Oilfield Equipment Market Rise in Investment in the Construction Industry | Allied Market Research

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.

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.

By type, the drilling equipment segment accounted for the largest share in the oilfield equipment market in 2018. In addition, expansion of the oil and gas industry throughout the globe especially in nations such as the U.S., China, and India, fuels the demand for oilfield equipment.

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In addition, based on type, the pumps and valves segment is expected to exhibit significant growth during the forecast period. In terms of region, North America, and Asia-Pacific collectively contributed around 67.4% of shares in the global oilfield equipment market in 2018.

The oilfield equipment market has witnessed significant growth over the past decade, owing to rise in investment in the construction industry especially in North America, and Asia-Pacific. A number of players are expanding their business around the globe, owing to increased customer base, enhanced effective operations, developed product portfolios, and expanded geographical reach.

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Key Findings of the Study:
o The report provides an extensive analysis of the current and emerging oilfield equipment market trends and dynamics.
o Depending on type, the drilling equipment segment dominated the oilfield equipment market, in terms of revenue in 2018 and pumps and valves is projected to grow at a CAGR 2.5% during the forecast period.
o By application, the on-shore segment led the oilfield equipment market in 2018.
o North America is projected to register the highest growth rate in the coming years.

Top Leading Companies:

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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