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

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