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Oilfield Equipment Market Will Experience Accelerating Growth, by reaching 117.37 billion in 2018

Oilfield Equipment Market (Drilling Equipments, Field Production Machinery, Pumps and Valves and Other) - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018
Published 29 September 2015
Transparency Market Research, in its latest report, states that the global oilfield equipment market is primarily driven by the surge in oil and gas production activities. The report, titled “Oilfield Equipment Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018”, states that, registering a CAGR of 3.8% from 2012 to 2018, the oilfield equipment market is likely to grow from US$93.74 billion in 2012 to US$117.37 in 2018. Factors such as the use of advanced technology and techniques such as improved oil recovery (IOR) and enhanced oil recovery (EOR), shift towards smaller unconventional oil and gas fields, growing demand for alternative sources of energy, and the need to reduce dependency on other nations for crude oil and natural gas are some of the key factors contributing to the growth of the oilfield equipment market. In contrast, geopolitical hurdles and strict regulatory policies threaten to stall the growth of the global market. 
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On the basis of product type, the market for oilfield equipment is segmented into field machinery equipment, drilling equipment, pumps and valves, and others such as well surveying machinery and derricks. The segment of drilling equipment dominates the oilfield equipment market both globally and in the U.S. The segment held a 72% share of the global market in 2011 and a 76% share in the U.S. market. This segment is also anticipated to be the fastest growing product segment from 2012 to 2018, registering a CAGR of 4.1% and 4.2% in the worldwide and U.S. market, respectively. Field production machinery, the second largest product segment, held an 18.4% share of the overall oilfield equipment market in 2011.
The report segments the global oilfield equipment market on the basis of geography into North America, Asia Pacific, Latin America, the Middle East and Africa (MEA), and Europe. North America is the largest market for oilfield equipment owing to ever-increasing demand for crude oil. Rapid development in the exploration of unconventional energy sources and the subsequent surge in drilling activities in Canada and the U.S. are expected to drive the North American oilfield equipment market over the forecast period. In 2011, North America held a 30% share in the global market and with producers tapping unexplored reservoirs to keep up with the mounting demand for crude oil, this regional segment is sure to expand over the next couple of years. 
Asia Pacific is anticipated to be the fastest developing region of the global oilfield equipment market, at a 4.3% CAGR, from 2012 to 2018. Increased consumption of energy in emerging APAC economies is one of the most significant factors driving this market. According to the CIA World Factbook, India and China are both ranked among the top five oil consumers in the world. This is likely to boost the demand for oilfield equipment from Asia Pacific. 
Browse the full Oilfield Equipment Market (Drilling Equipments, Field Production Machinery, Pumps and Valves and Other) - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018 report at :
The global oilfield equipment market is extremely fragmented and the top four firms hold a mere 30% of the overall market. Some of the significant players in the oilfield equipment market are Weatherford International, Schlumberger, National Oilwell Varco Incorporated, Halliburton, Aker Solutions, Cameron International, Eni, Baker Hughes, and FMC Technologies. 
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. 
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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