Oilfield Equipment Market Analysis By Future Demand, Top Players, and Growth Rate Through 2027
The global oilfield equipment market is expected to reach a market size of USD 144.43 Billion in 2027 and register a significantly high CAGR during the forecast period, according to a new report by Reports and Data. Oilfield equipment demand has been increasing steadily, and is attributed to a steep rise in oil & gas extraction activities globally. Oil and gas play a crucial part in the global energy mix and even though renewable energy sources are anticipated to witness an increase in share in the energy mix gradually, oil and gas is projected to contribute 44.0% of the energy supply worldwide in 2050. Hence, investments would be required for opening up new oilfields and to continue oil and gas extraction from existing oil wells to cater to the predicted high demand. This in turn, is expected to continue to boost demand for oilfield equipment, thus driving growth of the oilfield equipment market to a significant extent. The COVID-19 impact: The COVID-19 pandemic ...