A new Transparency Market Research report states that the global oilfield equipment market stood at US$93.74 billion in 2012 and is anticipated to reach US$117.37 billion in by 2018. It is predicted to expand at a sluggish healthy CAGR of 3.80% from 2012 to 2018. The title of the report is, “Oilfield Equipment Market – Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018”.
According to the report, the growing refining activities, increasing oil extraction, and the rising regional consumption are amongst the prime factors fuelling the market for oilfield equipment. The ongoing efforts for discovering new oilfields across numerous untapped regions all around the world have also encouraged the utilization of different oilfield equipment, thus stimulating the overall market. In addition, the shift towards small and new unconventional fields has also impacted the market positively. Furthermore, the use of cutting techniques such as IOR and ER is driving the market for oilfield equipment. On the other hand, factors such as the geopolitical issues and rigid regulatory policies have posed a negative effect on market growth. In addition, the rising demand for sources of renewable sources of energy may also impede the growth of the market in the coming years.
On the basis of product, the market for oilfield equipment is segmented into field machinery equipment, drilling equipment, pumps and valves, and others, including well-surveying machinery, etc. Amongst these, the segment of drilling equipment held the biggest share of more than 70% and 76% within the global and the U.S. oilfield equipment market, respectively. In addition, the segment of drilling equipment will also emerged as the most swiftly growing segment in the market rising at a CAGRs of 4.1% in the global market and 4.2% in the U.S. market from 2012 to 2018. Drilling equipment are is utilized for boring and piercing inside the earth for extracting natural gas. This segment was trailed by the segment of field production machinery representing 18.4% in the market in 2011.
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On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Amongst these, in 2011, North America held the biggest share of more than 30% in the market for oilfield equipment. This is owing to the increasing activities of drilling of natural gas and oil along with the swift growth in the availability of unconventional resources such as tight gas, coal bed methane (CBM), and shale gas in Canada and the U.S. In addition, crude oil is highly widely consumed within the U.S. and for meeting the rising demand, the prime producers have been exploring various untapped and new reservoirs within this region. This further promotes the usage of oilfield equipment in the U.S. On the other hand, Asia Pacific is emerged emerging as the most swiftly developing oilfield equipment market and is predicted to expand at a 4.30% CAGR between 2012 and 2018.