Oilfield Equipment Market Sees Explosive Growth Globally

According to the latest research report published by Market Data Forecast, the global oilfield equipment market has been valued at US$ 129.71 billion in 2023 and it is anticipated to reach a market capitalization of US$ 156.70 billion by 2029 it is anticipated to grow with a healthy CAGR of 3.20% over the forecast period 2024-2029.

Oilfield equipment is a collection of tools used for oil and gas exploration and drilling. Solid control equipment, well on-shore & off-shore drilling rigs, control equipment, drilling rig components, oilfield supply lots, tanks & vessels, pumps & motors, pump jacks & pumping units, and oilfield vehicles and machinery are all examples of this sort of equipment.

Global Oilfield Equipment Market Report Scope:

• Market Size (2029): USD 156.70 Billion
• Market Size (2023): USD 129.71 Billion
• CAGR (2024 to 2029): 3.20%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Application, Equipment Type, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: ABB, Baker Hughes, Delta Corporation, Ethos Energy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, Weir Group, and Others.

Market Drivers:

The oilfield equipment market is expected to be driven during the forecast period by factors including the growing number of deep-water and ultra-deepwater fields and the expansion of drilling activities in regions such as South America, North America, the Middle East, and Africa during the medium term. Furthermore, the industry's global liberalisation and the growing number of oil and gas finds have given players new avenues for investment. It is estimated by Baker Hughes that as of October 2023, 736 units, or around 75% of all rig counts, were onshore. It is anticipated that drilling, production, and other oil field activities will be in high demand because to the growing number of rigs in the land region. It will therefore propel the onshore region's demand for oilfield equipment.

Furthermore, during the past century, oil exploration and drilling activities have expanded greatly due to causes such as increased fuel requirements for transportation, technological developments in drilling, and others. Additionally, the business is growing as a result of petroleum extraction's rising success rate. Similarly, increased demand for oilfield equipment results from increased use of oilfield equipment and increased economic competitiveness in the oil exploration, drilling, and service sectors.

Market Restraints:

Oil price fluctuations significantly impact the global oilfield equipment market, project operations, investment decisions, and reduced demand due to reduced capital expenditures in the oil and gas sector. Further, the oilfield equipment industry's stability and expansion has hindered by price volatility. This is due to geopolitical unrest, economic uncertainties, and global oil market uncertainties.

Over the past ten years, the market has been significantly impacted by both the global economic slowdown and the rise in housing prices in developed economies. As a result, in developed economies, the market is still rebounding from the recession and stabilising inflation rates. Nonetheless, the ongoing volatility of foreign exchange rates keeps impeding market participants' ability to make a profit. Furthermore, the state of the world economy has an impact on the extraction of metal required to make oilfield equipment, which will impede market expansion in the years to come. In the upcoming years, it is expected that these price variables will be neutralised and the market players will have solid profit margins thanks to the rapidly expanding economies that are propelling the oil and gas industry's rapid industrialization and expansion.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/oilfield-equipment-market

Key Insights from The Report:

• Based on equipment type, the drilling equipment segment led the market and accounted for the largest share of the global market in 2023.
• Based on application, the onshore segment occupied the majority of the global market share in 2023.
• North America dominated the oilfield equipment market in 2023. Middle East & Africa accounted for the second-highest share of the global market in 2023 and on the other hand, the Asia-Pacific region is estimated to grow at the fastest CAGR during the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Application:
• Onshore.
• Offshore.

By Equipment Type:
• Drilling Equipment.
• Production Equipment.

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Oilfield Equipment, By Application
6.1.1 Onshore
6.1.2 Offshore
6.1.3 Market Size Estimations & Forecasts (2024-2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Oilfield Equipment, By Equipment Type
6.2.1 Drilling Equipment
6.2.2 Production Equipment
6.2.3 Market Size Estimations & Forecasts (2024-2029)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Oilfield Equipment, by Region
7.2 North America - Market Analysis (2024-2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Application
7.2.3 By Equipment Type
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Application
7.3.3 By Equipment Type
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Application
7.4.3 By Equipment Type
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Application
7.5.3 By Equipment Type
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Application
7.6.3 By Equipment Type

8. Key Player Analysis
8.1 ABB
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Baker Hughes
8.3 Delta Corporation
8.4 Ethos Energy Group Limited
8.5 Integrated Equipment
8.6 Jereh Oilfield Equipment
8.7 MSP/Drilex, Inc.
8.8 Sunnda Corporation
8.9 Uztel S.A
8.10 Weir Group

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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