Our latest research report entitled Oil Field Equipment Market (by product (drilling tools, fishing, re-entry, tubular running services, cementing equipment), application (onshore, offshore)) provides complete and deep insights into the market dynamics and growth of oil field equipment. The latest information on market risks, industry chain structure oil field equipment cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential oil field equipment growth factors. According to the report the global oil field equipment market is projected to grow at a CAGR of 3.7% over the forecast period of 2018-2024.
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Oil Field Equipment Market: Insights
An oilfield is a region with an abundance of oil wells extracting petroleum (crude oil) from below ground. Oilfield equipment including land rigs, offshore rigs, drilling equipment, production equipment, and more in a seamless, worldwide exchange. Oilfield construction depends heavily on oilfield equipment and construction engineers need to have a complete idea of the equipment they are about to use. Oilfield equipment is often not only large but also in price and repair costs.
Oil Field Equipment Market: Drivers and Restraints
Technological advancements in oil field equipment for improved recovery and better performance along with high production rate drives the growth of the oil field equipment market. In addition, growth in the oil and gas is anticipated to especially be strong in developing countries where improving infrastructure will contribute to more drilling activity. Moreover, advancement in drilling techniques is further anticipated to boost the growth of the oil field equipment market.
However, some of the oil fields are located far away from the readily available sources of electricity hence before starting to drill there should be enough amount of electricity to power the equipment. This, in turn, is restraining the growth of the oil field equipment market. Furthermore, the prices of crude oil are increasing, and the upstream investment is projected to grow significantly and bring several projects online creating several growth opportunities for the key players in the oil field equipment market.
Oil Field Equipment Market: Regional Analysis
Among the geographies, North America is the largest oil field equipment market. The growth in the North American region is owing to the high drilling activities to meet the energy demands along with the development of shale gas. Further, as the drilled wells are ready for production, the demand for oilfield equipment is expected to increase.
On the other hand, the Mexican government has offered several blocks for exploration in the past few years. China is expected to contribute maximum towards regional industry growth in the future. Other countries including India, Thailand, and Indonesia are also expected to witness high market growth over the forecast period.
Oil Field Equipment Market: Segmentation
The report on the global oil field equipment market covers segments such as products and applications. On the basis of product the global oil field equipment market is categorized into downhole drilling tools, fishing, and re-entry, tubular running services, cementing equipment and pressure control equipment. On the basis of application the global oil field equipment market is categorized into onshore and offshore.
Oil Field Equipment Market: Competitive Landscape
The report provides profiles of the companies in the global oil field equipment market such as, Eni, FMC Technologies, Aker Solutions, Cameron International, Baker Hughes, Schlumberger, Halliburton, Weatherford International, and National Oilwell Varco Incorporated.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the oil field equipment.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.