Surge in exploration and drilling activities for oil across the world and redevelopment of mature oil wells drive the global oilfield equipment market
PORTLAND, Oregon, April 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global oilfield equipment industry garnered $111.40 billion in 2018, and is expected to reach $141.49 billion by 2026, registering a CAGR of 3.1% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in exploration and drilling activities for oil across the world and redevelopment of mature oil wells drive the global oilfield equipment market. However, surge in raw material prices and fluctuation in foreign currencies restrain the market growth. On the other hand, technological developments in the oil and gas industry that enables enhanced safety and efficiency create new opportunities in the market.
The drilling equipment segment to maintain its lead status during the forecast period
Based on type, the drilling equipment segment contributed to nearly two-thirds of the total share of the global oilfield equipment market in 2018, and is projected to maintain its lead status during the forecast period. This is due to the technological advancements in oil drilling equipment and drilling processes over the past few years. Moreover, the pumps and valves segment would witness the fastest CAGR of 5.1% from 2019 to 2026. This is attributed to heavy investments in oil & gas exploration activities along with refineries and pipelines.
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The on-shore segment to offer lucrative opportunities
Based on application, the on-shore segment accounted for the largest market share of the global oilfield equipment market, accounting for more than two-thirds of the total market share in 2018, and is expected to maintain its lion's share in terms of revenue by 2026. Moreover, this segment is estimated to grow at the highest CAGR of 3.5% from 2019 to 2026. This is due to increase in investments in on-shore oil & gas production and exploration activities. The report also analyzes the off-shore segment.
North America to grow at highest growth rate and contribute largest revenue
Based on region, North America accounted for the highest market share in terms of revenue, accounting for nearly two-fifths of the global oilfield equipment market in 2018, and is estimated to dominate during the forecast period. Moreover, the region is expected to maintain the largest CAGR of 3.8% from 2019 to 2026. This is attributed to the number of leading market players operating in the region and technological advancements. The report also analyzes regions including Asia-Pacific, Europe, and LAMEA.
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Leading market players
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