Oilfield Equipments Market Analysis- Size, Share, Growth, Trends and Segment Forecasts To 2020: Grand View Research

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.
http://www.grandviewresearch.com/industry-analysis/oilfield-equipments-market