New York, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Market Size – USD 115.36 Billion in 2019, Market Growth – at a CAGR of 2.8%, Market Trends –Redevelopment of mature oil wells.
The global oilfield equipment market is forecast to reach a market size of USD 144.43 Billion by 2027 and register a significantly high CAGR over the forecast period, according to a new report by Reports and Data. Demand for oilfield equipment has been relatively high over the past decade attributed to increasing oil and gas extraction and activities in oilfields globally. Rising domestic consumption of natural gas is a significant factor driving demand for shale gas. Also, technological advancements in horizontal drilling and hydraulic fracturing have enabled economic viability of shale gas production and accessibility to better and deeper shale gas deposits. Production of shale gas in the US has witnessed a steep twelve-fold incline in the last decade, and was projected to increase from 5 trillion ft3 annually in 2010 (which is equivalent to 23.0% of the dry gas production in the US) to 13.6 trillion ft3 annually in 2035.
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The initial oil and gas development phase delivers below 50.0% of recoverable hydrocarbons. A substantial amount of oil and gas worldwide is produced from mature wells. As the existing oil prices discourage new oilfield exploration and development, oil companies seek more economical means to increase the productive life of oilfields. Technological advancements in oilfield equipment, growing volume and variety of data gathered during the oilfield life, and data visualization and integration software helps oil companies in mature oil field secondary and tertiary recovery.
The COVID-19 impact:
The COVID-19 pandemic has severely impacted the oilfield equipment industry, as well as other industries. The rapid spread of the virus has caused a drop in demand and henceforth, crude oil prices. Furthermore, lockdowns and movement restrictions had also created a shortage of workforce in oilfields globally. In addition, oil companies were forced to halt oil and gas production and exploration activities to prevent an oversupply situation due to disruption of supply chain and transportation activities. Reduction in oil and gas exploration activities, in turn, had significantly impact on demand for oilfield equipment.
Oilfield Equipment Market Size, Share & Analysis, By Product Type (Drilling Equipment, Field Production Machinery, Pumps & Valves), By Application (On-shore, Off-Shore), Distribution Channel (Online, Offline), And Region Forecast To 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/oilfield-equipment-market
Further key findings from the report suggest
- In upstream applications, oilfield valves control the oil and natural gas flow at the top of wells. For instance, the benefits offered by a trunnion-mounted ball valve in oilfields comprise very high flow rates, low operating torque, protected sealing surfaces, and the operability in the existence of contaminants and solids. Demand for these valves is relatively higher for the respective applications.
- On-shore oil drilling equipment applies to all drilling sites situated on dry land and contributes 70.0% of the global oil output. On-shore oil production involves drilling deep holes down to reach the oil below dry land, which is similar to off-shore drilling, but does not face the issues associated with deepwater coming in between oil and platform.
- North America accounted for the largest revenue share in the global oilfield equipment market in 2019, due to increasing shale oil exploration activities in the region. Also, increasing off-shore rig count and oil and gas production activities in the US are causative of growing market demand.
- In July 2020, Aker Solutions made an announcement about its merger with Kvaerner, which is an energy service firm in Norway.
- Key market participants include 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.
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For the purpose of this report, Reports and Data has segmented the global oilfield equipment market on the basis of product type, application, distribution channel, and region:
- 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
- Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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