The Global Oilfield
Equipment Market research report interprets
definition, an investigation of significant progress in the industry. It
provides overall industry survey, product description, wide array of
applications, top players, and development forecast. It enhances understanding
about that market along with new business trends.
Industry Insights
With the ever-increasing
population and the demand for oil as the primary resource of energy, the global
oilfield equipment market during the forecast period is expected to cover a
market size of USD 97.34 billion in 2013. Companies are investing in R&D
for extracting oil and gas from the reservoirs using oilfield equipment. The
technology is gaining momentum as a result of offshore activities in Gulf of
Mexico in North America and South China Sea spread across countries such as
Vietnam, Thailand & China. One of the major driver of this market is
exploration of unconventional oil and gas resource.
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Main features of the report:
·
To provide
detailed analysis of the market structure along with forecast of the various
segments and sub-segments of the global Oilfield Equipment Market.
·
A complete
backdrop analysis, which includes an assessment of the parent market
·
Important
changes in market dynamics
·
Market
segmentation up to the second or third level
·
To provide
country level analysis of the market for segment by application, product type
and sub-segments.
·
To provide
strategic profiling of key players in the market, comprehensively analyzing
their core competencies, and drawing a competitive landscape for the market.
·
Track and
analyze competitive developments such as joint ventures, strategic alliances,
mergers and acquisitions, new product developments, and research and
developments in the global Oilfield Equipment Market.
·
Emerging
niche segments and regional markets
·
An
objective assessment of the trajectory of the industry.
Exploration and extraction
of unconventional reserves are not economical, the processes have to be carried
out by these equipment, so this will result in the overall growth of the
market. The key players are likely to invest more to improve operations related
to crude oil. The improvement can be achieved with developing tools of higher
efficiency so as to give better output with safer working environment.
The Asia Pacific region
significantly is the major prospect to improve the operations standard in
energy supply with lower import rates. Investment into technology development
is driving the market so as to ensure safe and secure ways to derive the oil
products both from onshore and offshore operations. Over the period of
2017-2020 the demand for technological shift on the onshore operations can
witness the growth CAGR of 4%.
The total market is
estimated to increase at 12% y-o-y basis. This fortune is expected due to
improvement of oil market behavior over recent times. Exploration &
production companies in oil & gas industry are shifting towards development
of other unconventional sources to inline their supply with the global market
demand.
One of the other ways of
using equipment are renting the technology due to increase in the off shore
activities. The entry of key players in the equipment rental segment is also a
primary reason for the market drive. The geopolitical reasons and the idea of
sustainable planet can be one of the restraints for this industry to bloom with
the lack of skilled workforce.
Huge investment are being
done in this segment to meet the demand of government rules. New technology
that is trending, is EOR (Enhanced Oil Recovery) to extract maximum from the
reserves. Thermal recovery, gas injection, and chemical injection are the type
of EOR technology. The drift in thought of usage of green energy may impact the
market growth over the forecast period
Product Insights
Product segment included in
this report are pumping equipment’s, valves, drilling equipment, offshore and
onshore equipment’s like coiled tube and other automated tools. From
exploration to extraction to supply for end use this equipment are used in many
operations.
Drilling equipment occupied
the market share of 73.65% of the total market volume. This equipment is
supposed to be the major equipment used are for exploring the reservoirs. The
storage and transportation of crude oil is the major task for the players
engage in this industry because of its toxicity in nature also the huge capital
investment. Stringent government rules are ensured in order to protect and
safeguard and secure the environment by developed countries.
Efficient transportation
using source of energy is required for the pipeline mode in order to deliver
the products to the end customer safely. In this way the pump and valves comes
into picture as they are secondary segment of equipment in the market and are
being used for the pipeline transport system. The treatment of crude requires
other set of equipment to ensure the delivery of pure product before it is delivered
to refineries to extract derivatives or to end users. One of the major segment
which is of main concern to the industry is waste management.
Regional Insights
Countries like U.S. and
Canada in North America leads the segment due to energy demand and boom in
shale gas development. Countries of APAC also share a significant market share
due to increase in capital investment in oil industry by Public companies and
also from private companies like Reliance and Adani.
Middle East and Africa due
to presence of OPEC can expect a growth over the forecast period. China and
India might set themselves up as a major consumer of technology advancement in
crude oil operations. Latin America is also expected to grow significantly over
the forecast period.
Competitive Insights
The innovation in
technology might decide the key players of this market segment over the
forecast period. Key market players include Weatherford International, National
Oilwell Varco, Halliburton, Schlumberger, Aker Solutions, Cameron International
and Baker Hughes.
The segmentation is carried
out on the basis of operations they perform like manufacture and sell oilfield
tools by FMC Technologies and National Oilwell Vraco, finding & extracting
crude Halliburton and Weatherford, rental equipment’s by Rowan and Transocean.
Technological breakthrough
like EOR, directional drilling and innovation in the field of rock bed
fracturing will result in high growth. In addition to this fluctuating crude
demand mainly on higher side added with swollen prices due to increasing
exploration & production activities in remote places which in turn is
expected to drive market players’ growth over the foreseeable future.
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