Pune, India -- (SBWIRE) -- 04/25/2019 -- Oil Field Equipment Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of oil field equipment market by product (downhole drilling tools, fishing, re-entry, tubular running services, cementing equipment), application (onshore, offshore) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the oil field equipment market it includes the five years Industry analysis and the 6 years annual forecast from 2018 to 2024. Some of the prominent participants in the global oil field equipment Market are Eni, FMC Technologies, Aker Solutions, Cameron International, Baker Hughes, Schlumberger Limited, Halliburton, Weatherford International, and National Oilwell Varco Incorporated.

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Oil Field Equipment Market: Insight

An oilfield is a region with an abundance of oil wells extracting petroleum (crude oil) from below ground. Oilfield equipment including land rigs, offshore rigs, drilling equipment, production equipment, and more in a seamless, worldwide exchange. Oilfield construction depends heavily on oilfield equipment and the construction engineers need to have a complete idea of the equipment they are about to use. Oilfield equipment is often not only large but also in price and repair costs.

Oil Field Equipment Market: Drivers and Restrain

Technological advancements in oil field equipment for improved recovery and better performance along with high production rate drives the growth of the oil field equipment market. In addition, growth in the oil and gas is anticipated to especially be strong in the developing countries where improving infrastructure will contribute to more drilling activity. Moreover, advancement in drilling techniques is further anticipated to boost the growth of the oil field equipment market. However, some of the oil fields are located far away from the readily available sources of electricity hence before starting to drill there should be enough amount of electricity to power the equipment. This, in turn, is restraining the growth of the oil field equipment market. Furthermore, the prices of crude oil are increasing and the upstream investment is projected to grow significantly and bring several projects online creating several growth opportunities for the key players in the oil field equipment market.

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Oil Field Equipment Market: Regional Analysis

Among the geographies, North America is the largest oil field equipment market. The growth in the North American region is owing to the high drilling activities to meet the energy demands along with the development of shale gas. Further, as the drilled wells are ready for production, the demand for oilfield equipment is expected to increase. On the other hand, the Mexican government has offered several blocks for exploration in the past few years. China is expected to contribute maximum towards regional industry growth in the future. Other countries including India, Thailand, and Indonesia are also expected to witness high market growth over the forecast period.

Report Findings

1. Drivers

- Technological Advancements in Oilfield Equipment

- Advancement in Drilling Techniques

2. Restraints

- Fields Are Located Far Away from the Readily Available Sources of Electricity

3. Opportunities

- Increasing Prices of Crude Oil and the Upstream Investment

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