Oilfield Equipment Market to Witness Steady Growth Based on Exploration of Unconventional Oil & Gas Resources Till 2020 | Million Insights
FELTON, California, July 3, 2019 /PRNewswire/ -- With the ever increasing population and the demand for oil as the primary resource of energy, the global Oilfield Equipment Market during the forecast period is expected to cover a market size of USD 97.34 billion in 2013. Companies are investing in R&D for extracting oil and gas from the reservoirs using oilfield equipment. The technology is gaining momentum as a result of offshore activities in Gulf of Mexico in North America and South China Sea spread across countries such as Vietnam, Thailand & China. One of the major driver of this market is exploration of unconventional oil and gas resource.
Exploration and extraction of unconventional reserves are not economical, the processes have to be carried out by these equipment, so this will result in the overall growth of the market. The key players are likely to invest more to improve operations related to crude oil. The improvement can be achieved with developing tools of higher efficiency so as to give better output with safer working environment.
The Asia Pacific region significantly is the major prospect to improve the operations standard in energy supply with lower import rates. Investment into technology development is driving the market so as to ensure safe and secure ways to derive the oil products both from onshore and offshore operations. Over the period of 2017-2020 the demand for technological shift on the onshore operations can witness the growth CAGR of 4%.
The total market is estimated to increase at 12% y-o-y basis. This fortune is expected due to improvement of oil market behavior over recent times. Exploration & production companies in oil & gas industry are shifting towards development of other unconventional sources to inline their supply with the global market demand.
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One of the other ways of using equipment are renting the technology due to increase in the off shore activities. The entry of key players in the equipment rental segment is also a primary reason for the market drive. The geopolitical reasons and the idea of sustainable planet can be one of the restraints for this industry to bloom with the lack of skilled workforce.
Huge investment are being done in this segment to meet the demand of government rules. New technology that is trending, is EOR (Enhanced Oil Recovery) to extract maximum from the reserves. Thermal recovery, gas injection, and chemical injection are the type of EOR technology. The drift in thought of usage of green energy may impact the market growth over the forecast period
Product Insights
Product segment included in this report are pumping equipment's, valves, drilling equipment, offshore and onshore equipment's like coiled tube and other automated tools. From exploration to extraction to supply for end use this equipment are used in many operations.
Drilling equipment occupied the market share of 73.65% of the total market volume. This equipment is supposed to be the major equipment used are for exploring the reservoirs. The storage and transportation of crude oil is the major task for the players engage in this industry because of its toxicity in nature also the huge capital investment. Stringent government rules are ensured in order to protect and safeguard and secure the environment by developed countries.
Efficient transportation using source of energy is required for the pipeline mode in order to deliver the products to the end customer safely. In this way the pump and valves comes into picture as they are secondary segment of equipment in the market and are being used for the pipeline transport system. The treatment of crude requires other set of equipment to ensure the delivery of pure product before it is delivered to refineries to extract derivatives or to end users. One of the major segment which is of main concern to the industry is waste management.
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Regional Insights
Countries like U.S. and Canada in North America leads the segment due to energy demand and boom in shale gas development. Countries of APAC also share a significant market share due to increase in capital investment in oil industry by Public companies and also from private companies like Reliance and Adani.
Middle East and Africa due to presence of OPEC can expect a growth over the forecast period. China and India might set themselves up as a major consumer of technology advancement in crude oil operations. Latin America is also expected to grow significantly over the forecast period.
Competitive Insights
The innovation in technology might decide the key players of this market segment over the forecast period. Key market players include Weatherford International, National Oilwell Varco, Halliburton, Schlumberger, Aker Solutions, Cameron International and Baker Hughes.
The segmentation is carried out on the basis of operations they perform like manufacture and sell oilfield tools by FMC Technologies and National Oilwell Vraco, finding & extracting crude Halliburton and Weatherford, rental equipment's by Rowan and Transocean.
Technological breakthrough like EOR, directional drilling and innovation in the field of rock bed fracturing will result in high growth. In addition to this fluctuating crude demand mainly on higher side added with swollen prices due to increasing exploration & production activities in remote places which in turn is expected to drive market players' growth over the foreseeable future.
Market Segment:
- Oilfield Equipment Product Outlook (Revenue, USD Million, 2012 - 2020)
- Drilling Equipment
- Field Production Machinery
- Pumps & Valves
- Others
- Oilfield Equipment Regional Outlook (USD Million, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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