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

Global Oilfield Equipment Market size was valued at USD 118.04 Billion in 2022 and is poised to grow from USD 125.01 Billion in 2023 to USD 169.26 Billion by 2031, growing at a CAGR of 3.9% in the forecast period (2024-2031).

The competitive landscape of the global oilfield equipment market is characterized by intense competition among market players. Key strategies adopted by participants in the market include mergers and acquisitions, partnerships, collaborations, and product innovations. Based on SkyQuest’s in-depth analysis, the strategy of rise in digitalization and automation as well as collaborations and acquisitions, these two strategies have emerged as a pivotal approach adopted by major market players in the global oilfield equipment market. Companies work on sophisticated, more advanced oilfield equipment in a move placing focus on operational efficiency, better safety standards at the workplace, and catering to the changing dynamics of the industry. Emphasis on geographic footprint is one among various strategies that the market players focus on to explore untapped markets, that would provide opportunities for market expansion.  'Schlumberger Limited (US)', 'Baker Hughes Company (US)', 'Halliburton Company (US)', 'Weatherford International PLC (US)', 'National Oilwell Varco, Inc. (US)', 'TechnipFMC PLC (UK)', 'Saipem S.p.A (Italy)', 'Sinopec Oilfield Equipment Corporation (China)', 'China Oilfield Services Limited (China)', 'Aker Solutions ASA (Norway)', 'Petrofac Limited (UK)', 'Nabors Industries Ltd. (Bermuda)', 'Tenaris S.A. (Luxembourg)', 'Subsea 7 S.A. (UK)', 'NOVATEK (Russia)', 'McDermott International, Inc. (US)', 'Oceaneering International, Inc. (US)', 'Archer Limited (Norway)', 'Cameron International Corporation (US)', 'John Wood Group PLC (UK)'

With fast-growing energy demand worldwide, the global oilfield equipment market is growing. Enormous growth in population, rapid urbanization process, and industrialization have collectively generated huge surge in energy consumption and hence need to increase exploration, production, and refining of oil and gas. An article published in Elsevier in 2024 says that global energy demand has increased continuously year by year due to rising population and economic growth. From 1990 to 2020, global energy consumption has grown phenomenally by 69.22%. It has increased due to the increase of 47.67% in the world population during the same period. Therefore, one of the major drivers of the growth of the oilfield equipment market is a rise in global demand for energy. This demand for energy thus becomes a significant driver of investment in oilfield equipment and service industries to meet the growing demands of energy by the industries and economies across the globe.

Rising Adoption of Various Digital Technologies and Automation: A major trend observed in the global market for oilfield equipment is the increased adoption of digital technologies and automation. With the help of artificial intelligence, the Internet of Things, data analytics, and automation, this equipment is helping optimize the operations of oil equipment manufacturers and service providers to enhance efficiencies and lower costs. The application of digital technologies in the equipment operational process ensures enhanced equipment performance, reduced downtime, improved operational safety, and general productivity. This is driven by the focus on operational excellence in the industry, cost optimization, and the need to adapt to the evolving digital landscape.

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