The Oilfield equipment market is vast, mainly providing services in the form of replacement parts, brakes rims and drums, rods and pipes, wear plates, and valves to name a few. Since the demand for oil is inelastic in nature, the oilfield equipment market continues to have a positive growth. Majority of the market is occupied by the Middle Eastern region which enjoys the largest share in terms of oil availability, followed by Europe which has invested heavily in imports.
The supply of oil has decreased in case of both OPEC and non-OPEC countries offsetting the demand of oil equipments. However, it is estimated that with improvement in growth of the U.S. economy and improvement in conditions of Saudi Arabia, the demand for oil equipment will rise. The biggest advantage for the equipment market is that the oil market is independent in nature and there is always scope for better business.
Asia Pacific has been the major buyer of oilfield equipments in 2012, followed by countries like Russia and Brazil. These countries have exhibited an increased growth rate. The non-OECD market is expected to grow, which will boost the oilfield equipment market.
The market is also likely to evolve with a growth in technology. However, weak macro environment factors restrict the potential of the oilfield equipment market. The forecasted growth rates of several countries like the U.S. and Saudi Arabia had to be revised due to the volatile nature of the economy. This has a cascading effect on the demand for oilfield equipments as these nations are also the importers and manufacturers. Also, the inability to determine the statistical demand for oil in China has left the equipment market incapable in providing its services to China’s expanding market.
The oil field equipments market can find opportunities in the Asia Pacific region due to its increased consumption in the past few years. Focusing on non-OECD market can also prove beneficial for this market. Some of the major players in the oilfield equipment market are Schlumberger, Saipem, and Halliburton.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
Rest of the World
This report provides comprehensive analysis of
Market growth drivers
Factors limiting market growth
Current market trends
Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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