Portland, OR, July 15, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global oilfield equipment market accounted for $111.40 billion in 2018, and is anticipated to garner $141.49 billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026.
Increase in exploration and drilling activities for oil across the global and redevelopment of mature oil wells have boosted the growth of the global oilfield equipment market. However, surge in raw material prices and fluctuation in foreign currencies hamper the market growth. On the contrary, technological advancements in the oil & gas industry that improve safety and efficiency are expected to open new opportunities for market players in the coming future.
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Covid-19 scenario: The recent pandemic has adversely affected the global oilfield equipment market.
- The damped demand for oil and plummeting pricing and production would negatively impact the market growth.
- The shutdowns and restrictions on production will hamper the market growth.
- However, continued manufacturing operations in countries such as China and India would minimize the overall impact on market growth.
The global oilfield equipment market is divided on the basis of type, application, and geography. Based on type, the market is categorized into drilling equipment, field production machinery, pumps and valves, and others. The pumps & valves segment is expected to manifest the highest CAGR of 5.1% during the forecast period. However, the drilling equipment segment held the largest share in 2018, accounting for nearly two-thirds of the market.
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Based on application, the market is divided into on-shore and off-shore. The on-shore segment is expected to portray the highest CAGR of 3.5% during the forecast period. Moreover, the segment held the largest share in 2018, accounting for two-thirds of the market.
The global oilfield equipment market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2018, contributing to nearly two-fifths of the market. Moreover, the region is projected to register the highest CAGR of 3.8% during the forecast period.
The global oilfield equipment market report includes an in-depth analysis of the major market players such as ABB, Delta Corporation, Integrated Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A., Baker Hughes, EthosEnergy Group Limited, Jereh Oilfield Equipment, and Weir Group.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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