Oilfield Equipment Market Outlook - 2026
The Global Oilfield Equipment Market Size was valued at $111,400 million in 2018, and is projected to reach $141,498 million by 2026, growing at a CAGR of 3.1% from 2019 to 2026. The oilfield equipment are a set of equipment used for excavation and drilling purposes for oil or gas. Its types include solid control equipment, well control equipment, on-shore & off-shore drilling rig, drilling rig components, oilfield supply lots, pump jacks & pumping units, pumps & motors, tanks & vessels, and oilfield trucks and machinery.
Rise in redevelopment of mature oil wells, oil price recovery, and increase in exploration and drilling activities for oil around the globe drives the oilfield equipment market growth. In addition, the improved economic competitiveness in the oil exploration and drilling & service industries boosts the utilization of oilfield equipment, which in turn fuels the demand for oilfield equipment. However, the fluctuations in foreign currencies continues its influence over profit margins and increase in prices of raw materials are expected to hinder the oilfield equipment market growth.
Furthermore, the advanced technology in oilfield equipment offers lucrative growth opportunities for the oilfield equipment market players during forecast period. Emerging technologies in the oil and gas industry have the potential to improve oil and gas production. In addition, advancements in technology in oilfield equipment offers benefits such as increase in safety, reduction in costs, rise in speed of the processes, and, surge in efficiency.
The advanced technologies such as Artificial Intelligence, IoT, and analytics helps in digitization of oil and gas refineries, pipelines, exploration sites, and infrastructure. This factor enables the oil & gas companies to collect all the respective data on a single platform. Furthermore, there is increase in investment for emerging technologies in oil and gas companies to increase productivity, reduce risks and costs. For instance, in September 2019, Imperial and Alberta Machine Intelligence Institute (Amii) collaborated to develop machine learning capabilities and artificial intelligence (AI) for the oil & gas industry to improve the safety of its workforce and reduce environmental impacts. Similarly, in December 2019, Dataiku Technology and Schlumberger established partnership to develop and deploy artificial intelligence solutions across oil and gas operations.
The global oilfield equipment market is segmented on the basis of type, application, and region. By type, the market is segmented into drilling equipment, field production machinery, pumps and valves, and others. By type, the drilling equipment segment garnered the largest share in terms of revenue in 2018 and the pumps and valves segment is expected to experience high growth during the forecast period. The growing in oil well exploration projects are expected to provide lucrative opportunities for the oilfield equipment market expansion.
By Type
Pumps and valves segment is projected to grow at a significant CAGR
By application, it is divided into on-shore, and off-shore. By region, the oilfield equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2018, by application, the on-shore segment accounted for the largest share in the global oilfield equipment market in terms of revenue. North America has largest share in the global market in terms of revenue in 2018. Developed economies, such as U.S., and others, are expected to support market expansion due to increase in demand for oil and gas.
By Application
Automobile segment holds dominant position in 2018
Competition Analysis
The key market players profiled in the oilfield equipment market report include ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A , and Weir Group.
Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.
By Region
North America holds a dominant position in 2018 and is expected to grow at a highest rate during the forecast period.
The major players operating in the global oilfield market have adopted key strategies such as business expansion, and partnership to strengthen their market outreach and sustain the stiff competition in the market. For instance, in October 2018, Baker Hughes established partnership with Abu Dhabi National Oil Company to support the growth and development of ADNOC’s subsidiary, ADNOC Drilling, into a fully-integrated drilling and well construction provider. Similarly, in September 2019, Vår Energi AS has signed an agreement with Baker Hughes to award a subsea contract for the engineering, procurement, construction, and installation (EPCI) of subsea systems and associated services for the Balder X project on the Norwegian Continental Shelf (NCS)..
Key Benefits for Stakeholders:
- The report provides an extensive analysis of the current and emerging oilfield equipment market trends and dynamics.
- In-depth market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- Extensive analysis of the oilfield equipment market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global oilfield equipment market forecast analysis from 2018 to 2026 is included in the report.
- The key market players operating in the global oilfield equipment market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the oilfield equipment industry.
Global Oilfield Equipment Market Segments:
By Type
- Drilling equipment
- Field Production Machinery
- Pumps and valves
- Others
By Application
- On-shore
- Off-shore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Thailand
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- ABB
- Baker Hughes
- Delta Corporation
- EthosEnergy Group Limited
- Integrated Equipment
- Jereh Oilfield Equipment
- MSP/Drilex, Inc.
- Sunnda Corporation
- Uztel S.A
- Weir Group
Oilfield Equipment Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | Delta US Corporation LLC, EthosEnergy Group Limited, MSP/DRILEX, (Shanghai) Co., Ltd., Sunnda Corporation, The Weir Group PLC, Integrated Equipment, Inc., Baker Hughes, UZTEL S.A., ABB GROUP, Yantai Jereh Oilfield Services Group Co., Ltd. |
Analyst Review
The oilfield equipment market provides high growth potential in the oil and gas industry owing to rise in investment for oil and gas exploration. The market has witnessed significant growth over the past decade, owing to increase in the demand for oilfield equipment due to rise in redevelopment of mature oil wells. For instance, in February 2019, Saudi Aramco planned to expand the oil and gas exploration internationally. The company aims to compete with the major competitors such as Royal Dutch Shell and Exxon Mobil to expand into overseas drilling. Similarly, in November 2018, PetroChina, a China based oil and gas company is aiming to raise the oil output in 2021 at northwestern Xinjiang region. The site is a newly discovered oilfield. In addition, PetroChina and Sinopec, the China-based top oil companies have collaborated to explore and produce crude oil in the western regions of China to increase the domestic output.
Market players are also expanding their companies and enhancing their product portfolios to increase their market potential in terms of geographic and customer base expansion. Moreover, the leading players in the market are producing affordable, and efficient oilfield equipment to cater to a large customer base. For instance, in September 2019, Vår Energi AS has signed agreement with Baker Hughes to award a subsea contract for the engineering, procurement, construction and installation (EPCI) of subsea systems and associated services for the Balder X project on the Norwegian Continental Shelf (NCS). In addition, in October 2018, Baker Hughes established partnership with Abu Dhabi National Oil Company to support the growth and development of ADNOC’s subsidiary, ADNOC Drilling, into a fully-integrated drilling and well construction provider.
Among the analyzed geographical regions, North America is expected to account for the highest CAGR in the global market throughout the forecast period.
The oil field equipment market growth is projected to reach $141,498 million by 2026.
By type, the drilling equipment segment accounted for the largest share in the oilfield equipment market in 2018.
To get latest version of oil field equipment market report.
The rise in redevelopment of mature oil wells, and oil price recovery are the key trends in the oil field equipment market
The global oilfield equipment market size was valued at $111,400 million in 2018.
Based on top growing big corporation, we select top 10 players.
The company profile has been selected on basis of geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The increase in exploration and drilling activities for oil around the globe is affecting factor for oil field equipment market.
Partnership is the key growth strategy of oil field equipment industry players.
The applications of oil field equipment include drilling, exploration, and production of oil.
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