Increasing Oil Refining Activities to Drive the Global Oilfield Equipment Market to US$117.37 Billion by 2018

  • February 11, 2015
  • Transparency Market Research
  • News

According to a recently released research report by Transparency Market Research (TMR), the global oilfield equipment market is estimated to grow at a 3.8% CAGR between the years 2012 and 2018. TMR, a U.S.-based market research company, states in its report that the global oilfield equipment market, which had a market value worth US$93.74 billion in 2012, will report a market value worth US$117.37 billion by 2018. The report, titled ‘Oilfield Equipment Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018’, is available for sale on the company website.

Browse the full Oilfield Equipment Market Report

As per this market research report, the global oilfield equipment market is mainly propelled by greater oil extraction activities and rising oil refining activities as a result of high demand for oil from all across the globe and increasing regional consumption of oil. Oilfield equipment is used in offshore and onshore oil extraction fields. Mechanical drilling through rock and soil in order to reach the reservoir of crude oil is carried out with the help of drilling equipment. Rig components and drilling rigs are integral parts of drilling equipment. Rig components include oil country tubular goods (OCTG) and drill bits. Tubes and pipes such as casing, tubing, and drill pipes are some commonly used oil country tubular goods. In 2010, the worldwide demand for oilfield drilling equipment rose to US$87.60 billion from US$84.25 billion in 2009.

This TMR report has segmented the global oilfield equipment market on the basis of the type of product and geography. Based on product type, this market is segmented into drilling equipment, field production machinery, pumps and valves, and others. The drilling equipment segment holds the largest share in the global oilfield equipment market. Back in 2011, the contribution of this segment in the overall oilfield equipment market was a little more than 72%. Also, the market share of the drilling equipment segment in the U.S. oilfield equipment market was greater than 76% in 2011. Drilling equipment is used to pierce through the earth’s rocky layers in order to access deposits of natural gas and crude oil below the earth’s surface. The second largest share under the product segment in the global oilfield equipment market is held by the field production machinery segment.

From the geographical perspective, this market research report has classified the global oilfield equipment market into the Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa regions. Ever-growing demand for crude oil makes North America the largest regional player in the global oilfield equipment market. As per this market research study, the North America oilfield equipment market will be driven by growing drilling activities in Canada and the U.S. in the forthcoming years. Growing drilling activities in North America can be attributed to the rapid development of unconventional energy sources like coal bed methane (CBM), tight gas, and shale gas. The Asia Pacific oilfield equipment market is expected to grow at a 4.3% CAGR between the years 2012 and 2018. The Asia Pacific market for oilfield equipment is primarily driven by rising demand for energy from economies like India and China.


FMC Technologies, Aker Solutions, Cameron International, Weatherford International, and National Oilwell Varco Incorporated are some of the key companies operating in the global oilfield equipment market.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.


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