The Oilfield Equipment Market Size was esteemed at USD 125.97 billion in 2023 and is supposed to arrive at USD 173.86 billion by 2031 with a growing CAGR of 4.11% over the forecast period 2024-2031.
The oil field gear is a set of hardware that is utilized for oil or gas removal and boring purposes. This gear incorporates different sorts of hardware like well control hardware, strong control gear, coastal and seaward boring apparatus, oilfield supply parts, penetrating apparatus parts, siphon jacks and siphoning units, tanks, and vessels, siphons and engines, and oilfield trucks and apparatus. This hardware is utilized for the advancement of effectively-investigated oilfields and carries out the different roles from penetrating to good culmination. Penetrating, information securing, well logging, well mediation, well culmination, pressure support, stream control, and others are the significant elements of this hardware.
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Flooding redevelopment of mature oil wells, developing oil investigation and boring exercises, and oil value recuperation are the central point driving the development of the market. In addition, working on monetary seriousness in the oil investigation and penetrating and administration enterprises are speeding up the market development. Rising interest in oil and gas is anticipated to impel market development. Moreover, mechanical headways like Artificial Intelligence, IoT, and examination are extremely useful in the digitization of oil and gas treatment facilities, investigation of locales, pipelines, and framework which helps the development of the market.
The oilfield gear market is supposed to grow because of different variables that drive the market. The variables incorporate, oil cost recuperation, expanding oil investigation and field improvement exercises, and a rising number of mature oil wells. For example, in April 2018, Carnarvon Petroleum Ltd., Perth, declared its arrangements for the redevelopment of the Buffalo oil field in the Timor Sea. The field currently lies totally inside the ward of East Timor following the marking of the Maritime Boundary Treaty with Australia recently.
Market Dynamics
Driving Factors:
Ascend in the redevelopment of mature oil wells, and oil cost recuperation.
Expansion in investigation and boring exercises for oil all over the planet.
Restraining Factors:
The variances in unfamiliar monetary forms proceed with their impact on net revenues.
Opportunities:
The trendsetting innovation in oilfield gear.
Headways in innovation in oilfield gear.
Challenges:
Expansion in costs of unrefined substances.
Impact of Covid-19
Coronavirus is a unique worldwide general wellbeing crisis that has impacted pretty much every industry, and the drawn-out impacts are projected to influence business development during the conjecture time frame. Our continuous exploration intensifies our examination system to guarantee the incorporation of fundamental COVID-19 issues and possible ways ahead. The report conveys bits of knowledge on COVID-19 considering the progressions in purchaser conduct and request, buying designs, re-steering of the store network, elements of current market influences, and the huge mediations of legislatures. The refreshed review gives experiences, investigation, assessments, and conjectures, taking into account the COVID-19 effect available.
Impact of Ukraine and Russia war
We persistently screen and update cover political and financial vulnerability because of the Russian attack on Ukraine. Adverse consequences are essentially anticipated universally, particularly across Eastern Europe, European Union, Eastern and Central Asia, and the United States. This conflict has seriously impacted lives and vocations and addresses extensive disturbances in exchange elements. The possible impacts of progressing war and vulnerability in Eastern Europe are supposed to antagonistically affect the world economy, with particularly long-haul unforgiving consequences for Russia.
Market Estimations
By Type:
By type, the penetrating hardware section gathered the biggest offer as far as income in 2018, and the siphons and valves fragment are supposed to encounter high development during the estimated time frame. The filling in oil well investigation projects is supposed to give rewarding open doors to the oilfield hardware market extension.
By Application:
Offshore drilling happens on oil stages. During seaward boring, an oil organization applies penetrating hardware profound into the earth. Offshore oil wells can last 10-20 years. Onshore drilling occurs at the seabed. Frequently waterfront networks gain from their presence. In the U.S., there is a significant number of inland boring locales on the Atlantic coast.
By Type
Drilling equipment
Field Production Machinery
Others
By Application
On-shore
Off-shore
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Regional Analysis:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
North America will rule the oilfield hardware market over the conjecture period. The stone examinations exercises for oil sands, carbonate rocks, shale oil, and a few other investigation exercises, the US has the highest level of a piece of the pie, developing unpredictable hydrocarbon creation, the district being the new swing maker in worldwide oil markets, blast underway from both shale tasks and profound water investigation and creation in the Gulf of Mexico, expanded capital spending by significant oil organizations, and expansion in penetrating exercises in the United States are adding to the worldwide oilfield hardware market development in the locale. Plus, the requirement for non-traditional and customary penetrating, the expansion in E&P spending, solid presence of central parts, perpetual investigation and creation of oil and gas, and developing investigation exercises for whimsical hydrocarbon are likewise adding to market development.
The Key Players are ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, Weir Group and Other Players.
Baker Hughes-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 125.97 Billion |
| Market Size by 2031 | US$ 173.86 Billion |
| CAGR | CAGR of 4.11% From 2023 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others) • By Application (On-Shore, and Off-Shore) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, and Weir Group. |
| DRIVERS | • Ascend in the redevelopment of mature oil wells, and oil cost recuperation. • Expansion in investigation and boring exercises for oil all over the planet. |
| RESTRAINTS | • The variances in unfamiliar monetary forms proceed with their impact on net revenues. |
Ans: Off-shore is projected to make a foothold in the worldwide Oilfield Equipment market.
Ans: The Oilfield Equipment Market size was valued at USD 120 Bn in 2022.
Ans: ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, and Weir Group are the key players covered in the Oilfield Equipment market.
Ans: Ascend in the redevelopment of mature oil wells, and oil cost recuperation and The trendsetting innovation in oilfield gear are the elements driving and resulting in opportunities for the Oilfield Equipment Market.
Ans: The Oilfield Equipment Market is to grow at a CAGR of 3.9% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Oilfield Equipment Market Segmentation, By Type
8.1 Drilling equipment
8.2 Field Production Machinery
8.3 Pumps and valves
8.4 Others
9. Global Oilfield Equipment Market Segmentation by Application
9.1 On-shore
9.2 Off-shore
10. Global Oilfield Equipment Market, by region/ country
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company profiles
11.1 ABB
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 Swot Analysis
11.1.4 The SNS View
11.2 Baker Hughes
11.3 Delta Corporation,
11.4 EthosEnergy Group Limited
11.5 Integrated Equipment
11.6 Jereh Oilfield Equipment
11.7 MSP/Drilex, Inc.
11.8 Sunnda Corporation
11.9 Uztel S.A
11.10 Weir Group.
12. Competitive Landscape
12.1 Competitive Bench Marking
12.2 Market Share Analysis
12.3 Recent Developments
13. Conclusion
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