As per the research by Market Research Future Reports (MRFR), the worldwide oilfield equipment market is estimated to thrive at a CAGR of 4.5% while the review period.
One of the factors driving the growth of the rental services sector for oilfield equipment is the increasingly growing number of drilling activities. This is attributed to increasing electricity consumption, and the opportunity to rent the equipment instead of purchasing the equipment. Technology advancement has allowed the use of oilfield rental equipment, as a result of which non-conventional oil and gas field use has increased. In the forecast period the market is estimated to experience exponential growth. The market has various lucrative expansion opportunities. Oil price recovery, increasing field development activities and increasing oil exploration are likely to drive the global market for oilfield equipment in 2020. In addition , rising prices have increased upstream oil industry activities which have had a direct impact on oilfield market growth. Moreover, rising oil and gas demand is also estimated to boost demand in the oilfield and equipment market. Recently, owing to the declining prices, oil and gas have suffered a downturn; this move is expected to increase the number of wells and therefore, contributing to demand growth. The oilfield services market has various opportunities to grow; however, the expensive cost of investment, Maintainance, research, human resources, and equipment is likely to impede the growth of the global oilfield equipment market.
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There has been an immense change in market dynamics due to the sudden outbreak of novel coronavirus. Due to the pandemic several regions were affected.
The key players of the global oilfield equipment rental services market are Oil States International Inc. (U.S.), Halliburton Co. (U.S.), Schlumberger Ltd (U.S.), and Weatherford International Ltd. (Switzerland), Superior Energy Services Inc. (U.S.), Baker Hughes (U.S.), Cameron International Inc. (U.S.), National Oilwell Varco (U.S.), Transocean Ltd. (Switzerland), B&B Oilfield Equipment Corp (U.S.).
The global oilfield equipment market can be segregated on the basis of type, equipment, and region.
On the basis of type, the global oilfield equipment market can be segregated into Pressure & Flow control (BOP, Valves, Manifold), drilling (Drill Pipe, Drill Collars). Among all, the Drill Pipe segment acquires the maximum market share because of the large drilling activities offshore and onshore.
On the basis of equipment, the global oilfield equipment market can be segregated into Valves, Field Production Machinery, Drilling Equipment, Pumps, and Others. Among all, the drilling equipment segments hold the maximum because of the rising number of drilling projects
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The geographical analysis of North America, Europe, Asia-Pacific, and the Middle East and Africa has been conducted. As per the analysis by Market Research Future, North America dominates the market. North America holds the maximum market share. The region is excelling in rock studies activities for oil sands, shale oil, and carbonate rocks, and with several other exploration activities. Out of all of the countries, the U.S. plays the most significant role in expanding the market. On the other hand, the APAC region and the African region is likely to grow significantly in the forthcoming period. The primary factor of growth can be accredited to several activities of discovery taking place in the South China Sea, Gulf of Thailand, the Mediterranean Sea, and Egypt desert from Africa.
However, some areas have been adversely affected because of the outbreak of the coronavirus pandemic. Owing to observation of worldwide lockout, the dynamics of the market are significantly modified.