Oilfield equipment are widely used in the oil and gas industry for excavation and drilling purposes. Crude oil has been the base for various fuel forms that are used by people everyday across the globe. Thus, in order to harvest oil from subterranean places, various types of oilfield equipment are in high demand. Oilfield trucks, oilfield drilling rigs, on-shore & off-shore drilling rigs, well control equipment, pumping units are some of the commonly used oilfield equipment. Technological advancements in oilfield equipment, rising oil and gas production activities, and increasing extraction of shale gas are key factors boosting global market revenue growth. Increasing investments, rising demand for natural gas, and natural gas for power and energy worldwide are some other factors supporting market growth. In addition, increasing efforts by market players to launch products with enhanced safety, security, and speed at low costs is expected to market growth throughout the forecast period.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/3744
Key market participants include:
Schlumberger Ltd., Halliburton Company, Zenith Oilfield Technology Ltd., Abbot Group Ltd., FMC Technologies Inc., Baker Hughes Company, Weatherford International PLC, Aker Solutions, NOV Inc., and Transocean Ltd.
Further key findings from the report suggest
- In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
- Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
- North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
- The oilfield equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
- In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.
Request For Customization @ https://www.reportsanddata.com/request-customization-form/3744
For the purpose of this report, Reports and Data has segmented the global oilfield equipment market on the basis of product type, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Drilling Equipment
- Field Production Machinery
- Pumps & Valves
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- On-shore
- Off-shore
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
Buy now your Exclusive copy of Report @ https://www.reportsanddata.com/checkout-form/3744
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Media Contact
Company Name: Reports and Data
Contact Person: John Watson
Email: Send Email
Phone: +1-212-710-1370
Address:40 Wall St. 28th floor
City: New York City
State: NY 10005
Country: United States
Website: https://www.reportsanddata.com/report/category/drilling-and-extraction-equipment