Oil Field Equipment Market Size was valued at USD 85.5 Billion in 2022. The oil field equipment market industry is projected to grow from USD 88.4 Billion in 2023 to USD 116.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2024 - 2032). Rising energy demand from rising economies, as well as advancements in drilling technology and equipment are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for oil field equipment is being driven by the rising demand for petrochemical products. Petrochemical products are ubiquitous and necessary in modern civilisations. This category includes plastics, fertilisers, packaging, apparel, digital gadgets, medical equipment, detergents, tyres, and many more goods. They can also be found in many modern energy system components, such as solar panels, wind turbine blades, batteries, building thermal insulation, and electric vehicle components. Petrochemicals are already an important part of the energy system, and their importance is only growing. Plastics, the most common category of petrochemical products, have grown faster than any other bulk material (including steel, aluminum, and cement) since 2000. Per capita, industrialised economies such as the United States and Europe consume up to 20 times the amount of plastic and up to ten times the amount of fertiliser as rising economies such as India and Indonesia.
Furthermore, oilfield equipment market growth is being driven by a rise in the redevelopment of existing oil wells, a rebound in oil prices, and an increase in worldwide oil exploration and drilling activities. Furthermore, the rising use of oilfield equipment boosts demand for oilfield equipment due to the enhanced economic competitiveness of the oil exploration, drilling, and service sectors.
In addition, when oil prices are high, exploration and production companies have greater resources to invest in new projects, which increases demand for services. At the same time, production levels, exploration activities, and the utilisation of modern technologies such as horizontal drilling and hydraulic fracturing all have a direct impact on the market. As more wells are dug, organisations in the oilfield services industry must differentiate themselves by using new technology to enhance efficiency and lower costs in order to satisfy expanding demand at a competitive price.
The oil field equipment market segmentation, based on type includes drilling (drill pipe and drill collars flow) and pressure flow control (BOP’s, valves and manifolds). The drilling category has the biggest market share due to extensive drilling activity both offshore and onshore. Furthermore, shale production, which requires drill pipes as a necessary piece of equipment, has increased. It aids in wellbore drilling, which is the act of excavating a hole in the ground to access a certain natural resource, such as oil or water. The pipe pumps drilling fluid, which provides pressure to keep undesired fluids out of the liquid pushed, removes drill cuttings, and helps to cool and clean the drill bit.
In September 2020:Â Pelican Energy Partners, a private equity fund based in the United States, announced the acquisition of Baker Hughes' surface pressure control flow segment.
Figure1: Oil Field Equipment Market, by Type, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The oil field equipment market segmentation, based on equipment, includes drilling equipment, field production machinery, pumps & valves and others. The drilling equipment category is the largest contributor to the market and is estimated to grow at a CAGRÂ of 47.2% during the forecast period because to rising demand for oil and gas from petrochemical companies, refineries, retainers, and other oil-related businesses. With an increase in exploration and production activities, the market is expected to grow in a sustainable manner. Various current drilling operations around the world will also generate significant expansion in the oilfield equipment market.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America held the highest share of the worldwide oilfield equipment market in 2022, owing to increased shale oil exploration operations in the region's countries. Furthermore, rising offshore rig counts and oil and gas production operations in the United States are driving up oil and gas demand.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Oil Field Equipment Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s oil field equipment market accounts for the second-largest market share because of the increased demand for hydrocarbons, oil and gas corporations are investing in drilling activities. Further, the German oil field equipment market held the largest market share, and the UK oil field equipment market was the fastest-growing market in the European region
The Asia-Pacific Oil Field Equipment Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of their substantial infrastructural needs, high energy demands, and rising populations. Moreover, China’s oil field equipment market held the largest market share, and the Indian oil field equipment market was the fastest-growing market in the Asia-Pacific region.
Leading market players are extensively investing in research and development to extend their product lines, which will help the oil field equipment market, grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations. To expand and survive in a more competitive and expanding market climate, the oil field equipment industry must provide cost-effective products.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the oil field equipment industry to benefit clients and increase the market sector. In recent years, the oil field equipment industry has offered some of the most significant advantages to medicine. Major players in the oil field equipment market, including Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.) and others, are attempting to increase market demand by investing in R&D operations.
The Oil and Natural Gas Corporation Limited (ONGC) is an Indian central public sector company owned by the Government of India's Ministry of Petroleum and Natural Gas. Its headquarters are in Dehradun. The Government of India established ONGC on August 14, 1956. It is the country's largest government-owned oil and gas explorer and producer, accounting for around 70% of India's domestic crude oil output and approximately 84 percent of natural gas production. In November 2019, ONGC said that it will invest INR 6,000 crore in digging 200 wells in Assam over the next seven years to improve the state's output. The wells should be drilled during the following seven years.
Schlumberger Limited, sometimes known as SLB, is an oilfield services provider. It is the world's largest offshore drilling company as well as the world's largest offshore drilling contractor by revenue as of 2022. Schlumberger N.V. is based in Willemstad, Curaçao, and trades on the New York Stock Exchange, the London Stock Exchange, Euronext Paris, and the SIX Swiss Exchange. Its primary executive offices are in Houston, Texas. Schlumberger will be the 349th largest company in the world according to the Forbes 2000 in 2022. Schlumberger was established in Paris in 1926 as the Electric Prospecting Company. In October 2022, Schlumberger announced today that it has teamed with RTIInternational, a nonprofit research organisation, to accelerate the commercialisation and scale-up of its proprietary non-aqueous solvent (NAS) technology, which increases the effectiveness of absorption-based carbon capture.
In July 2022:Â ABB and Wison Offshore & Marine have announced a new partnership agreement to develop floating LING facilities for the rapidly developing industry.
In December 2019:Â For the block KG-DWN-98/2 off the coast of Andra, the consortium of Baker Huges (BHGE), McDermott International, and LTHE (L&T Hydrocarbon Engineering) has been granted the single-largest offshore contract ever. The ONGC company's analysts estimate that this block has the potential to cut India's reliance on oil and gas imports by 10%.
In July 2019:Â i3Â Energy pc awarded Baker Hughes, a GE Company (BHGE), a contract for its drilling operation at Liberator. In accordance with the conditions of the contract, BHGE is responsible for providing wellhead, directional drilling, drilling fluids, mudlogging, and activities for evaluating the formation.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 85.5 Billion |
| Market Size 2023 | USD 88.4 Billion |
| Market Size 2032 | USD 116.5 Billion |
| Compound Annual Growth Rate (CAGR) | 3.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Equipment, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â GE Oil and Gas (U.S.), Weatherford International (U S.), Schlumberger (U S.), Superior Energy Services (U.S.), Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.), Expro International Group Holding Ltd. (UK). |
| Key Market Opportunities | Product releases and R&D by significant critical players. |
| Key Market Dynamics | The number of mature oil wells is increasing. |
Frequently Asked Questions (FAQ) :
The oil field equipment market size was valued at USD 85.5 Billion in 2022.
The market is projected to grow at a CAGR of 3.50% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.).
The Drilling category dominated the market in 2022.
The drilling equipment had the largest share of the market.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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