Europe Oilfield Equipment Market Vendor Landscape & Regulatory Scenario Till 2022 “Europe oilfield equipment market size was valued at USD 16.39 billion in 2014 and is anticipated to reach USD 18.71 billion by 2022.�
Europe Oilfield Equipment Market size was valued at USD 16.39 billion in 2014 and is anticipated to reach USD 18.71 billion by 2022. Increase in demand of crude is driving the exploration & production and onshore & offshore drilling activities in many locations of Europe. Increasing number of crude field production in the expanse owing to deep water discoveries in the North Sea is anticipated to drive the demand over the forecast period. Companies involved in exploration and refining are shifting their focus to make the most of their revenues and gain the competitive advantage. Moreover, companies are also involved in research and development of shale gas extraction technology. Crude prices are declining as observed in recent past; this has impacted the European oil field equipment market and service market. Decrease in prices is forcing the producers to concentrate on long term projects instead of short term projects. The may result in fall in machinery demand. In Europe, offshore drilling contractors are cutting costs and reducing capacities to minimize the losses. Companies that rent the equipment including Transocean are either accommodating rig prices quoted by the purchaser or delaying the deliveries in order to cut the losses triggered by decreasing crude prices. According to industry experts, crude prices are expected to recover after 2017 which also means machinery revenues are predicated to drive after a period of two years. As the crude price variations are difficult to forecast, it is challenging to project its influence on equipment revenues over the forecast period. Drilling equipment market is anticipated to grow significantly owing to machine requirement in piercing fields such as bits, rigs, and pipes which are particularly expensive. This segment is expected to generate maximum revenue compared to other segments. The industry is predicted to dominate over the forecast period owing to energy development activities in Russia, Norway and the UK. Moreover, Horizontal and directional drilling technology is expected to increase the profits. Initiatives by European government to explore and develop shale gas will drive the drilling market segment over the period of seven years.
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