The global and U.S. oilfield equipment market is highly fragmented with the presence of a large number of players. The top players, namely National Oilwell Varco, Schlumberger, Weatherford International, Halliburton, Baker Hughes, Cameron International, and Aker Solutions, collectively held 48% of the overall market in 2011, states Transparency Market Research (TMR).
“Mergers and acquisitions have been the major growth model for players in this market in the bid to increase their market share in the overall industry, says the lead analyst of the study. The increasing focus of companies to have a global presence is another growth strategy adopted by players in the global and U.S. oilfield equipment market. Vendors in this market are strategizing to expand into other geographical regions because of increasing demand for natural gas and alternate energy sources. Top players in this market are also focused on offering allied services to customers pertaining to deepwater and unconventional oilfields.
Shift to Develop Unconventional Oilfields Fuels Market Growth
“The primary factor driving the global and U.S. oilfield equipment market is increasing demand for oil and gas with increasing global energy consumption”, says the author of the study. With the increasing demand for hydrocarbons, oil and gas companies are carrying out extensive exploration and production activities. In particular, emerging economies account for the highest demand for oil and gas due to the increasing economic development.
The increasing shift of companies for tapping into small and unconventional oilfields is augmenting the growth of the oilfield equipment market. The depleting reserves in conventional oilfields has led to a shift towards unconventional oilfields such as deep pre-salt fields, oil shale, deep water fields, and oilfields in the Arctic region.
The implementation of advanced techniques such as enhanced oil recovery (EOR) and improved oil recovery (IOR) is another major factor driving the global and U.S. oilfield equipment market.
“The various regulations and governing policies that oil and gas companies need to adhere is acting as a restraint to the growth of the global and U.S. oilfield equipment market”. These regulations are stipulated by various agencies at domestic, national, and international levels for the oil and gas drilling industry. For instance, the 1972 Coastal Zone Management Act advised the U.S. to manage and balance the utilization of coastal resources.
Geopolitical issues that crop up between nations affect trade relations across a spectrum of industries. The growth of the oil and gas industry has also been hampered due to geopolitical conflicts. The growing demand for renewable sources of energy is hampering the development of fossil fuels for energy needs.
Asia Pacific to Emerge as Significant Market for Oilfield Equipment
The global and U.S. oilfield equipment market is expected to reach a valuation of US$117.37 bn by 2018. Drilling equipment dominates the global and U.S. oilfield equipment market on the basis of product type. This product segment is expected to display the fastest growth rate both globally and in the U.S. for the 2012-2018 period. Field production machinery stood as the second-largest product segment in 2011.
North America is the largest market for oilfield equipment due to the increasing demand for crude oil. Asia Pacific is expected to be the fastest-growing region for oilfield equipment due to the increasing energy demand from the emerging economies of this region.
This information presented in this review is based on the report, “Oilfield Equipment Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.”
The global and U.S. oilfield equipment market is segmented as follows:
Oilfield Equipment Market, by Product type
- Drilling Equipment
- Field Production Machinery
- Pumps and Valves
Oilfield Equipment Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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