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 global oilfield equipment market is expected to be driven by the growth in demand from regions like Asia and Latin America, along with increasing drilling activities in offshore and onshore locations. This is a dynamic and extremely important global energy industry sector, as it represents an array of equipment supplies and related services that are primarily required for discovering oil and gas wells, their subsequent extraction or production, and the eventual refining processes. The drivers of the market include growing demand at the global level for energy, rising offshore and onshore drilling activities, and continuous improvement in extraction methods. 

Successive finding of numerous oil and gas fields across the globe has ensured that the demand for oilfield-related equipment remains steady. Among these, the segments into which the market is sub-categorized include drilling rigs, well completion equipment, production equipment, processing and storage equipment, and others. High competition among the key participants in the industry to innovate and come up with technologically advanced equipment that could further enhance operational efficiency and reduce downtime has been always there so that the maximum oil and gas reserves could be recovered. 

Generally, the very strongly regulated oil and gas industry is now regulated by multiple levels of official governments. This therefore also means that the environment regulating the oil field equipment industry—the surrounding is complex with many dimensions cutting across different levels of government and industry organizations. The Oilfields (Regulation and Development) Act of 1948 gave a framework for orderly development and set standards for equipment usage/operations in India. Onshore and offshore operations are overseen by the Occupational Safety and Health Administration and the Bureau of Safety and Environmental Enforcement, respectively. Industry organizations, including the American Petroleum Institute, also develop and continue to update standards which have implications for regulations both in the United States and overseas.

US Oilfield Equipment Market is poised to grow at a sustainable CAGR for the next forecast year