World Oilfield Equipment Market 2020 Future Insights, Market Revenue and Threat Forecast by 2023

Global Non-Volatile Memory Market Research Report: Forecast to 2023

World Oilfield Equipment Market Research Report:

Forecast to 2023

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Summary The world oilfield equipment market is demonstrating an ascending growth rate due to rapid onshore oil exploration activities. The pressure on OPEC countries for increasing their extraction rate is likely to fuel the demand for oil field equipment. However, due to low investments, offshore exploration has a less promising outlook. Market Research Future has asserted that the oilfield equipment is set to capture a CAGR of 4.5% over the forecast period.

Major oilfield equipment market players such as Schlumberger, Halliburton, and Baker Hughes have witnessed a surge in their earnings recently which had been dampened by the 2014 oil price crash. The demand for oilfield equipment has been lifted by the recovery of the drilling frenzy in North America. Shale gas exploration is likely to continue expanding in North America, and the Gulf of Mexico also shows promising prospects for the growth of the oilfield equipment market, with several substantial discoveries in the Norphlet reservoir.

The recovery of the industry based on the operations of various drilling contractors who are upgrading their oilfield equipment portfolios is exp[ected to boost the market. Industry participants are investing massively to improve recovery and productivity of equipment which is likely augmenting the growth of the market.

The emergence of oilfield rental equipment service is seen as a threat to the oilfield equipment market. Rental services help in the reduction of capital expenditure associated with oilfield equipment and are being increasingly opted by oil explorers who are likely to constrain the market for oilfield equipment. Moreover, shifting focus on renewable energy and stringent government regulations pertaining to drilling activities is estimated to trim the growth of the market over the forecast period. However, the discovery of various new oil reserves is anticipated to provide an opportunity for market expansion in the coming years.

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Oilfield Equipment Rental Services market.

Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Competitive Landscape Characterized by the presence of several well-established and small players, the World Oilfield Equipment Rental Services appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Oilfield Equipment Rental Services market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

Schlumberger (U.S.), SGS (Switzerland), Weatherford International (U.S.), C&J Energy Services Ltd. (U.S.), Basic Energy Services, Inc. (U.S.), Superior Energy Services (U.S.), Expro International Group Holding Ltd. (UK), ABB Oil, and Gas and Petrochemical Business Unit (Switzerland), Wireline Engineering Ltd. (UK), GE Oil and Gas (U.S.), Halliburton (U.S.), Pioneer Energy Services Corp. (U.S.), Oilserv (UAE), and National Oilwell Varco, Inc. (U.S.) are the distinguished players in the global oil field equipment market.

Market Segmentation The world oilfield equipment market has been segmented based on type and equipment.

By type, the oilfield equipment market has been segmented into drilling and pressure flow control. The drilling segment has been further segmented into drill pipe, and drill collars flow.

Based on Pressure & Flow Control Equipment, the market has been segmented into BOP, Valves & Manifolds, and others. BOP dominates the pressure & flow control equipment segment of global market. BOP is widely used to seal, control and monitor the oil and gas wells and to prevent the blowout.

Based on application, the market has been segmented into onshore and offshore. Onshore dominates the application segment of global market mainly due to the presence of large onshore shale reserve. Offshore segment is expected to be the fastest growing segment during the forecast period.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Regional Analysis By region, the global oilfield equipment market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

Rigorous shale gas exploration activities have uniquely positioned North America as the leading market for oilfield equipment. Extensive rock study activities for shale oil, oil sands, and carbonate rocks are also on the rise. Moreover, a substantial number of market players are based in North America which gives the region unprecedented leverage over others. The APAC and Africa markets are slated to showcase rapid growth over the forecast period. T he discoveries in the Gulf of Thailand and the South China Sea from the Asia Pacific and the Mediterranean Sea and Egypt desert from Africa are likely to provide massive growth opportunities to the markets in these regions.

Moreover, due to fast-track urbanization and industrialization in the developing countries of these regions, there is towering demand for energy which is expected to reflect positively on the growth of the market.

Industry Updates: March 2019 Schlumberger, a global leader of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, and Rockwell Automation, provider of industrial automation and information technology, have entered into a joint venture to create an oilfield automation solutions provider called Sensia. Sensia would aid oil and natural gas customers cut down costs and improve efficiencies on the oilfield. This company will specialize in sensors and measurement technology.

IronGate Energy Services, a leading provider of rental and tubular services to oil and natural gas exploration and production operators in North America, announced that it has acquired Sun Tubular Services, a provider of rental services to exploration and production operators in the Permian Basin.

Patterson was awarded with two long term contract with a major oil company to provide a 21 ¼” 5M BOP stack for a project in Africa & provide a 13 5/8 ” 15M BOP stack for a project in the Gulf of Mexico.

Patterson Rental Tools is pleased to announce the opening its latest rental tool facility in the Midland/Odessa area.

This latest expansion will facilitate the coverage of the various shale plays in the Midland/Odessa area.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.

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