Pune, March 20, 2023 (GLOBE NEWSWIRE) -- The Oilfield Equipment Market was valued at USD 120 billion in 2022 and is projected to reach USD 163 billion by 2030, with a projected compound annual growth rate (CAGR) of 3.9% during the forecast period from 2023 to 2030, according to SNS Insider.
Market Overview
Oilfield equipment refers to a wide range of machinery and tools that are specifically designed to be used in the extraction and production of crude oil and natural gas. This equipment are critical to the success of oil and gas companies as they enable them to extract and process hydrocarbons from the ground efficiently and cost-effectively. Some examples of oilfield equipment include drilling rigs, pumps, compressors, separators, valves, and pipelines.
Market Analysis
The oilfield equipment market is experiencing significant growth due to several driving factors. One of the main contributors to this growth is the flooding redevelopment of mature oil wells. Another major factor driving the growth of the market is the increasing focus on oil exploration and drilling activities. Furthermore, the oil price recovery is another significant factor driving the growth of the market. With the rebounding of oil prices, oil and gas companies are investing heavily in oil exploration and drilling activities.
Major Company Profiles Listed in this Report are:
Key players are: ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, and Weir Group. & More
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Oilfield Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 120 Billion |
| Market Size by 2030 | US$ 163 Billion |
| CAGR | CAGR of 3.9% From 2022 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others) • By Application (On-Shore, and Off-Shore) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a significant impact on the global oil and gas industry, including the target market. The sanctions and the decrease in production and transportation have led to a decline in demand for oilfield equipment and technology, which has resulted in a decrease in prices. The conflict has also shifted the global energy market, which has led to companies exploring new markets for oil and gas production and transportation.
Key Regional Developments
The oilfield equipment market has seen a surge in demand in recent years, with North America emerging as a key region. This is primarily due to the significant developments in shale gas exploration and production, as well as the high demand for oil and gas from the United States and Canada. In addition to North America, the Asia Pacific region has also gained significant traction in the market. With a growing population and increasing industrialization, countries in this region have a high demand for energy, making it an attractive market for oil and gas companies.
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Key Takeaway from Oilfield Equipment Market Study
- Within global market, the drilling equipment segment has emerged as a high-growth area in recent years. This is due to the increasing demand for exploration and production activities, particularly in remote and difficult-to-access locations.
- The increasing demand for energy and the growing focus on domestic production by governments worldwide are expected to drive the growth of the onshore segment in the coming years.
Recent Developments Related to Oilfield Equipment Market
- KLX Energy Services, a leading provider of completion, intervention, and production services to the oil and gas industry, has completed its acquisition of Greene's Energy Group. The transaction was an all-stock deal that resulted in a deleveraging, accretive outcome for KLX Energy Services. The acquisition of Greene's Energy Group adds significant scope and scale to KLX Energy Services' Southwest segment.
- Atlas Energy, an American energy company, recently raised a whopping $324 million in its initial public offering (IPO), making it the second-biggest IPO in the United States this year. The successful IPO comes amid a volatile energy market, with fluctuations in oil prices and growing concerns over climate change. Atlas Energy's IPO, however, managed to attract strong demand from investors, reflecting a growing appetite for renewable and sustainable energy companies.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Oilfield Equipment Market Segmentation, by Type
9. Global Oilfield Equipment Market Segmentation, by Application
10. Global Oilfield Equipment Market, by Region/ Country
11. Company Profiles
12. Competitive Landscape
13. Conclusion
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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