The worldwide oilfield equipments market was anticipated at about USD 94 billion in 2012. It is predicted to be around USD 117 billion in 2018. The market is projected to rise during the forecast phase at about 4 percent CAGR. Demand for the oilfield equipments market is expected to be driven ahead by increasing activities of refining and oil extraction.
The growing utilization of oilfield equipments and their increasing demand around the world are responsible for pushing the market ahead. Focusing on fields of alternative oil is predicted to drive demand for the oilfield equipments market. Both rising and industrialized nations of the world are estimated to observe strong demand for oilfield equipments.
This is projected to show similar trends through the aforementioned phase. Geo political problems and regulatory procedures are some of the primary components estimated to have impacted the oilfield equipment market. Due to such concerns, people have been showing more interest in renewable sources of energy. This is a component that primarily inhibits the oilfield equipments market from developing further.
Drilling equipments were the biggest sector in the oilfield equipments market in 2012. It occupied more than 70 percent of the total utilization of oilfield equipments that year. Also, with regard to escalation in demand, drilling equipments are projected to be the most swiftly expanding sector, with about 4 percent CAGR in the market. The worldwide demand for pumps and valves is estimated to be at about USD 7 billion by 2018.
North America dominated the worldwide oilfield equipments market in 2012 in terms of consumer base. It made up for more than 40 percent of the worldwide demand that year. Asia Pacific is anticipated to be the most rapidly developing oilfield equipments market. It is projected to rise at 4 percent CAGR during the same phase.