Oilfield Equipment Market Growing at a CAGR of 3.1% to Reach $141,498 million by 2026

Oilfield Equipment Market Outlook - 2026

The global oilfield equipment market size was valued at $111,400 million in 2018, and is projected to reach $141,498 million by 2026, growing at a CAGR of 3.1% from 2019 to 2026.  The oilfield equipment are a set of equipment used for excavation and drilling purposes for oil or gas. Its types include solid control equipment, well control equipment, on-shore & off-shore drilling rig, drilling rig components, oilfield supply lots, pump jacks & pumping units, pumps & motors, tanks & vessels, and oilfield trucks and machinery.

Rise in redevelopment of mature oil wells, oil price recovery, and increase in exploration and drilling activities for oil around the globe drives the oilfield equipment market growth.  In addition, the improved economic competitiveness in the oil exploration and drilling & service industries boosts the utilization of oilfield equipment, which in turn fuels the demand for oilfield equipment. However, the fluctuations in foreign currencies continues its influence over profit margins and increase in prices of raw materials are expected to hinder the oilfield equipment market growth.

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Furthermore, the advanced technology in oilfield equipment offers lucrative growth opportunities for the oilfield equipment market players during forecast period. Emerging technologies in the oil and gas industry have the potential to improve oil and gas production. In addition, advancements in technology in oilfield equipment offers benefits such as increase in safety, reduction in costs, rise in speed of the processes, and, surge in efficiency. 

The advanced technologies such as Artificial Intelligence, IoT, and analytics helps in digitization of oil and gas refineries, pipelines, exploration sites, and infrastructure. This factor enables the oil & gas companies to collect all the respective data on a single platform. Furthermore, there is increase in investment for emerging technologies in oil and gas companies to increase productivity, reduce risks and costs. For instance, in  September 2019, Imperial and Alberta Machine Intelligence Institute (Amii) collaborated to develop machine learning capabilities and artificial intelligence (AI) for the oil & gas industry to improve the safety of its workforce and reduce environmental impacts. Similarly, in December 2019,  Dataiku Technology and Schlumberger established partnership to develop and deploy artificial intelligence solutions across oil and gas operations.

The global oilfield  equipment market is segmented on the basis of type, application, and region. By type, the market is segmented into drilling equipment, field production machinery, pumps and valves, and others. By type, the drilling equipment segment garnered the largest share in terms of revenue in 2018 and the pumps and valves segment is expected to experience high growth during the forecast period. The growing in oil well exploration projects are expected to provide lucrative opportunities for the oilfield equipment market expansion.

By application, it is divided into on-shore, and off-shore. By region, the oilfield equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2018, by application, the on-shore segment accounted for the largest share in the global oilfield equipment market in terms of revenue. North America has largest share in the global market in terms of revenue in 2018. Developed economies, such as U.S., and others, are expected to support market expansion due to increase in demand for oil and gas.

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