Rise in oil gas extraction activities is a significant factor driving growth of the global Drilling Equipment market.
Market Size – USD 115.36 Billion in 2019, Market Growth – at a CAGR of 2.8%, Market Trends –Technological advancements in Drilling Equipment.

The global Drilling Equipment Market is expected to reach a market size of USD 144.43 Billion in 2027 and register a significantly high CAGR during the forecast period, according to a new report by Reports and Data. Drilling Equipment demand has been increasing steadily, and is attributed to a steep rise in oil gas extraction activities globally. Oil and gas play a crucial part in the global energy mix and even though renewable energy sources are anticipated to witness an increase in share in the energy mix gradually, oil and gas is projected to contribute 44.0% of the energy supply worldwide in 2050. Hence, investments would be required for opening up new oilfields and to continue oil and gas extraction from existing oil wells to cater to the predicted high demand. This in turn, is expected to continue to boost demand for Drilling Equipment, thus driving growth of the Drilling Equipment market to a significant extent

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Top Companies: Schlumberger Ltd., Halliburton Company, Zenith Oilfield Technology Ltd., Abbot Group Ltd., FMC Technologies Inc., Baker Hughes Company, Weatherford International PLC, Aker Solutions, NOV Inc., and Transocean Ltd.

Further Key Finding from the Report Suggestion:

• In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
• Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
• North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
• The Drilling Equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
• In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Drilling Equipment market is segmented into:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

• Drilling Equipment
• Field Production Machinery
• Pumps Valves
• Others

Application Outlook (Revenue, USD Billion; 2017-2027)

• On-shore
• Off-shore

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

• Online
• Offline

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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