The
global market for oilfield equipment is expected to reach USD 127.60
billion by 2020; according to a new study by Grand View Research, Inc.
Increasing drilling activities, on account of growing energy
demand, is expected to remain a key driving factor for the market.
However, cost intensive nature of the market due to risk and low
reliability of operations is a major challenge to the growth of this
market.
Drilling
equipment was the leading product segment and accounted for 73.7% of
total market revenue in 2013. In addition to being the largest product
segment, drilling equipment is also expected to be the fastest growing
product segment at an estimated CAGR of 4.2% from 2014 to 2020. It was
followed by field production machinery and pumps & valves which is expected to exceed a market worth USD 20 billion by 2020, at an estimated CAGR of 3% from 2014 to 2020.
The
report “Oilfield Equipments Market Analysis By Product (Drilling
Equipments, Pumps & Valves, Field Production Machinery) And Segment
Forecasts To 2020,” is available now to Grand View Research customers
and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/oilfield-equipments-market
Further key findings from the study suggest:
•
North America dominated the regional oilfield equipment market and
accounted for 39.5% of total market revenue in 2013 and is expected to
grow at an estimated-below-market-average CAGR of 3.8%. However, Asia
Pacific is expected to be the fastest growing regional market for
oilfield equipment at an estimated CAGR of 4.5% from 2014 to 2020. Asia
Pacific is expected to rapid growth on account of increasing exploration
activities mainly in China and India to meet the growing energy demand.
• With its extensive oil and natural gas reserves, Middle East and Africa are expected to contribute significantly to the global oilfield equipment market and are expected to grow at an estimated CAGR of 4.2% from 2014 to 2020.
• Field production machinery market revenue is expected to reach USD 20 billion by 2020, growing at a CAGR of 3% from 2014 to 2020.
• The global market for oilfield market is highly fragmented with top four companies operating in the market accounting for just over 30% of total market in 2013. The existence of several specializing niche vendor segments, scattered globally, has given rise to such market share distribution.
• With its extensive oil and natural gas reserves, Middle East and Africa are expected to contribute significantly to the global oilfield equipment market and are expected to grow at an estimated CAGR of 4.2% from 2014 to 2020.
• Field production machinery market revenue is expected to reach USD 20 billion by 2020, growing at a CAGR of 3% from 2014 to 2020.
• The global market for oilfield market is highly fragmented with top four companies operating in the market accounting for just over 30% of total market in 2013. The existence of several specializing niche vendor segments, scattered globally, has given rise to such market share distribution.
For
the purpose of this study, Grand View Research has segmented the
Oilfield Equipment market on the basis of product and region:
• Global 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
About Grand View Research
• 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
About Grand View Research
Grand View Research, Inc. is a market research and consulting company
that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business
environments, Grand View Research provides strategic objective insights.
For more information, visit http://www.grandviewresearch.com/
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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