Press release
Mining And Oil And Gas Field Machinery Manufacturing Marketat a CAGR of 4.7% and 4.1% 2020
Including: Oil & Gas Field Machinery And Equipment Manufacturing; Mining Machinery And Equipment Manufacturing
Covering: Komatsu Ltd., National Oilwell Varco, Inc., Caterpillar Inc., Sandvik AB, TechnipFMC plc
Report Scope:
This research report categorizes the mining and oil & gas field machinery manufacturing market by type. Product type include oil & gas field machinery and equipment, mining machinery and equipment, and others.
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Report Includes:
- An overview of the global market for mining and oil and gas field machinery manufacturing
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2020
- Detailed analyses of the market's drivers, restraints, opportunities, and future developments to help develop strategies
- Breakdowns of the market by region and country, including the size of the market by region, and their historic and forecast market growth
- Comprehensive profiles of leading companies in the industry.
Summary
Global mining and oil & gas field machinery manufacturing market is currently in a very crucial phase of transformation. There is mounting pressure to reduce costs, improve quality and satisfy customers as it has been moving from a provider-driven model to a consumer-driven model. At the same time, emerging market growth, low interest rate environment, rapid urbanization, rising population, improving technology, research and development investment, and rising income levels is driving the demand for mining and oil & gas products. These factors are, in turn, generating demand for mining and oil & gas field machinery to meet high expectations.
The market for mining and oil & gas field machinery manufacturing reached a value of nearly $265 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% to nearly $324.1 billion by 2020.
The market for mining and oil & gas field machinery manufacturing is somewhat concentrated with a few large players dominating the market. Major players in the market are Schlumberger Ltd., Caterpillar Inc., Komatsu Ltd., National Oilwell Varco Inc., among others. Oil & gas field machinery and equipment manufacturing accounted for the largest share of the market for mining and oil & gas field machinery manufacturing in 2016 at 63%. The highest growth is also projected to come from oil & gas field machinery and equipment manufacturing, which is forecast to grow at a CAGR of 5.4%. Major factors included economic growth, technological developments and high demand for mining output.
Asia Pacific is the largest market for mining and oil & gas field machinery manufacturing, accounting for 23% of the global market. It was followed by Middle East, and North Africa. Going forward, Africa is expected to witness the fastest growth in the mining and oil & gas field machinery manufacturing market, estimated at a CAGR of 6.5%, followed by the Middle East, expected to grow at a CAGR of 6.4%.
China is the largest market in terms of value and is driving the market for mining and oil & gas field machinery manufacturing. China and India are forecasted to have the fastest growth, growing at a CAGR of 4.7% and 4.1%, respectively.
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Reasons for Doing This Study
Technological advances such as cloud computing, 3D printing, 3D mapping, autonomous vehicles, machine learning, automation and wearable technologies has led to an increase in the demand for oil and gas and mining equipment globally. Global industry leaders and large organizations see an expanded role for product development, investment in autonomous machinery, 3D printing, and 3D mapping in the mining and oil & gas field machinery manufacturing industry.
The global mining and oil & gas field machinery manufacturing market is growing due to increased demand for oil and gas products, and steel and other metals and mineral products, decline in commodity prices, and globalization. These factors along with political support in form of tax waivers and subsidies offered by national and state governments for oil and gas, coal and other mineral exploration companies will drive the mining and oil & gas field machinery manufacturing.
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