SAN FRANCISCO, February 15, 2016 /PRNewswire/ --
The Europe oilfield equipment market is expected to reach USD 18.71 billion by 2022, according to a new report by Grand View Research, Inc. Horizontal and directional drilling activities are expected to drive revenue growth over the forecast period. In these processes, the well is turned horizontal or to a specific target or location. These flexible drilling techniques have already emerged as a separate growth industry in North America and are now expected to gain importance in other regions including Europe.
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Declining crude oil prices have been a major factor inhibiting the regional oilfield equipment market in the recent past. Stable crude oil prices in the near future is expected to help in oilfield equipment industry's recovery
Browse full research report with TOC on "Europe Oilfield Equipment Market Analysis By Product (Drilling Equipment, Pumps & Valves, Field Production Machinery) And Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/europe-oilfield-equipment-market
Drilling segment was the leading product segment with revenue share exceeding 65% in 2014. Key factors which are expected to drive drilling machinery segment include technological advancements in drilling techniques, increasing demand for horizontal & directional drilling and use of digital services in the sector. Drilling is also expected to witness the highest growth of 1.9% from 2015 to 2022.
Further key findings from the report suggest:
Grand View Research has segmented the Europe oilfield equipment market on the basis of product and region:
Browse related reports by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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