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 has severely impacted the oilfield equipment industry. The rapid spread of the virus has caused a drop in demand and henceforth, crude oil prices. Furthermore, lockdown and movement restrictions also created a shortage of workforce in the oilfields. Oil companies were forced to halt oil and gas exploration activities to prevent an oversupply situation. Reduction in oil and gas exploration activities, in turn, had significantly impacted demand for oilfield equipment.

Further key findings from the report suggest

• In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
• Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
• North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
• The oilfield equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
• In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.

Key Players covered in this report are:

Schlumberger Ltd., Halliburton Company, Zenith Oilfield Technology Ltd., Abbot Group Ltd., FMC Technologies Inc., Baker Hughes Company, Weatherford International PLC, Aker Solutions, NOV Inc., and Transocean Ltd.

Product Type Outlook (Revenue, USD Billion; 2017-2027)

• Drilling Equipment
• Field Production Machinery
• Pumps & Valves
• Others

Application Outlook (Revenue, USD Billion; 2017-2027)

• On-shore
• Off-shore

Based on Region market is segmented into:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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Major Points covered in this report are as below:

• The Oilfield Equipment industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.

• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.

• The Oilfield Equipment Market report provides key statistics on the market status of the Oilfield Equipment manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.

We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa

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