Westford, USA, Nov. 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global oilfield equipment market size will reach a value of USD 169.26 Billion by 2031, with a CAGR of 3.9% during the forecast period (2024-2031). This growth can be attributed to several factors, including expanding exploration and production investment, technological advancements in oilfield equipment, geopolitical circumstances, regulatory frameworks and environmental concerns, and rising energy demand. The political unpredictability of major oil-producing nations puts production capacities and supply linkages at risk. Factors like geopolitical threats have an impact on oil pricing and supplies, which in turn influences the need to invest more in better equipment to ensure company continuity.
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Browse in-depth TOC on the " Oilfield Equipment Market"
Pages – 197
Tables – 95
Figures – 76
Oilfield Equipment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 125.01 Billion |
| Estimated Value by 2031 | USD 169.26 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising adoption of various digital technologies and automation |
| Key Market Opportunities | Increasing focus on offshore exploration and production |
| Key Market Drivers | Increasing demand for global energy |
Oilfield Equipment Market Segmental Analysis
The global oilfield equipment market is segmented by Type, Application, and Region.
Based on Type, the market can be segmented into Drilling Equipment, Field Production Machinery, Pumps & Valves and Others.
Based on Application, the market is segmented into Offshore and Onshore.
Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Onshore to Hold Significant Growth due to Fewer Logistical Challenges Compared to Offshore Drilling
Onshore applications dominate the global oilfield equipment market due to lower operational costs, easier access to resources, and fewer logistical challenges compared to offshore drilling. Thus, high speed of project execution and higher cost efficiency that lure companies toward offshore operations are enhanced by better onshore drilling technologies. This also increases proven productivity and solidifies onshore application contribution to the expanding global oilfield equipment market share.
Drilling to Lead Market due to Essential Role in Exploration and Extraction Processes
Drilling equipment dominates the global oilfield equipment market due to its essential role in exploration and extraction processes. The demand for energy is on the rise, making the use of advanced drilling technologies such as horizontal and deep-water drilling techniques beneficial as there will be a growing need for specialized equipment. As a result, the segment of drilling equipment will be expanded, ensuring that it continues to dominate the global oilfield equipment market size.
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North America to Dominate Market due to its Vast Reserves and Robust Infrastructure
North America leads the global oilfield equipment market due to its vast reserves, advanced technology, and robust infrastructure. The shale oil production in the zone along with hydraulic fracturing boosts the demand for specialized equipment. Also, strong investments in energy projects together with government favorable policies have further consolidated North America at the forefront of the global oilfield equipment market growth.
Oilfield Equipment Market Insight
Drivers:
- Technological Innovations in Drilling Technologies
- Development of Shale Reserves
- Demand for Specialized Drilling and Completion Equipment
Restraints:
- Fluctuations in Global Oil Prices
- Environmental Concerns and Regulations
- Global Supply Chain Issues
Prominent Players in Oilfield Equipment Market
- Schlumberger Limited (US)
- Baker Hughes Company (US)
- Halliburton Company (US)
- Weatherford International PLC (US)
- National Oilwell Varco, Inc. (US)
- TechnipFMC PLC (UK)
- Saipem S.p.A (Italy)
- Sinopec Oilfield Equipment Corporation (China)
- China Oilfield Services Limited (China)
- Aker Solutions ASA (Norway)
- Petrofac Limited (UK)
- Nabors Industries Ltd. (Bermuda)
- Tenaris S.A. (Luxembourg)
- Subsea 7 S.A. (UK)
- NOVATEK (Russia)
- McDermott International, Inc. (US)
- Oceaneering International, Inc. (US)
- Archer Limited (Norway)
- Cameron International Corporation (US)
- John Wood Group PLC (UK)
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Key Questions Answered in Global Oilfield Equipment Market Report
- What is the projected market size of the global oilfield equipment by 2031?
- Why is onshore drilling expected to dominate the global oilfield equipment industry?
- Which region is expected to lead the oilfield equipment market?
This report provides the following insights:
Analysis of key drivers (Environmental regulations and sustainability, expansion of oil and gas infrastructure, significant exploration and extraction activities in emerging economies), restraints (Complex nature of oilfield operations, political instability in oil-producing regions) opportunities (Deepwater and ultra-deepwater drilling, integration of automation and digital technologies) influencing the growth of oilfield equipment market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the oilfield equipment market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the oilfield equipment market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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