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Reports And Data
Rise in oil & gas extraction activities is a significant factor driving growth of the global oilfield equipment market.
NEW YORK CITY, NY, UNITED STATES, March 7, 2022 /EINPresswire.com / -- The global oilfield equipment market is expected to reach a market size of USD 144.43 Billion in 2027 and register a significantly high CAGR during the forecast period, according to a new report by Reports and Data. Oilfield equipment demand has been increasing steadily, and is attributed to a steep rise in oil & gas extraction activities globally. Oil and gas play a crucial part in the global energy mix and even though renewable energy sources are anticipated to witness an increase in share in the energy mix gradually, oil and gas is projected to contribute 44.0% of the energy supply worldwide in 2050. Hence, investments would be required for opening up new oilfields and to continue oil and gas extraction from existing oil wells to cater to the predicted high demand. This in turn, is expected to continue to boost demand for oilfield equipment, thus driving growth of the oilfield equipment market to a significant extent.
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The COVID-19 impact:
The COVID-19 pandemic has severely impacted the oilfield equipment industry. The rapid spread of the virus has caused a drop in demand and henceforth, crude oil prices. Furthermore, lockdown and movement restrictions also created a shortage of workforce in the oilfields. Oil companies were forced to halt oil and gas exploration activities to prevent an oversupply situation. Reduction in oil and gas exploration activities, in turn, had significantly impacted demand for oilfield equipment.
Key market participants include Schlumberger Ltd., Halliburton Company, Zenith Oilfield Technology Ltd., Abbot Group Ltd., FMC Technologies Inc., Baker Hughes Company, Weatherford International PLC, Aker Solutions, NOV Inc., and Transocean Ltd.
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Further key findings from the report suggest
In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
The oilfield equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.
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For the purpose of this report, Reports and Data has segmented the global oilfield equipment market on the basis of product type, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Drilling Equipment
Field Production Machinery
Pumps & Valves
Others
Application Outlook (Revenue, USD Billion; 2017-2027)
On-shore
Off-shore
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Online
Offline
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Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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