The global oilfield equipment market size is
expected to reach USD 127.6 billion by 2020, according to a new report by Grand
View Research, Inc. Continuous technological advancements in tools for better
performance, improved recovery rate, and higher production is expected to drive
the global industry demand over the forecast period. Advancements in drilling
techniques such as horizontal and directional drilling are expected to further
boost the overall market demand in future.
Drilling equipment
accounted for a share of 73.65% of the overall market revenue in 2013. The
product segment is expected to grow at a CAGR of 4.2% from 2014 to 2020.
Onshore operations majorly involve use of enhanced machines and huge number of
tools for better results. Others include tools and machines which are used
before transportation activities. The segment is expected to grow at a
significant CAGR of 3.9% from 2014 to 2020.
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click the link below:
http://www.grandviewresearch.com/industry-analysis/oilfield-equipments-market
http://www.grandviewresearch.com/industry-analysis/oilfield-equipments-market
Further key findings from the study suggest:
· North America was the leading regional
market covering a market revenue share of 39.49% in 2013. High drilling
activities to meet energy demand coupled with shale gas development was the
major reason for its dominance. The market is expected to experience slow
growth over the forecast period.
· Field production machinery accounted for
16.82% of overall market revenue share in 2013. The market is expected to
witness slow growth over the next six years. Pumps & valves are expected to
grow at a significant CAGR of 3.8% from 2014 to 2020 owing to increasing number
of pipelines globally.
· Asia Pacific covered a market revenue share
of 19.70% in 2013 and is expected to grow at the highest CAGR of 4.5% from 2014
to 2020. China is expected to contribute maximum towards regional industry growth
in future. Other countries including India, Thailand, and Indonesia are also
expected to witness high market growth over the forecast period.
· Global market is highly fragmented in
nature. Major companies are Schlumberger, Baker Hughes, National Oilwell Varco,
Weatherford International, Halliburton, Cameron International, Aker Solutions,
and Transocean. Technological breakthroughs in the industry are expected to
raise profits and market share over the forecast period. Small industry
participants find it difficult to survive in the overall market on account of
its high risk and high capital nature.
Grand View Research has
segmented the Oilfield Equipment market on the basis of product and region:
Oilfield Equipment Product Outlook (Revenue, USD Million,
2012 - 2020)
·
Drilling Equipment
·
Field Production Machinery
·
Pumps & Valves
·
Others
Oilfield Equipment Regional Outlook (USD Million, 2012 -
2020)
·
North America
·
Europe
·
Asia Pacific
·
Middle East & Africa
·
Latin America
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
