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Oilfield Equipment Market Size (2024 - 2029)

The oilfield equipment market is projected to experience growth over the forecast period, driven by the expansion of deep-water and ultra-deepwater fields and increased drilling activities in various regions, including South America, North America, the Middle East, and Africa. Despite challenges posed by volatile oil prices and geopolitical factors, the market's expansion is supported by new opportunities arising from increased oil and gas discoveries and global industry liberalization.

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Market Size of Oilfield Equipment Industry

Oilfield Equipment Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 134.20 Billion
Market Size (2029) USD 156.18 Billion
CAGR (2024 - 2029) 3.08 %
Fastest Growing Market South America
Largest Market North America
Market Concentration High

Major Players

Oilfield Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oilfield Equipment Market Analysis

The Oilfield Equipment Market size is estimated at USD 134.20 billion in 2024, and is expected to reach USD 156.18 billion by 2029, growing at a CAGR of 3.08% during the forecast period (2024-2029).

  • Over the medium term, factors such as the increasing number of deep-water and ultra-deepwater fields and the growing drilling operations in regions (like South America, North America, the Middle East, and Africa) will likely drive the oilfield equipment market during the forecast period.
  • On the other hand, the volatile oil prices due to the supply-demand gap and geopolitics are major factors restraining the market's growth.
  • Nevertheless, the increasing oil and gas discoveries and the global liberalization in the industry created new opportunities for the players to invest in.

Oilfield Equipment Industry Segmentation

Oilfield equipment is essential for various drilling techniques and excavation needs when looking for oil or gas. The oilfield equipment collection may consist of drilling or workover rig components, oilfield trucks and machinery, solids and well control equipment, and other equipment.

The market is segmented by deployment, equipment type, and geography. The deployment includes onshore and offshore. The market is segmented by equipment type into drilling equipment, production equipment, and other equipment types. The report also covers the market size and forecasts for the Oilfield equipment market across the major region. Each segment's market sizing and forecasts are based on revenue (USD).

Deployment
Onshore
Offshore
Equipment Type
Drilling Equipment
Production Equipment
Other Equipment Types
Geography
North America
United States of America
Canada
Rest of the North America
Europe
United Kingdom
Germany
France
Italy
Rest of the Europe
Asia-Pacific
China
India
South Korea
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
Iran
Rest of the Middle-East and Africa
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Oilfield Equipment Market Size Summary

The oilfield equipment market is poised for growth over the forecast period, driven by an increase in deep-water and ultra-deepwater fields, as well as expanding drilling operations in regions such as South America, North America, the Middle East, and Africa. Despite challenges posed by volatile oil prices and geopolitical factors, the market is buoyed by new opportunities arising from increased oil and gas discoveries and global industry liberalization. Onshore drilling, which accounts for a significant portion of global oil production, is expected to see substantial growth due to the recovery of crude oil prices and the ease of initiating onshore projects compared to offshore ones. This growth in onshore activities is anticipated to drive demand for oilfield equipment, with North America expected to maintain its dominance in the market, supported by rising oil and gas activities and increased investment interests in regions like Canada.

The market landscape is characterized by a consolidated structure, with major players such as Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International PLC, and National Oilwell Varco Inc. holding significant market shares. Recent developments, such as contracts for offshore drilling rigs and discoveries of oil and gas reserves, underscore the ongoing expansion and investment in the sector. The increasing rig counts and production activities, particularly in North America, are expected to further propel the market's growth. As the industry continues to navigate the complexities of supply-demand dynamics and geopolitical influences, the oilfield equipment market is set to experience a steady upward trajectory, driven by both onshore and offshore activities.

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Oilfield Equipment Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Onshore and Offshore Active Rig Count and Forecast, till 2028

    4. 1.4 Crude Oil and Natural Gas Production and Forecast, till 2028

    5. 1.5 Historic and Demand Forecast of CAPEX in USD billion, by Onshore and Offshore, till 2028

    6. 1.6 Major Upcoming Upstream Projects

    7. 1.7 Recent Trends and Developments

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

        1. 1.8.1.1 The Increasing Number of Deep-Water and Ultra-Deepwater Fields

        2. 1.8.1.2 The Growing Drilling Operations in Regions (like South America, North America, and Middle-East and Africa)

      2. 1.8.2 Restraints

        1. 1.8.2.1 The Volatile Oil Prices, Owing to the Supply-Demand Gap and Geopolitics

    9. 1.9 Supply Chain Analysis

    10. 1.10 Porter's Five Forces Analysis

      1. 1.10.1 Bargaining Power of Suppliers

      2. 1.10.2 Bargaining Power of Consumers

      3. 1.10.3 Threat of New Entrants

      4. 1.10.4 Threat of Substitutes Products and Services

      5. 1.10.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Equipment Type

      1. 2.2.1 Drilling Equipment

      2. 2.2.2 Production Equipment

      3. 2.2.3 Other Equipment Types

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States of America

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of the North America

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 Germany

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 South Korea

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of the South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 United Arab Emirates

        3. 2.3.5.3 Iran

        4. 2.3.5.4 Rest of the Middle-East and Africa

Oilfield Equipment Market Size FAQs

The Oilfield Equipment Market size is expected to reach USD 134.20 billion in 2024 and grow at a CAGR of 3.08% to reach USD 156.18 billion by 2029.

In 2024, the Oilfield Equipment Market size is expected to reach USD 134.20 billion.

Oilfield Equipment Market Report Snapshots

Oilfield Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)