Global Oilfield Equipment Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2027, at CAGR of XX% during forecast period of 2019 to 2027.
Global Oilfield Equipment Rental Market Overview:
The global oilfield equipment market is projected to experience the significant growth and expected to reach around US$ XX.XX Bn with estimated CAGR of XX.XX% during the forecast period, due to increase in drilling and exploration activities around the globe. The oilfield service industry will be benefitted as it is completely reliant on upstream operation.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Oilfield equipment are elementary machines used for the improvement of positively explored oilfields. These consist of an extensive range of equipment that execute the functions starting from well drilling to well completion. The fundamental purpose of oilfield equipment include all functions from start to end such as, well drilling, intervention, logging, data acquisition, pressure maintenance, flow control and various others.
global Oilfield Equipment Market is studied by Various Segments:
The analysts of Maximize Market Research have done an extensive research for the global oilfield equipment market and provides the report with detail study of the market by various segments.
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Global oilfield equipment market By Equipment
• Drilling equipment
• Field production machinery
Global oilfield equipment market By Type
o Drill Pipe
o Drill Collars
• Pressure & Flow Control
Global oilfield equipment market By Application
Global oilfield equipment market is segmented by equipment, type and region. Based on equipment the market is further segmented into drilling equipment, field production machinery, pumps, valves, others. On the basis of type, market is classified as drilling (drill pipe, drill collars), pressure & flow control (bop, valves, manifold). Based on Application, market is segmented as Onshore & offshore.
The in-depth study has performed to understand the market performance & contribution of these segments by the experienced researcher from the Maximize Market Research.The report from Maximize Market Research states that the equipment segment will hold the maximum share of around XX% across the globe.
Global Oilfield Equipment Market Region wise Market Analysis & Forecast:
For understanding the market on global level, the Maximize market Research has considered globe into five different regions. The report covers a geographic breakdown and a detailed analysis of each of the segments across North America, Europe, Asia Pacific, and LAMEA, and each countries under it.
• North America
Rest of Europe
• Asia Pacific
Rest of Asia-Pacific
The region North America dominate the market in oilfield equipment market with the market share of US$ XX.XX Bn in 2018. The reason for dominance of North America is increasing exploration activities and rock study activities for shale oil, oil sands and carbonate rocks.
The growth in oilfield equipment will be experienced by most of the developing countries, whereas developed countries will experience the moderate growth in forecast period. In Asia Pacific region, China will experience steady growth as its energy consumption continues to rise.
Russia is one of the largest energy producer around the globe, but will experience the below average growth in demand of oilfield equipment market.
In Brazil, the latest discoveries have supplemented the productivity at large which in turn will push the major growth in oilfield equipment market.
Slow growth in demand will not be affecting just to wealthier nations, the countries like, Argentina, Mexico, and Venezuela will also be among the less demand markets worldwide.
Due to recent site of massive reserves discoveries in Venezuela, the predictions for future growth in this country are much better but the complete development of these reserves is projected to be more of a long term project.
The major growth contribution is credited to the discoveries in Gulf of Thailand and South China Sea from Asia Pacific and Mediterranean Sea and Egypt desert from Africa.
Global Oilfield Equipment Market Dynamics:
The Global Oilfield Equipment Market dynamics are thoroughly studied and explained in the report, which helps reader to understand emerging market trends, drivers, restraints, opportunities, and challenges at global and regional level for the Global Oilfield Equipment Market.
Global Oilfield Equipment Market Driver:
Technological advancements in oilfield equipment are fueling the market growth.The rising energy consumption in developed and developing countries has increased the demand for oilfield equipment exponentially. The fundamental agenda of the oil & gas companies is to increase the production in minimum cost and lesser time, for which the conventional methods & machines are not fully equipped to meet the new challenges, hence, these companies have diverted their focus towards the unconventional and deep hydrocarbon reservoirs such as shale gas, heavy oil, tight gas and coal bed methane (CBM). Technologies like horizontal drilling and hydraulic fracturing, have opened up significant shale oil & gas formations. All these factors are driving the Oilfield Equipment Market.
Global Oilfield Equipment Market Restraint:
The and improving the productivity, the exploration of new reserves but simultaneously the depletion of current ones has created a drastic need of new extraction techniques but on contrary increased the complexity of drilling. This has become a major restraints for the Oilfield Equipment market. To overcome this customized drilling equipment is required which increases the volume and minimizes the complexity of well requirements to meet the global production targets.
Global Oilfield Equipment Market Challenge:
Global Oilfield Equipment Market: Competition Landscape
The Global Oilfield Equipment Market has the presence of a large number of players. Major players in the Global Oilfield Equipment Market are concentrating on developing new technologies to facilitate the industry with lowest time and low expenditure consuming technologies. In the recent years there are many discoveries in the field of technologies with regards to Global Oilfield Equipment Market, which in turn will help the industry to grow resulting in boost to the competition too. Detailed analysis of competition, new entrants, strategic alliances, mergers and acquisition in the Global Oilfield Equipment Market is covered in the report.
The report covers the market leaders and followers in the industry with the market dynamics by region. It will also help to understand the position of each player in the market by region, by segment with their expansion plans, R&D expenditure and organic & in-organic growth strategies.
Long term association, strategic alliances, supply chain agreement and mergers & acquisition activities are covered in the report in detail from 2014 to 2019. Expected alliances and agreement in forecast period will give future course of action in the market to the readers. All major & important players are profiled, benchmarked in the report on different parameters that will help reader to gain insight about the market in minimum time.
Global Oilfield Equipment Market Company Profiles
The major players operating in the Global Oilfield Equipment Market, analyzed in the report are:
• GE Oil and Gas (U.S.),
• Weatherford International (U.S.),
• Schlumberger (U.S.),
• Superior Energy Services (U.S.),
• Pioneer Energy Services Corp. (U.S.),
• C&J Energy Services Ltd. (U.S.),
• National Oilwell Varco, Inc. (U.S.).
• Halliburton (U.S.),
• Basic Energy Services, Inc. (U.S.),
• Expro International Group Holding Ltd. (UK),
• Wireline Engineering Ltd. (UK),
• Oilserv (UAE),
• SGS (Switzerland),
• ABB Oil, and Gas and
• Petrochemical Business Unit (Switzerland)
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