Oil Field Equipment Market Highlights
The global oilfield equipment market is demonstrating an ascending growth rate due to rapid onshore oil exploration activities. The pressure on OPEC countries for increasing their extraction rate is likely to fuel the demand for oil field equipment. However, due to low investments, offshore exploration has a less promising outlook. Market Research Future has asserted that the oilfield equipment is set to capture a CAGR of 4.5% over the forecast period.
Major oilfield equipment market players such as Schlumberger, Halliburton, and Baker Hughes have witnessed a surge in their earnings recently which had been dampened by the 2014 oil price crash. The demand for oilfield equipment has been lifted by the recovery of the drilling frenzy in North America. Shale gas exploration is likely to continue expanding in North America, and the Gulf of Mexico also shows promising prospects for the growth of the oilfield equipment market, with several substantial discoveries in the Norphlet reservoir.
The recovery of the industry based on the operations of various drilling contractors who are upgrading their oilfield equipment portfolios is exp[ected to boost the market. Industry participants are investing massively to improve recovery and productivity of equipment which is likely augmenting the growth of the market.
The emergence of oilfield rental equipment service is seen as a threat to the oilfield equipment market. Rental services help in the reduction of capital expenditure associated with oilfield equipment and are being increasingly opted by oil explorers who are likely to constrain the market for oilfield equipment. Moreover, shifting focus on renewable energy and stringent government regulations pertaining to drilling activities is estimated to trim the growth of the market over the forecast period. However, the discovery of various new oil reserves is anticipated to provide an opportunity for market expansion in the coming years.
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The global oilfield equipment market has been segmented based on type and equipment.
By type, the oilfield equipment market has been segmented into drilling and pressure flow control. The drilling segment has been further segmented into drill pipe, and drill collars flow. The pressure and flow control segment has been further segmented into BOPs, Valves, and manifolds.
On the basis of equipment, it has been segmented into drilling equipment, field production machinery, pumps & valves, and others.
By region, the global oilfield equipment market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
Rigorous shale gas exploration activities have uniquely positioned North America as the leading market for oilfield equipment. Extensive rock study activities for shale oil, oil sands, and carbonate rocks are also on the rise. Moreover, a substantial number of market players are based in North America which gives the region unprecedented leverage over others. The APAC and Africa markets are slated to showcase rapid growth over the forecast period. The discoveries in the Gulf of Thailand and the South China Sea from the Asia Pacific and the Mediterranean Sea and Egypt desert from Africa are likely to provide massive growth opportunities to the markets in these regions. Moreover, due to fast-track urbanization and industrialization in the developing countries of these regions, there is towering demand for energy which is expected to reflect positively on the growth of the market.
Schlumberger (U.S.), SGS (Switzerland), Weatherford International (U.S.), C&J Energy Services Ltd. (U.S.), Basic Energy Services, Inc. (U.S.), Superior Energy Services (U.S.), Expro International Group Holding Ltd. (UK), ABB Oil, and Gas and Petrochemical Business Unit (Switzerland), Wireline Engineering Ltd. (UK), GE Oil and Gas (U.S.), Halliburton (U.S.), Pioneer Energy Services Corp. (U.S.), Oilserv (UAE), and National Oilwell Varco, Inc. (U.S.)
March 2019 Schlumberger, a global leader of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, and Rockwell Automation, provider of industrial automation and information technology, have entered into a joint venture to create an oilfield automation solutions provider called Sensia. Sensia would aid oil and natural gas customers cut down costs and improve efficiencies on the oilfield. This company will specialize in sensors and measurement technology.
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