Oilfield Equipment Market Size, Share, Growth Analysis, By Type(Drilling equipment, field production machinery, pumps and valves and others), By Application(Offshore and Onshore), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2062 | Region: Global | Published Date: March, 2024
Pages: 178 |Tables: 61 |Figures: 75

Oilfield Equipment Market Insights

Global Oilfield Equipment Market was valued at USD 85.31 Billion in 2022 and is poised to grow from USD 88.13 Billion in 2023 to USD 1114.26 Billion by 2031, at a CAGR of 3.3% during the forecast period (2024-2031). 

Global Oilfield Equipment Market is a dynamic and vital sector of the global energy industry, encompassing a wide range of equipment and services essential for oil and gas exploration, production, and refining. The market is driven by various factors such as increasing global energy demand, expanding offshore and onshore drilling activities, and technological advancements in extraction techniques. With numerous oil and gas fields being discovered worldwide, the demand for oilfield equipment has been consistently rising. The market comprises a diverse range of products including drilling rigs, well completion equipment, production equipment, and processing and storage equipment, among others. Moreover, the market is characterized by intense competition among major players who constantly strive to innovate and develop advanced equipment to enhance operational efficiency, minimize downtime, and maximize oil and gas recovery. Additionally, stringent safety and environmental regulations imposed by governments globally have further fueled the demand for technologically advanced and eco-friendly equipment. The market is influenced by geopolitical factors, supply-demand dynamics, and fluctuating oil prices, which can impact investment decisions and project activities. However, the industry is also witnessing a growing focus on sustainable practices and the adoption of digital technologies such as AI, IoT, and automation to optimize operations, reduce costs, and mitigate environmental risks. Overall, the global oilfield equipment market continues to play a crucial role in meeting the world's energy needs and driving economic growth, while simultaneously addressing environmental concerns and embracing innovation.

The global improvement and rapid rise in crude oil prices have given a refreshing wind to bear, especially calling for onshore project drives as opposed to those going on off shores. This optimistic view is projected to lead large-scale growth in onshore projects that will positively contribute towards oilfield equipment market demand. In October 2023, Baker Hughes recorded a total of 736 onshore rig counts; which amounts to nearly three-quarters the overall value. The increasing number of rig counts on the land must point to increased drilling, production and other oilfield operations. The prominent oilfield services provider Schlumberger has presented its plans of increasing the dividend by 43% to 25% per share quarterly in 2017, as well as resuming the buyback program and realizing all available capabilities to cope with robust energy markets. In 2021, the onshore segment contributed USD 439 million to total revenues of USD 586 million which accounts for a whopping 75% percent. The offshore segment generated 147 million and accounted for 25% of the overall revenue. 

US Oilfield Equipment Market is poised to grow at a sustainable CAGR for the next forecast year

Market Snapshot - 2024-2031

Global Market Size

USD 85.31 Billion

Largest Segment

Drilling equipment

Fastest Growth

Drilling equipment

Growth Rate

3.3% CAGR

Global Oilfield Equipment Market ($ Bn)
Country Share for North America Region (%)

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Oilfield Equipment Market Segmental Analysis

Global Oilfield Equipment Market is segmented by type, application, and region. Based on type, the market can be segmented into Drilling equipment, field production machinery, pumps and valves and others. Based on application, the market is segmented into Offshore and Onshore. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Type

Drilling equipment is the dominant segment in the Global Oilfield Equipment Market due to its essential role in oil and gas exploration and extraction. The continuous demand for drilling activities, advancements in drilling technologies, and increased offshore drilling contribute to its dominance.

The pumps and valves segment is the fastest growing in the Global Oilfield Equipment Market. It is driven by the need for efficient fluid handling systems, enhanced oil recovery techniques, and the focus on reducing operational costs and environmental impact. The exploration of unconventional resources and optimization of production from existing fields further propel its rapid growth.

Analysis by Application

The onshore segment holds a dominant position in the Global Oilfield Equipment Market. Onshore oilfield operations refer to the exploration, production, and extraction activities that take place on land. The dominance of the onshore segment can be attributed to the presence of numerous established oilfields on land and the relatively lower costs associated with onshore drilling and production. Onshore operations often involve drilling vertical wells, and the equipment required for onshore applications, such as drilling rigs, wellheads, and production equipment, are extensively used due to the accessibility and infrastructure availability on land. The onshore segment is driven by factors such as increased demand for oil and gas, the development of unconventional resources, and technological advancements in drilling and production techniques.

The offshore segment is the fastest growing in the Global Oilfield Equipment Market. Offshore operations involve exploration, production, and extraction activities conducted in marine environments, typically in shallow or deepwater regions. The offshore segment is experiencing rapid growth due to the increasing demand for oil and gas reserves located in offshore basins and the exploration of untapped reserves. Offshore drilling often requires specialized equipment such as offshore drilling rigs, subsea production systems, and floating production storage and offloading (FPSO) vessels. Technological advancements in offshore drilling, such as deepwater drilling technologies and subsea production systems, have opened up new opportunities for offshore exploration and production. The offshore segment is driven by factors like the discovery of offshore reserves, the need for energy security, and the growing investment in offshore projects by oil and gas companies.

