December 20, 2021 09:06 ET | Source: Market Research Future Market Research Future
New York, Dec. 20, 2021 (GLOBE NEWSWIRE) — Oilfield Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Oilfield Equipment Market Research Report by Equipment (Drilling Equipment, Field Production Machinery, Pumps, Valves), Type (drilling (Drill Pipe, Drill Collars), Pressure & Flow control (BOP, Valves, Manifolds), Region – Forecast till 2030”
Market Research Future’s Review on Oilfield Equipment Market
The global oilfield equipment market will develop at a 4.5% CAGR by 2030, states the latest Market Research Future report.
Eminent industry players profiled in the global oilfield equipment market report include
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The global oilfield equipment market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities
Supply chain disruptions, economic situations, fluctuations in demand share, along with long term and immediate effect of the novel coronavirus possessed a negative impact on the oilfield equipment market growth. This outbreak has slowed the economic activity, thus pushing the economy in a steep recession. With the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns, this market is likely to get back to normal in the days to come.
The COVID-19 outbreak has spread across the maximum number of countries across the world and has impacted the growth of businesses significantly across the globe. The crisis has affected the oil & gas sector negatively and thus the oil field equipment market. The pandemic has caused a huge slowdown in the worldwide economy. The massive fall in the prices of oil and reduction in need for crude oil for the outbreak has drastically affected the market growth thus cutting down the requirement for oilfield equipment. Besides, these changes in the demand and supply of oil and gas for the pandemic are likely to decrease the number of oil wells that may impede market growth. The ongoing crisis has resulted in a decline in the exploration activities especially in the oil & gas sector. Also, owing to the crisis, many EPC projects have experienced an indefinite halt which has resulted in the falling need for drilling and excavation services. The economic impact of the trend is likely to be highly evident in the Middle East region. Recovery of oil prices & field development and oil exploration activities is likely to boost the market growth.
Browse In-depth Market Research Report (190 pages) on Oilfield Equipment Industry
Growing Need for Natural Gas and Crude Oil to Boost Market Growth
The growing need for natural gas and crude oil for power and energy needs across the globe will boost market growth in the forecast period.
Shift in Focus towards Unconventional Reserves to offer Robust Opportunities
The shift in focus of oil exploration companies towards unconventional reserves like heavy crude, oil sands, CBM, and shale oil will offer robust opportunities for the market over the forecast period as unconventional reserves need specialized operations with specialized equipment.
Customized Needs by Drillers to act as Market Restraint
The customized needs by drillers may act as a market restraint over the forecast period.
High Cost to act as Market Challenge
The high initial costs related to installment and also maintenance of oilfield equipment may act as a market challenge over the forecast period.
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The global oilfield equipment market is bifurcated based on equipment and type.
By type, the drill pipe segment will lead the market over the forecast period for the large drilling activities both offshore and onshore.
By equipment, the drilling equipment will dominate the market over the forecast period for the increase in drilling projects.
North America to Dominate Oilfield Equipment Market
North America will dominate the oilfield equipment market over the forecast period. The rock studies activities for oil sands, carbonate rocks, and shale oil, and several other exploration activities, the US has the utmost market share, growing unconventional hydrocarbon production, the region being the new swing producer in global oil markets, boom in production from both shale operations & deep water exploration & production in the Gulf of Mexico, increased capital spending by major oil companies, and increase in drilling activities in the United States are adding to the global oilfield equipment market growth in the region. Besides, the need for non-conventional and conventional drilling, the increase in E&P spending, strong presence of major players, and incessant exploration & production of oil and gas, and growing exploration activities for unconventional hydrocarbon are also adding market growth.
Segmentation of Market covered in the research:
Oilfield Equipment Market Research Report by Equipment (Drilling Equipment, Field Production Machinery, Pumps, Valves), Type (drilling (Drill Pipe, Drill Collars), Pressure & Flow control (BOP, Valves, Manifolds), Region – Forecast till 2030
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