The Oilfield Equipment Industry has experienced significant growth, with a valuation of USD 120 billion in 2022. Projections indicate a substantial expansion, estimating the industry to reach USD 163 billion by 2030, reflecting a steady Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period from 2023 to 2030.
Oilfield equipment comprises a set of tools utilized for oil or gas extraction and drilling purposes. This equipment includes various types of machinery such as well control equipment, solid control equipment, onshore and offshore drilling rigs, oilfield supply components, drilling rig components, pump jacks and pumping units, tanks and vessels, pumps and motors, and oilfield trucks and machinery. This equipment is employed for the development of explored oilfields and fulfills various roles from drilling to well completion. Drilling, data acquisition, well logging, well intervention, well completion, pressure maintenance, flow control, and others are the significant functions of this equipment.
Key Highlights:
1. Current Valuation: As of 2022, the Oilfield Equipment Industry is valued at USD 120 billion, highlighting its indispensable role in the oil and gas extraction and drilling processes.
2. Projected Growth: Forecasts suggest substantial expansion, with the industry expected to reach USD 163 billion by 2030, reflecting a steady CAGR of 3.9% during the forecast period.
3. Equipment Variety: The industry encompasses a wide range of equipment, including drilling rigs, well control tools, pumping units, tanks, vessels, and more, contributing to the efficiency of oil and gas operations.
4. Multifunctional Role: Oilfield equipment plays a crucial role in various functions, ranging from drilling to well completion, ensuring the successful development and operation of oilfields.
Industry analysts attribute the anticipated growth to the continuous demand for oil and gas resources, technological advancements in extraction processes, and the exploration of new oilfields. The Oilfield Equipment Industry is poised for substantial expansion, presenting opportunities for stakeholders, investors, and businesses operating within the oil and gas sector.
KEY MARKET SEGMENTATION
- By Type
- Drilling equipment
- Field Production Machinery
- Pumps and valves
- Others
- By Application
- On-shore
- Off-shore
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Key Players
- ABB
- Baker Hughes
- Delta Corporation
- EthosEnergy Group Limited
- Integrated Equipment
- Jereh Oilfield Equipment
- MSP/Drilex, Inc.
- Sunnda Corporation
- Uztel S.A
- Weir Group
- Other Players
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.
Opportunities
- The trendsetting innovation in oilfield gear.
- Headways in innovation in oilfield gear
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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
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
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