Vancouver, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global oilfield equipment market size was USD 20.65 billion in 2022 and is expected to register a revenue CAGR of 3.9% during the forecast period. Increasing shale gas extraction, technological advancements in oilfield equipment, and redevelopment of mature oil wells are some of the major factors driving the oilfield equipment market revenue growth.
Technological advancements in oil well drilling equipment have been crucial in exploration of new oil and gas sources to cater to the growing global energy demand. Newer technologies are enabling more rapid energy production, and also increasing production of oil and natural gas from existing wells. The combination of extended reach drilling with cutting-edge simulation technology in oilfields allows oil & gas companies to optimize the interaction of simulation fluid with rocks, thus leading to sustained oil and gas extraction rates throughout the length of the oil wells.
For instance, in July 2023, Fervo Energy, a geothermal startup, disclosed a significant technical achievement, signaling a potential increased contribution of geothermal energy in the shift towards clean energy. Fervo has effectively concluded a 30-day test, widely recognized as an industry standard for geothermal projects, at its commercial pilot plant located in northern Nevada. According to the company's statement, during the test, Fervo drilled down to a depth of 7,700 feet and subsequently extended the drilling horizontally by an additional 3,250 feet. The internal temperatures achieved were approximately 375 degrees Fahrenheit.
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However, customized demands by drillers are the major factor restraining market revenue growth. The exploration of new reserves and the depletion of current once has enforced the application of new extraction techniques and increased the complexity of drilling. Demand for customized drilling equipment is driven by increasing volume and complexity of well requirements in order to meet global production targets. The delivery of a significant number of high specification rigs and associated equipment is expected during the forecast period. Most of the high technology new rigs are expected to be used for horizontal drilling and all this imposes pressure on the equipment providers as demand for well operators varies from well to well. These factors could hamper revenue growth of the global oilfield equipment market.
Segment Insights
Product Insights:
On the basis of product, the global oilfield equipment market is segmented into drilling equipment, field production machinery, pumps & valves, and others.
Drilling equipment segment accounted for the largest revenue share in 2022. Drilling rigs are deployed in oil and gas exploration and extraction activities to dig oil wells. Oil and gas play a crucial part in the global energy mix and are expected to contribute the energy supply worldwide during forecast period. Increasing demand for oil and gas is expected to lead to the exploration on new oilfields and redevelopment of mature oilfields, thereby boosting demand for drilling equipment.
Application Insights:
On the basis of application, the global oilfield equipment market is segmented into on-shore and off-shore.
Onshore segment is expected to account for largest revenue share in the global oilfield equipment market over the forecast period. On-shore application is highly implemented in regions such as North America and Middle East & Africa where maximum number of on-shore wells are located for oilfield services. Factors such as improved investment in oil and gas and new well discoveries are expected to drive revenue growth of the segment.
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Regional Insights:
North America oilfield equipment market is expected to account for largest revenue share during the forecast period. Oil and gas projects among companies in North America are becoming more competitive due to higher efficiencies and tighter supply chains coupled with increased government initiatives in the oil and gas sector, further driving revenue growth of the market in this region. This has reduced drilling costs, and many projects are now feasible.
Fracking, horizontal drilling and the recent emergence of shale fields have contributed to a sharp increase in demand for oilfield services in the United States and Canada. In addition, increasing crude oil exports from this region are also expected to boost revenue growth of the market in this region. For instance, in May 2022, the Canadian Association of Energy Contractors raised its drilling prediction for oil and natural gas after a good first quarter due to higher-than-expected oil and gas prices. The revised drilling projection predicts 62,121 working days for the year, up from the earlier forecast of 58,111, and 170 active rigs, up from 159.
Asia Pacific accounted for a significantly large market share in 2022 and is expected to register a significantly fast revenue CAGR over the forecast period. The Asia Pacific market revenue growth is expected to be driven by factors such as increased demand for more advanced technologies, tools and equipment to increase the efficiency of onshore and marine exploration and production activities. There has always been high demand for oil and gas, which has driven offshore development in Australia, Malaysia and Indonesia. Therefore, it is considered that this would present market expansion opportunity during the forecast period.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 20.65 Billion |
| CAGR (2023–2032) | 3.9% |
| Revenue forecast to 2032 | USD 30.11 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 Volume in Thousand Units and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, Application, Distribution Channel, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | SLB, Halliburton, LUFKIN, ABB, TechnipFMC plc, Baker Hughes Company, Weatherford, Aker Solutions, NOV Inc., Delta Corporation, TRANSOCEAN LTD., EthosEnergy, UZTEL S.A., and The Weir Group PLC |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global oilfield equipment market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global oilfield equipment market report are:
- SLB
- Halliburton
- LUFKIN
- ABB
- TechnipFMC plc
- Baker Hughes Company
- Weatherford
- Aker Solutions
- NOV Inc.
- Delta Corporation
- TRANSOCEAN LTD.
- EthosEnergy
- UZTEL S.A.
- The Weir Group PLC
Strategic Development
- On July 09, 2022, ABB and Wison Offshore & Marine (WOM), a clean energy-focused technology and solution provider, have entered into a Memorandum of Understanding (MoU) to work together on the global development and deployment of floating liquefied natural gas (FLNG) facilities. FLNG facilities enable the production, liquefaction, and storage of natural gas at sea, facilitating direct shipping to customers worldwide. Through the collaborative effort, ABB and WOM seek to enhance the production efficiency of LNG at sea by optimizing and standardizing the design of FLNG units.
- On January 30, 2023, Baker Hughes Sent Oil and Gas Drilling Equipment to Russia from Scotland. Baker Hughes, the multinational oilfield services giant, sent oil and gas drilling equipment to Russia from Scotland despite calls from the Scottish government for businesses in the country to stop trade with Russia, the Scottish Herald reported.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global oilfield equipment market on the basis of product, application, distribution channel, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Drilling Equipment
- Field Production Machinery
- Pumps & Valves
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
- On-shore
- Off-shore
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Online
- Offline
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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