The global market for oilfield equipment is expected to reach USD 127.60 billion by 2020; according to a new study by Grand View Research, Inc. Increasing drilling activities, on account of growing energy demand, is expected to remain a key driving factor for the market. However, cost intensive nature of the market due to risk and low reliability of operations is a major challenge to the growth of this market.
Drilling equipment was the leading product segment and accounted for 73.7% of total market revenue in 2013. In addition to being the largest product segment, drilling equipment is also expected to be the fastest growing product segment at an estimated CAGR of 4.2% from 2014 to 2020. It was followed by field production machinery and pumps & valves which is expected to exceed a market worth USD 20 billion by 2020, at an estimated CAGR of 3% from 2014 to 2020.
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Further key findings from the study suggest:
- North America dominated the regional oilfield equipment market and accounted for 39.5% of total market revenue in 2013 and is expected to grow at an estimated-below-market-average CAGR of 3.8%. However, Asia Pacific is expected to be the fastest growing regional market for oilfield equipment at an estimated CAGR of 4.5% from 2014 to 2020. Asia Pacific is expected to rapid growth on account of increasing exploration activities mainly in China and India to meet the growing energy demand.
- With its extensive oil and natural gas reserves, Middle East and Africa are expected to contribute significantly to the global oilfield equipment market and are expected to grow at an estimated CAGR of 4.2% from 2014 to 2020.
- Field production machinery market revenue is expected to reach USD 20 billion by 2020, growing at a CAGR of 3% from 2014 to 2020.
- The global market for oilfield market is highly fragmented with top four companies operating in the market accounting for just over 30% of total market in 2013. The existence of several specializing niche vendor segments, scattered globally, has given rise to such market share distribution.
For the purpose of this study, Grand View Research has segmented the Oilfield Equipment market on the basis of product and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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