Oilfield Equipment Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Oilfield Equipment Market is segmented By Equipment (Drilling Equipment, Field Production Machinery, Pumps, Valves), By Application (Onshore, Offshore....
Oilfield Equipment Market Size
Market Size in USD
CAGR3.7%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 3.7% |
| Market Concentration | High |
| Major Players | Baker Hughes, ABB, Delta Corporation, Weir Group, Sunnda Corporation |
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Oilfield Equipment Market Analysis
The Global Oilfield Equipment Market is estimated to be valued at USD 129.6 Bn in 2024 and is expected to reach USD 173.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031. This steady growth can be attributed to rising oil and gas exploration activities as energy demand increases worldwide.
The trend in the oilfield equipment market has been positive over the past few years. Global demand for oil and gas has picked up from the lull caused by the pandemic, driving more investments in upstream activities. Major players are investing in technologically advanced equipment to enable efficient exploration and production processes. On the other hand, the transition to sustainable energy sources poses a challenge for long term growth in this market.