Press release
Advances in Technology and Mature Oil Field Redevelopment Drive Growth in the Global Oilfield Equipment Market
Oilfield Equipment Market
The integration of extended reach drilling with advanced simulation technologies is enhancing the capabilities of oil and gas companies by allowing them to optimize fluid interaction with rock formations, which improves the consistency of extraction rates along the length of the wells. This combination of technologies enables a more sustainable extraction process that can lead to extended productivity and life span of oil and gas wells.
To avail Sample Copy of the report @https://www.emergenresearch.com/request-sample/2746
Technological Innovations and Market Drivers
Recent developments in drilling technology are enabling more efficient exploration and production of oil and natural gas from both new and existing wells. For example, in July 2023, geothermal startup Fervo Energy achieved a significant milestone by completing a 30-day test at a commercial pilot plant in Nevada, where the company successfully drilled down to 7,700 feet and extended horizontally by an additional 3,250 feet, reaching temperatures of 375 degrees Fahrenheit. Such advancements underline the potential for geothermal and other energy sources to contribute to a sustainable future energy landscape.
Redeveloping mature oil wells is a key focus area for many companies, as the initial phases of development generally yield less than 50% of recoverable hydrocarbons. With oil prices not favoring new explorations, companies are turning to more economical methods to extend the productivity of existing fields. Enhanced data collection, data visualization tools, and integration software help companies leverage the vast data gathered over an oilfield's lifespan to achieve effective secondary and tertiary recovery techniques. Together, these approaches are contributing to substantial growth in oilfield equipment demand.
Challenges for the Oilfield Equipment Market
Despite strong growth, the oilfield equipment market faces some notable challenges. Customized demands from drillers, as well as the complexity of extracting from both new and depleting reserves, place added pressure on equipment suppliers to deliver high-specification, adaptable equipment for various well requirements. The need for specialized horizontal drilling rigs, coupled with variations in well design from site to site, presents logistical and financial obstacles that could slow market growth.
Segment Insights: Drilling Equipment Leads Market Share
In terms of product segments, drilling equipment represented the largest share of the oilfield equipment market in 2022. Drilling rigs are essential to exploration and extraction activities, and the increasing global demand for oil and gas is expected to lead to new explorations and the redevelopment of mature fields. This trend is anticipated to drive ongoing demand for advanced drilling equipment in the coming years.
The pumps and valves segment is also experiencing significant growth due to the need for efficient fluid handling systems and a greater focus on reducing operational costs and environmental impact. As companies explore unconventional resources and optimize production from existing fields, demand for these components is expected to rise.
Application Insights: Onshore Segment Dominates
The onshore segment holds the largest market share in the global oilfield equipment market, driven by extensive onshore drilling activities in regions like North America and the Middle East & Africa. The increase in investments in oil and gas, along with new well discoveries, is expected to boost onshore oilfield equipment demand throughout the forecast period.
Request Customization In The Report @https://www.emergenresearch.com/request-for-customization/2746
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 Updates
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.
Browse The Full Oilfield Equipment Market Report Description, Along With The Tocs And List Of Facts And Figures @ https://www.emergenresearch.com/industry-report/oilfield-equipment-market
Oilfield Equipment Market Segmentation 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)
Drilling Equipment
Field Production Machinery
Pumps & Valves
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
On-shore
Off-shore
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
Online
Offline
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
Click Here To Buy Now @https://www.emergenresearch.com/select-license/2746
Exploring Market Insights: A Guide to Related Reports
Oilfield Equipment Market Size @ https://www.emergenresearch.com/industry-report/oilfield-equipment-market/market-size
Oilfield Equipment Market Share @ https://www.emergenresearch.com/industry-report/oilfield-equipment-market/market-share
Oilfield Equipment Market Trends @ https://www.emergenresearch.com/industry-report/oilfield-equipment-market/market-trends
Oilfield Equipment Regional Market Demand @ https://www.emergenresearch.com/industry-report/oilfield-equipment-market/regional-market-demand
Oilfield Equipment Market Analysis @ https://www.emergenresearch.com/industry-report/oilfield-equipment-market/market-analysis
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Advances in Technology and Mature Oil Field Redevelopment Drive Growth in the Global Oilfield Equipment Market here
News-ID: 3684729 • Views: …
More Releases from Emergen Research
Global Internet of Things (IoT) in Healthcare Market to Reach USD 299.05 Billion …
The global Internet of Things (IoT) in Healthcare Market was valued at USD 299.05 billion in 2023 and is expected to grow at a CAGR of 16.5% during the forecast period. This growth is fueled by the rising use of connected healthcare devices, increasing demand for early disease detection through remote monitoring, and growing adoption of artificial intelligence (AI) tools within IoT-based healthcare systems.
