Segment:
Europe Oilfield Equipment Product Outlook (Revenue, USD Million, 2012 - 2022)
• Drilling equipment
• Pumps & valves
• Field production machinery