The global oilfieldequipment market stood at US$93.74 billion in 2012 and is anticipated
to reach US$117.37 billion in by 2018. It is predicted to expand at a
sluggish healthy CAGR of 3.80% from 2012 to 2018
According to the
report, the growing refining activities, increasing oil extraction,
and the rising regional consumption are amongst the prime factors
fuelling the market for oilfield equipment. The ongoing efforts for
discovering new oilfields across numerous untapped regions all around
the world have also encouraged the utilization of different oilfield
equipment, thus stimulating the overall market. In addition, the
shift towards small and new unconventional fields has also impacted
the market positively. Furthermore, the use of cutting techniques
such as IOR and ER is driving the market for oilfield equipment. On
the other hand, factors such as the geopolitical issues and rigid
regulatory policies have posed a negative effect on market growth. In
addition, the rising demand for sources of renewable sources of
energy may also impede the growth of the market in the coming years.
On the basis of
product, the market for oilfield equipment is segmented into field
machinery equipment, drilling equipment, pumps and valves, and
others, including well-surveying machinery, etc. Amongst these, the
segment of drilling equipment held the biggest share of more than 70%
and 76% within the global and the U.S. oilfield equipment market,
respectively. In addition, the segment of drilling equipment will
also emerged as the most swiftly growing segment in the market rising
at a CAGRs of 4.1% in the global market and 4.2% in the U.S. market
from 2012 to 2018. Drilling equipment are is utilized for boring and
piercing inside the earth for extracting natural gas. This segment
was trailed by the segment of field production machinery representing
18.4% in the market in 2011.
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On the basis of
geography, the market is segmented into Europe, North America, Asia
Pacific, the Middle East and Africa, and Latin America. Amongst
these, in 2011, North America held the biggest share of more than 30%
in the market for oilfield equipment. This is owing to the increasing
activities of drilling of natural gas and oil along with the swift
growth in the availability of unconventional resources such as tight
gas, coal bed methane (CBM), and shale gas in Canada and the U.S. In
addition, crude oil is highly widely consumed within the U.S. and for
meeting the rising demand, the prime producers have been exploring
various untapped and new reservoirs within this region. This further
promotes the usage of oilfield equipment in the U.S. On the other
hand, Asia Pacific is emerged emerging as the most swiftly developing
oilfield equipment market and is predicted to expand at a 4.30% CAGR
between 2012 and 2018.
As mentioned in the
report, the key players dominant in the market are Baker Hughes, Aker
Solutions, Cameroon International, National Oil well Varco (NOV),
Halliburton, Weatherford International, and Schlumberger among
others.
The global
oilfield equipment market is segmented as below:
Key Product
Segments of Oilfield Equipment Market
- Drilling Equipment
- Field Machinery Equipment
- Pumps and Valves
- Other (including Derricks, Well Surveying Machinery etc.)
Major regions
analyzed under this research report are:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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