Oilfield Equipment Market Growing at a CAGR of 3.1% to Reach $141,498 Million by 2026
Oilfield Equipment Market by Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others) and Application (On-Shore, and Off-Shore)
According to a new report published by Allied Market Research, titled, ” Oilfield Equipment Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” The global oilfield equipment market size was valued at $111.4 billion in 2018, and is projected to reach $141.4 billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026.
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The manufacturers of oilfield equipment are focusing on business expansion and new projects as a strategy to increase their oilfield equipment market shares. For instance, in February 2019, Integrated Equipment, Inc., a manufacturer of oilfield equipment received $9 million from Veritas Financial Partners for future growth.
Rise in redevelopment of mature oil wells, oil price recovery, and increase in exploration and drilling activities for oil around the globe drives the oilfield equipment market growth. In addition, the improved economic competitiveness in the oil exploration and drilling & service industries boosts the utilization of oilfield equipment, which in turn fuels the demand for oilfield equipment. However, the fluctuations in foreign currencies continues its influence over profit margins and increase in prices of raw materials are expected to hinder the oilfield equipment market growth.
The key players profiled in the global oilfield equipment market report include Uztel S.A, ABB, Delta Corporation, Jereh Oilfield Equipment, Integrated Equipment, EthosEnergy Group Limited, Sunnda Corporation, Baker Hughes , MSP/Drilex, Inc., and Weir Group.
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The report provides an extensive analysis of the current and emerging oilfield equipment market trends and dynamics.
Depending on the type, the drilling equipment segment dominated the oilfield equipment market, in terms of revenue in 2018, and pumps and valves are projected to grow at a CAGR of 2.5% during the forecast period.
By application, the on-shore segment led the oilfield equipment market in 2018.
North America is projected to register the highest growth rate in the coming years.
The key market players within the oilfield equipment market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the oilfield equipment industry.
An in-depth oilfield equipment market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
The global oilfield equipment market forecast analysis from 2018 to 2026 is included in the report
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