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Driving Factors and Challenges in the Oil Field Equipment Market A Market Research Report

Posted 2023-11-03 13:08:27

Market Synopsis

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. The market is estimated to experience exponential growth during the forecast period. The market has various lucrative opportunities to expand. The recovery of oil price, increasing field development activities, and increasing oil exploration is likely to drive the global oilfield equipment market 2020.

Moreover, the increasing prices have augmented the upstream activities in the oil industry, which has brought a direct impact on the growth of the oilfield market. in addition, the rising demand for oil and gas is also estimated to propel the demand in the oilfield and equipment market. Recently, oil and gas have been experiencing a downturn due to the falling prices; this change is estimated to increase the number of wells and thereby, leading to the expansion of the market.

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.

Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.

Market Segmentation

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 Drilling 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

On the basis of region, the global oilfield equipment market can be segregated into North America, Europe, Asia-Pacific, and the Middle East and Africa.

Regional Analysis

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 Reports, 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, due to the outbreak of pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of worldwide lockdown.

Key Players