Continuous efforts to discover new oilfields across various untapped regions across the globe are prompting the use of different Oilfield Equipment Market

Oil field equipments include drilling equipment, field production machinery, pumps and valves. These equipments are mainly used in oil extraction fields across the globe, both offshore and onshore. Drilling equipments are used to drill mechanically through soil or rock to reach the crude oil reservoir. These equipments include complete drilling rigs, and rig components. Rig components are drill bits and oil country tubular goods (OCTG). OCTG includes tubing and pipes such as drill pipes, casing pipes and tubing pipes.

Download the Exclusive Report Sample Here :
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1312

The global demand for oilfield equipment was USD 84.25 billion in 2009 which increased to USD 87.60 billion in 2010. The demand for oilfield equipments is expected to be driven by the rising oil extraction and refining activities coupled with increasing regional consumption and its growing demand across the globe. Continuous efforts to discover new oilfields across various untapped regions across the globe are prompting the use of different oilfield equipments. Shift towards unconventional oil fields such as shale gas has been driving the demand for oilfield equipments in both developed economies such as the U.S. and Europe and in emerging markets such as Asia Pacific and Latin America and this trend is expected to drive the demand over the forecast period. Shift in focus towards increasing hydrocarbon production using techniques such as EOR (enhanced oil recovery) and IOR (improved oil recovery) has also been acting as one of the major factors driving the growth demand.

Drilling equipment emerged as the leading type oilfield equipment and accounted for over 72% of global oilfield equipment market and over 76% of the U.S. oilfield equipment market in 2011. Drilling equipments are used in piercing and boring through the earth in order to access crude oil (or natural gas) deposits below the surface. Along with being the biggest type, drilling equipments are also the fastest growing type of oilfield equipment growing at CAGR of 4.1% and 4.2% from 2012 to 2018 for global and U.S. market respectively. Drilling equipment was followed by field production machinery, which accounted for 18.4% of the overall market in 2011.

North America emerged as the leading market for oilfield equipment and accounted for over 30% of the global market in 2011. The growing drilling activities for natural oil and gas coupled with rapid development of unconventional resources such as shale gas, tight gas and coal bed methane (CBM) in U.S. and Canada is expected to drive the market for oilfield equipment in the region over the forecast period. U.S. is largest consumer of crude oil and in order to meet its growing demand, major producers has been exploring and developing new and untapped reservoirs across the regions which in turns promotes the use of oilfield equipment. Asia Pacific is fastest growing market for oilfield equipment growing at CAGR of 4.3% from 2012 to 2018. The growing energy consumption mainly in emerging economies of China and India is one of the major factors which are expected to drive the market in the region over the forecast period. Both China and India are ranked in the list of top five oil consumers in the world according to CIA World Factbook.

The global market for oilfield equipment is highly fragmented with top four companies accounting for just of 30% of the total market. Some of the major players operating in the global market include Aker Solutions, Baker Hughes, Cameroon International, Halliburton, National Oilwell Varco (NOV), Schlumberger and Weatherford International among some other companies.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2768+1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com/
Visit Blog : http://cmfeglobalreports.blogspot.in/

This release was published on openPR.