Oil field equipments include drilling equipment, field production machinery, pumps and valves. These equipments are mainly used in oil extraction fields across the globe, both offshore and onshore. Drilling equipments are used to drill mechanically through soil or rock to reach the crude oil reservoir. These equipments include complete drilling rigs, and rig components. Rig components are drill bits and oil country tubular goods (OCTG). OCTG includes tubing and pipes such as drill pipes, casing pipes and tubing pipes.
The global demand for oilfield equipment was USD 84.25 billion in 2009 which increased to USD 87.60 billion in 2010. The demand for oilfield equipments is expected to be driven by the rising oil extraction and refining activities coupled with increasing regional consumption and its growing demand across the globe. Continuous efforts to discover new oilfields across various untapped regions across the globe are prompting the use of different oilfield equipments. Shift towards unconventional oil fields such as shale gas has been driving the demand for oilfield equipments in both developed economies such as the U.S. and Europe and in emerging markets such as Asia Pacific and Latin America and this trend is expected to drive the demand over the forecast period. Shift in focus towards increasing hydrocarbon production using techniques such as EOR (enhanced oil recovery) and IOR (improved oil recovery) has also been acting as one of the major factors driving the growth demand.
Drilling equipment emerged as the leading type oilfield equipment and accounted for over 72% of global oilfield equipment market and over 76% of the U.S. oilfield equipment market in 2011. Drilling equipments are used in piercing and boring through the earth in order to access crude oil (or natural gas) deposits below the surface. Along with being the biggest type, drilling equipments are also the fastest growing type of oilfield equipment growing at CAGR of 4.1% and 4.2% from 2012 to 2018 for global and U.S. market respectively. Drilling equipment was followed by field production machinery, which accounted for 18.4% of the overall market in 2011.
North America emerged as the leading market for oilfield equipment and accounted for over 30% of the global market in 2011. The growing drilling activities for natural oil and gas coupled with rapid development of unconventional resources such as shale gas, tight gas and coal bed methane (CBM) in U.S. and Canada is expected to drive the market for oilfield equipment in the region over the forecast period. U.S. is largest consumer of crude oil and in order to meet its growing demand, major producers has been exploring and developing new and untapped reservoirs across the regions which in turns promotes the use of oilfield equipment. Asia Pacific is fastest growing market for oilfield equipment growing at CAGR of 4.3% from 2012 to 2018. The growing energy consumption mainly in emerging economies of China and India is one of the major factors which are expected to drive the market in the region over the forecast period. Both China and India are ranked in the list of top five oil consumers in the world according to CIA World Factbook.
The global market for oilfield equipment is highly fragmented with top four companies accounting for just of 30% of the total market. Some of the major players operating in the global market include Aker Solutions, Baker Hughes, Cameroon International, Halliburton, National Oilwell Varco (NOV), Schlumberger and Weatherford International among some other companies.
Growing production of oil and gas has propelled the growth of the global oilfield equipment market. The report provides an in-depth study of the oilfield equipment market worldwide and assesses the market growth and valuation during the period between 2012 and 2018. The report analyzes the entire value chain of the oilfield equipment market and points out the key factors driving the market. The report also notes down the various opportunities for the market to grow during the forecast horizon. Further, the effect of Porter’s Five Forces on the overall market has been analyzed in the report.
The report segments the global oilfield equipment market on the basis of product type and studies the demand for each of the product segments during the forecast period. The report studies the oilfield equipment market across key geographical regions and estimates the growth of the regional markets. The report describes the vendor landscape of the oilfield equipment market by profiling some of the key players operating in the market.
Overview of the Global Oilfield Equipment Market
With the ever-increasing need for fuel across developed and developing economies, increase in oil and gas production activities has primarily driven the global oilfield equipment market. The report points out that the shift towards new and small unconventional energy resources such as shale gas is also estimated to boost the market for oilfield equipment. Implementation of advanced techniques such as enhanced oil recovery (EOR) and improved oil recovery (IOR) is further expected to push the market.
However, the report cites the stringent regulatory policies coupled with various geopolitical hurdles as a restraint on the overall market. The growing demand for renewable energy sources will also negatively impact the market. The report mentions that the increasing demand for alternative energy resources will create new opportunities for the global oilfield equipment market.
The report studies the various products in the global oilfield equipment market, such as field production machinery, drilling equipment, pumps and valves, and others. Drilling equipment has dominated the overall market and is expected to continue as the leading segment in the market during the forecast horizon. It is closely followed by the field product machinery segment. The report studies the oilfield equipment market across regions such as Europe, North America, the Middle East and Africa, Asia Pacific, and Latin America. North America has been the largest market for oilfield equipment owing to increased drilling activities in the U.S. and Canada. The report projects Asia Pacific to display the fastest growth in the market during the forecast period.
Companies mentioned in the research report:
The report profiles some of the key players in the global oilfield equipment market, such as Cameron International, Baker Hughes, Aker Solutions, Eni, FMC Technologies, and Weatherford International. The report provides insightful information about the players, such as their business strategies, financial overview, and recent developments. The report also analyzes the strengths and weaknesses of the key players to assess their growth prospects during the forecast period.
Key Product Segments of Oilfield Equipment Market
- Drilling Equipments
- Field Machinery Equipment
- Pumps and Valves
- Other (including Derricks, Well Surveying Machinery etc.)
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments