Pune, 14, Dec, 2022: The “Oilfield Equipment Market” report published by Maximize Market Research, the market is expected to grow from USD 111 billion in 2021 to USD 157.72 billion in 2029, at a CAGR of 4.5 percent for the forecast period from 2022 to 2029.
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Oilfield Equipment Market Scope and Research Methodology
The Oilfield Equipment market is thoroughly examined in the research report. The report estimates the Oilfield Equipment Market in terms of USD value from 2022 to 2029. In order to find potential investment possibilities, the report offers an analytical picture of the Oilfield Equipment Market together with current trends and future predictions. The analysis extensively examines the market share for Oilfield Equipment and provides details on important drivers, obstacles, and opportunities. A quantitative analysis of the existing market is carried out from 2021 to 2029 to show the potential for market increase internationally. Porter's analysis of the five market forces illustrates the strength of both consumers and suppliers. The research offers a thorough analysis of the Oilfield Equipment Market. The analysis offers a future view with expected trends and market dangers, assisting stakeholders, new entrants, investors, entrepreneurs, researchers, industry participants, and followers for an easy comparison of numerous market variables.
The market analysis was heavily reliant on both primary and secondary data. The study of various industry-affecting factors, such as government policy, the market environment, the competitive landscape, historical data, current market trends, technological development, upcoming technologies, and the technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges, was a part of the research process. The bottom-up approach was used to validate the market size in terms of value and volume by different segments. Key Players as well as local players were analysed in the report. The study of import and export of the countries are analysed by the production and consumption segments.
Oilfield Equipment Market Overview
Oilfield equipment is a basic type of machine used to enhance oilfields that have been positively explored. These are made up of a wide variety of tools that carry out tasks ranging from well drilling to well completion. The major duties of oilfield equipment include anything from digging wells to intervening, logging, collecting data, maintaining pressure, controlling flow, and many other things.
Oilfield Equipment Market Dynamics
The expansion of the oilfield equipment industry is being fuelled by technological improvements. The demand for oilfield equipment has skyrocketed due to the growing energy consumption in both developed and emerging nations. The primary goal of oil and gas companies is to increase production at the lowest possible cost and in the shortest amount of time. Because traditional methods and equipment are ill-equipped to handle these new challenges, these companies have shifted their attention to unconventional and deep hydrocarbon reservoirs like shale gas, heavy oil, tight gas, and coal bed methane (CBM). Significant shale oil and gas deposits have been made accessible thanks to technologies like horizontal drilling and hydraulic fracturing. The Oilfield Equipment Market is being driven by all of these elements.
The need for novel extraction techniques has become urgent as a result of productivity improvements, the discovery of new deposits, and the concurrent depletion of existing ones. On the other hand, this has made drilling more difficult. This has grown to be a significant market restraint for oilfield equipment. To accomplish this, specialised drilling equipment that improves volume while reducing the complexity of well needs is needed to fulfill worldwide production objectives.
Oilfield Equipment Market Regional Insights
North America will dominate the Oilfield Equipment Market over the forecast period. The US has the largest market share for rock study activities for oil sands, carbonate rocks, and shale oil, as well as several other exploration activities. The region is also the new swing producer in the world's oil markets, and there has been a boom in production from both shale operations and deep water exploration and production in the Gulf of Mexico. Major oil companies have also increased capital spending, and drilling activities in the United States have increased.
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Oilfield Equipment Market Segmentation
By Equipment:
- Drilling equipment
- Field production machinery
- Pumps
- Valves
- Others
By Type:
- Drilling
- Pressure & Flow Control
By Application:
- Onshore
- Offshore
Oilfield Equipment Market Key Competitors:
- GE Oil and Gas (U.S.),
- Weatherford International (U.S.),
- Schlumberger (U.S.),
- Superior Energy Services (U.S.),
- Pioneer Energy Services Corp. (U.S.),
- C&J Energy Services Ltd. (U.S.),
- National Oilwell Varco, Inc. (U.S.).
- Halliburton (U.S.),
- Basic Energy Services, Inc. (U.S.),
- Expro International Group Holding Ltd. (UK),
- Wireline Engineering Ltd. (UK),
- Oilserv (UAE),
- SGS (Switzerland),
- ABB Oil, and Gas and
- Petrochemical Business Unit (Switzerland)
- Baker Hughes Company
- Delta Corporation
- EthosEnergy Group Limited
- Integrated Equipment
- Jereh Oilfield Equipment
- Jiangsu Sanyi Petroleum Equipment Co., Ltdy
Key questions answered in the Oilfield Equipment Market are:
- What is Oilfield Equipment?
- What is the growth rate of Oilfield Equipment Market for the forecast period?
- What is the nature of competition in Oilfield Equipment industry in developed and developing economies?
- Who are the key players in the Oilfield Equipment Market?
- Who are the market leaders in Oilfield Equipment industry in Europe
- Who are the market leaders in Oilfield Equipment industry in USA and Canada
- Who are the market leaders in Oilfield Equipment Market in India, China, Japan and South Korea?
- What are the factors affecting growth in the Oilfield Equipment Market?
- Who held the largest market share in Oilfield Equipment Market?
- What are the factors for the growth of Asia-Pacific region in Oilfield Equipment Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Equipment, Type, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Oil & Gas Pumps Market -The Oil & Gas Pumps Market size is expected to reach USD 16.27 billion by 2029 at a CAGR of 6.34 percent during the forecast period. The Oil & Gas Pumps Market is expected to be driven by the increased use of unconventional resources such as shale gas and liquids, tight gas and oil, and coal bed methane, which require pumps of various designs and specifications.
Oil Accumulator Market -The Vegan Oilfield Equipment Market size is expected to reach USD 811.6 million by 2029 at a CAGR of 4.7 percent during the forecast period. The Oil Accumulator Market is expected to be driven by increasing safety concerns and various environmental threats related to oil & gas exploration activities.
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