Global Oilfield Equipment Market By Type, 2023 (%)

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Oilfield Equipment Market Regional Insights

North America holds the dominant position in the Global Oilfield Equipment Market. The region has a rich history of oil and gas production, with major oilfield equipment manufacturers and service providers headquartered in North America. The dominance of this region can be attributed to factors such as abundant shale resources, technological advancements in drilling and extraction techniques, and a well-established infrastructure to support oil and gas operations. The presence of mature oilfields, particularly in the United States and Canada, coupled with favorable government policies and investments in research and development, further contribute to North America's dominance in the market.

The Asia Pacific region is the fastest growing segment in the Global Oilfield Equipment Market. The region has witnessed significant growth in oil and gas exploration and production activities, driven by increasing energy demand, rapid industrialization, and economic growth. Countries such as China, India, and Southeast Asian nations have been actively investing in developing their oil and gas reserves, both onshore and offshore. The Asia Pacific region offers vast untapped potential in terms of oil and gas resources, and as these reserves are being explored and developed, the demand for oilfield equipment is on the rise. Additionally, advancements in technology, increasing investments in infrastructure, and supportive government initiatives contribute to the rapid growth of the oilfield equipment market in the Asia Pacific region.

Global Oilfield Equipment Market By Geography, 2024-2031
  • Largest
  • Fastest

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Oilfield Equipment Market Dynamics

Drivers

Increasing demand for global energy

  • One key driver of the Global Oilfield Equipment Market is the increasing global energy demand. The growing population, urbanization, and industrialization have resulted in a surge in energy consumption, driving the need for oil and gas exploration, production, and refining. This demand for energy is a significant driver that stimulates investment in oilfield equipment and services to meet the growing energy requirements of various industries and economies worldwide.

Restraints

Volatility of oil prices

  • One key restraint of the Global Oilfield Equipment Market is the volatility of oil prices. Fluctuations in oil prices can significantly impact investment decisions and project activities in the oil and gas industry. When oil prices are low, oil and gas companies may reduce their capital expenditures, leading to a decrease in demand for oilfield equipment. Uncertainties in global oil markets, geopolitical tensions, and economic factors can contribute to price volatility, posing challenges to the stability and growth of the oilfield equipment market.

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Oilfield Equipment Market Competitive Landscape

The competitive landscape of the Global Oilfield Equipment Market is characterized by intense competition among market players. Key strategies adopted by participants in the market include mergers and acquisitions, partnerships, collaborations, and product innovations. Companies strive to develop advanced and technologically sophisticated oilfield equipment to enhance operational efficiency, improve safety standards, and meet the evolving needs of the industry. Additionally, players in the market focus on expanding their geographical presence to tap into emerging markets and leverage opportunities for growth. The competitive environment is influenced by factors such as the ability to offer comprehensive product portfolios, strong distribution networks, and effective after-sales services.

Top Player’s Company Profiles

  • Schlumberger Limited (US)
  • Baker Hughes Company (US)
  • Halliburton Company (US)
  • Weatherford International PLC (US)
  • National Oilwell Varco, Inc. (US)
  • TechnipFMC PLC (UK)
  • Saipem S.p.A (Italy)
  • Sinopec Oilfield Equipment Corporation (China)
  • China Oilfield Services Limited (China)
  • Aker Solutions ASA (Norway)
  • Petrofac Limited (UK)
  • Nabors Industries Ltd. (Bermuda)
  • Tenaris S.A. (Luxembourg)
  • Subsea 7 S.A. (UK)
  • NOVATEK (Russia)
  • McDermott International, Inc. (US)
  • Oceaneering International, Inc. (US)
  • Archer Limited (Norway)
  • Cameron International Corporation (US)
  • John Wood Group PLC (UK)

Recent Development

  • In March of 2023, Dolphin Drilling landed a contract from Peak Petroleum Industries Ltd for the Blackford Dolphin semi-submersible drilling rig to be used offshore in Nigeria. This deal follows the completion of an active 12 months’ contract with General Hydrocarbons Ltd and new fill that can boost rigs backlog for at least 485 days or up to sparty in USD325000 effective day rate plus mobilization fees. 
  • In July 2022, Sonatrach announced three upstream discoveries in different basin wells. At the In Ekker Sud West-1 exploratory well, an interesting finding that took place was identification of condensate gas in two Devonian reservoirs. 

Oilfield Equipment Key Market Trends

  • One key market trend in the Global Oilfield Equipment Market is the increasing adoption of digital technologies and automation. Oilfield equipment manufacturers and service providers are leveraging digital solutions such as artificial intelligence (AI), Internet of Things (IoT), data analytics, and automation to optimize operations, improve efficiency, and reduce costs. These technologies enable real-time monitoring, predictive maintenance, remote control, and advanced data analysis, allowing companies to make informed decisions, enhance safety measures, and maximize production output. The integration of digital technologies in oilfield equipment offers benefits such as improved asset performance, reduced downtime, enhanced operational safety, and increased overall productivity. This trend is driven by the industry's focus on operational excellence, cost optimization, and the need to adapt to the evolving digital landscape.