The market is also benefiting from the…
Global Stem Cell Therapy Market to Reach USD 49.2 Billion by 2034, Growing at 13 …
The global Stem Cell Therapy Market, valued at USD 13.7 billion in 2024, is projected to reach USD 49.2 billion by 2034, expanding at a compound annual growth rate (CAGR) of 13.6%. Growth is being fueled by the rising burden of chronic diseases, rapid progress in cell-based studies, and increasing investments in regenerative medicine and personalized healthcare solutions.
Stem cell therapies offer the ability to repair, replace, or restore damaged tissues…
Artificial Intelligence Strengthens Cybersecurity as Threats Grow More Sophistic …
The global Artificial Intelligence in cybersecurity market size was USD 23.8 Billion in 2023 and is expected to reach a market valuation of USD 29.44 billion by the end of 2024 registering a CAGR of 23.7% during the forecast period. The adoption of Artificial Intelligence (AI) in cybersecurity is rapidly gaining traction as organizations worldwide face increasingly complex and frequent cyber threats. By combining advanced technologies such as Machine Learning…
Global Regenerative Medicine Market to Reach USD 125.6 Billion by 2034, Growing …
The global regenerative medicine market, valued at USD 34.2 billion in 2024, is set to grow to USD 125.6 billion by 2034, expanding at a compound annual growth rate (CAGR) of 13.9%. Growth is being fueled by rising approvals of advanced therapies, strong demand for personalized treatments in cancer and orthopedics, and expanding cell and gene therapy manufacturing across major markets such as North America, Europe, and Asia.
Once seen as…
More Releases for Equipment
Construction Equipment Rental (Ez Equipment Rental)
Whatever Your Project Needs, We Have The Solution
We understand purchasing heavy equipment isn't always the best option for a business, especially if you only need a machine temporarily.
EZ Equipment Rental LLC services industrial businesses with the equipment they need to operate, as well as homeowners and handymen tackling residential projects. Our inventory is stocked with bucket trucks, concrete equipment, generators, lighting, pumps, saws, jumping jacks, air compressors, pressure washers, earthmoving…
Laboratory Equipment Services Market, By Equipment Type (Analytical Equipment, G …
Laboratory equipment services basically encompass a wide range of services such as repair and maintenance, calibration, and validation that help labs run more efficiently, increase machine uptime, and improve testing and production results. Equipment servicing, user training, installation & modification, maintenance services, and equipment validation and calibration are just a few of the services available.
View Detailed Report: https://www.databridgemarketresearch.com/reports/global-laboratory-equipment-services-market
Global Laboratory equipment services Market was valued at USD 10.86 billion in 2021…
Food Service Equipment Market Size, Share, Trends, Growth Analysis Report By Equ …
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
The Business Research Company presents an extensive market research report on the ""Food Service Equipment Global Market Report 2024,"" furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities,…
Coating Equipment Market by Type (Powder coating equipment, Liquid coating equip …
The Coating Equipment Market research report incorporates the scope and objective of the study. Moreover, the report highlights key market segments and players covered. It also covers industry trends, focusing on market use cases and top market size by region, market trends, and global market size. Moreover, the Coating Equipment Market research report covers market growth rate and market share by region. Supply chain analysis, regional marketing analysis, opportunities, challenges,…
Global Construction Equipment Rental Market 2018 - Ahern Equipment Rental, Cater …
The global Construction Equipment Rental market research report 2019 -2023 proposes a thorough analysis of the Construction Equipment Rental market globally. The market analysis considerably focuses on providing data to the consumers related to the three major segments, which include the growth rate of the market, the size of the market, and industrial-chain analysis. The Construction Equipment Rental market report provides a wide-range of Construction Equipment Rental market segmentation Earthmoving…
Durable Medical Equipment Market Size, Durable Medical Equipment Market Share, D …
According to a new study published by Polaris Market Research the Global Durable Medical Equipment (DME) market is anticipated to reach USD 246.6 billion by 2026.
Request for Sample of This Research Report @ https://bit.ly/2PNhMF7
Top Key Players:-
Stryker Corporation
Medtronic plc
Baxter International
Medline Industries
Becton
Dickinson and Company
Sunrise Medical (US) LLC
Durable Medical Equipment (DME) is provides beneficial benefits to a patient in need because of certain illnesses or/ and medical conditions. The durable medical equipment…
