Report Code : A05977
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. This is anticipated to fuel the demand for the oilfield equipment. Furthermore, by application, the on-shore segment is expected to grow in the near future due to refurnishing in oil refineries around the globe.
Amar Chinchane
Lead Analyst, Construction and Manufacturing at Allied Market Research
According to a new report published by Allied Market Research, titled, " Oilfield Equipment Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," 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.
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. In addition, by application, the on-shore segment garnered significant market share in 2018, owing to the redevelopment of mature oil wells. 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 key players profiled in the global oilfield equipment market report include 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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Oilfield Equipment Market by Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others) and Application (On-Shore, and Off-Shore): Global Opportunity Analysis and Industry Forecast, 2019–2026
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