Oilfield Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Oilfield Equipment Market analysis, the market is a dynamic and competitive sector within the energy industry. It encompasses a wide range of equipment and services essential for oil and gas exploration, production, and refining. The market is driven by factors such as increasing global energy demand, advancements in drilling and extraction technologies, and the need for efficient and reliable equipment. The market is dominated by drilling equipment, while pumps and valves are the fastest-growing segment. North America holds a dominant position in the market, while the Asia Pacific region is witnessing rapid growth. Key drivers include the increasing energy demand, while the volatility of oil prices acts as a restraint. The market is characterized by intense competition, with companies focusing on innovation, partnerships, and expanding their geographic presence. Digitalization and automation are prominent trends, enabling companies to optimize operations, improve efficiency, and reduce costs.

Report Metric Details
Market size value in 2023 USD 85.31 Billion
Market size value in 2031 USD 1114.26 Billion
Growth Rate 3.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Drilling equipment, field production machinery, pumps and valves and others
  • Application
    • Offshore and Onshore
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Schlumberger Limited (US)
  • Baker Hughes Company (US)
  • Halliburton Company (US)
  • Weatherford International PLC (US)
  • National Oilwell Varco, Inc. (US)
  • TechnipFMC PLC (UK)
  • Saipem S.p.A (Italy)
  • Sinopec Oilfield Equipment Corporation (China)
  • China Oilfield Services Limited (China)
  • Aker Solutions ASA (Norway)
  • Petrofac Limited (UK)
  • Nabors Industries Ltd. (Bermuda)
  • Tenaris S.A. (Luxembourg)
  • Subsea 7 S.A. (UK)
  • NOVATEK (Russia)
  • McDermott International, Inc. (US)
  • Oceaneering International, Inc. (US)
  • Archer Limited (Norway)
  • Cameron International Corporation (US)
  • John Wood Group PLC (UK)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Oilfield Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Oilfield Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Oilfield Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oilfield Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oilfield Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Oilfield Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Oilfield Equipment Market was valued at USD 85.31 Billion in 2022 and is poised to grow from USD 88.13 Billion in 2023 to USD 1114.26 Billion by 2031, at a CAGR of 3.3% during the forecast period (2024-2031). 

The competitive landscape of the Oilfield Equipment Market is characterized by intense competition among market players. Key strategies adopted by participants in the market include mergers and acquisitions, partnerships, collaborations, and product innovations. Companies strive to develop advanced and technologically sophisticated oilfield equipment to enhance operational efficiency, improve safety standards, and meet the evolving needs of the industry. Additionally, players in the market focus on expanding their geographical presence to tap into emerging markets and leverage opportunities for growth. The competitive environment is influenced by factors such as the ability to offer comprehensive product portfolios, strong distribution networks, and effective after-sales services. 'Schlumberger Limited (US)', 'Baker Hughes Company (US)', 'Halliburton Company (US)', 'Weatherford International PLC (US)', 'National Oilwell Varco, Inc. (US)', 'TechnipFMC PLC (UK)', 'Saipem S.p.A (Italy)', 'Sinopec Oilfield Equipment Corporation (China)', 'China Oilfield Services Limited (China)', 'Aker Solutions ASA (Norway)', 'Petrofac Limited (UK)', 'Nabors Industries Ltd. (Bermuda)', 'Tenaris S.A. (Luxembourg)', 'Subsea 7 S.A. (UK)', 'NOVATEK (Russia)', 'McDermott International, Inc. (US)', 'Oceaneering International, Inc. (US)', 'Archer Limited (Norway)', 'Cameron International Corporation (US)', 'John Wood Group PLC (UK)'

One key driver of the Oilfield Equipment Market is the increasing energy demand. The growing population, urbanization, and industrialization have resulted in a surge in energy consumption, driving the need for oil and gas exploration, production, and refining. This demand for energy is a significant driver that stimulates investment in oilfield equipment and services to meet the growing energy requirements of various industries and economies worldwide.

One key market trend in the Oilfield Equipment Market is the increasing adoption of digital technologies and automation. Oilfield equipment manufacturers and service providers are leveraging digital solutions such as artificial intelligence (AI), Internet of Things (IoT), data analytics, and automation to optimize operations, improve efficiency, and reduce costs. These technologies enable real-time monitoring, predictive maintenance, remote control, and advanced data analysis, allowing companies to make informed decisions, enhance safety measures, and maximize production output. The integration of digital technologies in oilfield equipment offers benefits such as improved asset performance, reduced downtime, enhanced operational safety, and increased overall productivity. This trend is driven by the industry's focus on operational excellence, cost optimization, and the need to adapt to the evolving digital landscape.

North America holds the dominant position in the Oilfield Equipment Market. The region has a rich history of oil and gas production, with major oilfield equipment manufacturers and service providers headquartered in North America. The dominance of this region can be attributed to factors such as abundant shale resources, technological advancements in drilling and extraction techniques, and a well-established infrastructure to support oil and gas operations. The presence of mature oilfields, particularly in the United States and Canada, coupled with favorable government policies and investments in research and development, further contribute to North America's dominance in the market.

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