New York, US, May 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Oil field equipment Market Research Report Information by Type, Region, and Equipment - Forecast Till 2030”, the global Oil field equipment market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 3.5%. The reports further predict the market will acquire nearly USD 1,13,214 Million by the end of 2030.
Oilfield Equipment Market Overview:
Oilfield equipment is used for oil or gas excavation and drilling. The equipment includes several kinds of equipment such as oilfield trucks & machinery, pumps & motors, well control equipment, tanks & vessels, solid control equipment, pump jacks & pumping units, onshore & offshore drilling rig, and components oilfield supply lots. They are widely utilized to develop successfully explored oilfields and perform. The global Oil field equipment industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising prices. Furthermore, a wide range of equipment that performs the functions from drilling to good completion is also considered a vital parameter supporting the market's growth over the review era.
Competitive Analysis
The listing of the prominent leaders across the global Oilfield equipment market includes players such as:
- SGS (Switzerland)
- G.E. Oil and Gas (U.S.)
- Wireline Engineering Ltd. (U.K.)
- Weatherford International (U.S.)
- Expro International Group Holding Ltd. (U.K.)
- Schlumberger (U.S.)
- Basic Energy Services, Inc. (U.S.)
- Superior Energy Services (U.S.)
- Halliburton (U.S.)
- Pioneer Energy Services Corp. (U.S.)
- National Oilwell Varco, Inc. (U.S.)
- C&J Energy Services Ltd. (U.S.)
- Oilserv (UAE)
- ABB Oil and Gas and Petrochemical Business Unit (Switzerland)
- Among others.
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Oilfield Equipment Market USP Covered
Market Drivers
The global Oil field equipment industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising prices. Furthermore, a wide range of equipment that performs the functions from drilling to well completion is also considered a vital parameter supporting the market's growth over the review era.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Oil field Equipment Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Oil field equipment market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 1,13,214 Million 2032: Significant Value |
| CAGR during 2023-2032 | 3.5% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Equipment and Type |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Oil price recovery Increasing oil exploration Field development activities Rising number of mature oil wells |
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Oilfield Equipment Market Segments Analysis
Among all the equipment, the drilling equipment segment is anticipated to secure the leading position across the global Oilfield equipment market over the review timeframe. The main parameter supporting the development of the segment is the increased number of drilling projects across the globe. Drilling rigs or augers are vital drilling tools utilized in the oil & gas industry. Drilling rigs are utilized for exploration & production activities, while drills, also called portable rigs, are helpful for remote locations, especially marshy and wet areas.
Among all the types, the Drill Pipe segment contributes to the maximum revenue share across the global Oilfield equipment market during the coming years. The growing number of large drilling activities offshore and onshore across the globe is considered the main parameter supporting the segment's expansion. Furthermore, shale production has grown, which needs drill pipes as vital equipment.
Oilfield Equipment Market Regional Analysis
The global Oilfield equipment market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region is anticipated to secure the top position across the global Oil field equipment industry over the assessment timeframe. The shale gas developments are considered the main parameter supporting the regional market development. Furthermore, the massive demand from the U.S. and Canada is also considered to be one of the vital parameters backing the expansion of the oil field equipment market across the North American region.
The Oilfield equipment market for the Asia Pacific region contributed a substantial share globally. The regional market is anticipated to show maximum growth over the coming years. The region has China as the leading growth contributor, given the developments in crude oil & natural gas extraction operations.
The Latin America and, the Middle East & African regional Oilfield equipment market is anticipated to showcase a considerable development over the assessment period.
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The Oil field equipment market for the European region is anticipated to showcase a considerable expansion over the review timeframe. The substantial use of drilling equipment in horizontal wells in France, the U.K., Italy, Norway, the Netherlands, and Denmark is considered the main parameter supporting regional market development. Furthermore, significant oilfield development in offshore and unconventional reserves is also projected to enhance the performance of the regional market over the review timeframe. In Addition, the high adoption rate of mud-cap drilling technology in Norway, Russia, and the U.K. is also anticipated to generate better opportunities for drilling fluid companies shortly.
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