Rapid Increase In The Oil And Gas Production Is Driving Global Market Revenue Growth

Rapid Increase In The Oil And Gas Production Is Driving Global Market Revenue Growth
Reports And Data
Rise in oil & gas extraction activities is a significant factor driving growth of the global oilfield equipment market.

Oilfield equipment are widely used in the oil and gas industry for excavation and drilling purposes. Crude oil has been the base for various fuel forms that are used by people everyday across the globe. Thus, in order to harvest oil from subterranean places, various types of oilfield equipment are in high demand. Oilfield trucks, oilfield drilling rigs, on-shore & off-shore drilling rigs, well control equipment, pumping units are some of the commonly used oilfield equipment. Technological advancements in oilfield equipment, rising oil and gas production activities, and increasing extraction of shale gas are key factors boosting global market revenue growth. Increasing investments, rising demand for natural gas, and natural gas for power and energy worldwide are some other factors supporting market growth. In addition, increasing efforts by market players to launch products with enhanced safety, security, and speed at low costs is expected to market growth throughout the forecast period.  

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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.

Further key findings from the report suggest

  • In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
  • Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
  • North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
  • The oilfield equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
  • In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.

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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
  • Europe
  • Asia Pacific
  • MEA
  • Latin America

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