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

Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.  

North America dominated the oil field equipment market globally in 2023 at USD 40.51 billion, due to the shale revolution and rising exploration and production activities in the vast on- and offshore reserves of the region. It is highly experienced in the production of oil and gas, with a number of principal manufacturers for oilfield equipment and service providers domiciled in this region. The region has a long history of oil and gas production, and the region is home for several of major manufacturers of oilfield equipment, and service providers. Ample resources of shale, advanced drilling and extraction technologies, and conducive infrastructure for oil and gas operations might be reasons why this region holds the leading position. In addition, the existence of mature oilfields, particularly in the United States and Canada, with their relevant government policies and funding toward research and development, added to North America's lead in the market. 

It is predicted that Asia Pacific region will grow with a highest CAGR of 4 percent due to the rising energy demands and inclination in offshore E&P from countries like China, India, and other ASEAN nations. Asia-Pacific itself has vast but comparatively unexplored and undiscovered oil and gas potential, and as these reserves come online, the need for oil field equipment is clearly on an ascendancy. This is backed by the advancing technology improving the application of equipment, increased infrastructure spending, as well as government support which is deemed to support the escalating growth of this market in Asia-Pacific for oilfield equipment.