Oilfield Equipment Market Size Worth USD 30.11 Billion 2032 | Emergen Research

The global oilfield equipment market size was USD 20.65 billion in 2022 and is expected to register a revenue CAGR of 3.9% during the forecast period. The global oilfield equipment market is witnessing significant growth driven by various factors including increasing shale gas extraction, technological advancements in oilfield equipment, and redevelopment of mature oil wells. A recent market research report highlights these trends shaping the oilfield equipment sector.

Key Market Drivers:

Technological advancements in oil well drilling equipment have played a crucial role in the exploration of new oil and gas sources to meet the rising global energy demand. The integration of advanced technologies such as extended reach drilling and simulation technology enables oil and gas companies to optimize extraction rates throughout the length of oil wells.

Furthermore, the industry has seen notable achievements in geothermal energy exploration. Fervo Energy, a geothermal startup, recently announced a significant technical breakthrough in geothermal energy production. Their successful 30-day test at a commercial pilot plant showcased the potential of geothermal energy as a clean energy source.

Moreover, the redevelopment of mature oil wells has become imperative in the current market scenario where new exploration is discouraged due to existing oil prices. To extend the productive life of oilfields, oil companies are leveraging technological advancements and data analytics to enhance secondary and tertiary recovery processes.

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Market Restraints:

Customized demands by drillers pose a challenge to market growth. The complexity of drilling operations and the need for tailored extraction techniques have increased with the exploration of new reserves and the depletion of existing ones. This has led to a surge in demand for customized drilling equipment, creating pressure on equipment providers.

Additionally, the delivery of high-specification rigs and associated equipment is expected to increase during the forecast period, particularly for horizontal drilling. This variation in demand for well operators adds further pressure on equipment providers and could potentially hamper revenue growth.

Market Segment Insights:

• Product Segmentation: The global oilfield equipment market is segmented into drilling equipment, field production machinery, pumps & valves, and others. Drilling equipment dominates the market due to its crucial role in oil and gas exploration and extraction activities.
• Application Segmentation: Onshore applications are expected to hold the largest market share over the forecast period. Regions such as North America and the Middle East & Africa have a significant number of onshore wells, driving the demand for oilfield services.

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Oilfield Equipment Top Companies and Competitive Landscape

The global oilfield equipment market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.

Some of the major companies included in the global oilfield equipment market report are:

• SLB
• Halliburton
• LUFKIN
• ABB
• TechnipFMC plc
• Baker Hughes Company
• Weatherford
• Aker Solutions
• NOV Inc.
• Delta Corporation
• TRANSOCEAN LTD.
• EthosEnergy
• UZTEL S.A.
• The Weir Group PLC

Oilfield Equipment Latest Industry News

• On July 09, 2022, ABB and Wison Offshore & Marine (WOM), a clean energy-focused technology and solution provider, have entered into a Memorandum of Understanding (MoU) to work together on the global development and deployment of floating liquefied natural gas (FLNG) facilities. FLNG facilities enable the production, liquefaction, and storage of natural gas at sea, facilitating direct shipping to customers worldwide. Through the collaborative effort, ABB and WOM seek to enhance the production efficiency of LNG at sea by optimizing and standardizing the design of FLNG units.
• On January 30, 2023, Baker Hughes Sent Oil and Gas Drilling Equipment to Russia From Scotland. Baker Hughes, the multinational oilfield services giant, sent oil and gas drilling equipment to Russia from Scotland despite calls from the Scottish government for businesses in the country to stop trade with Russia, the Scottish Herald reported.

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Oilfield Equipment Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global oilfield equipment market on the basis of product, application, distribution channel, and region:

• Product Outlook (Revenue, USD Billion; 2019-2032)
o Drilling Equipment
o Field Production Machinery
o Pumps & Valves
o Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
o On-shore
o Off-shore
• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
o Online
o Offline
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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