Oilfield Equipment Market Report Scope & Overview:

The Oilfield Equipment Market Size was esteemed at USD 125.97 billion in 2023 and is supposed to arrive at USD 173.86 billion by 2031 with a growing CAGR of 4.11% over the forecast period 2024-2031.

The oil field gear is a set of hardware that is utilized for oil or gas removal and boring purposes. This gear incorporates different sorts of hardware like well control hardware, strong control gear, coastal and seaward boring apparatus, oilfield supply parts, penetrating apparatus parts, siphon jacks and siphoning units, tanks, and vessels, siphons and engines, and oilfield trucks and apparatus. This hardware is utilized for the advancement of effectively-investigated oilfields and carries out the different roles from penetrating to good culmination. Penetrating, information securing, well logging, well mediation, well culmination, pressure support, stream control, and others are the significant elements of this hardware.

Oilfield Equipment Market Revenue Analysis

To get more information on KEYWORD Market - Request Free Sample Report

Flooding redevelopment of mature oil wells, developing oil investigation and boring exercises, and oil value recuperation are the central point driving the development of the market. In addition, working on monetary seriousness in the oil investigation and penetrating and administration enterprises are speeding up the market development. Rising interest in oil and gas is anticipated to impel market development. Moreover, mechanical headways like Artificial Intelligence, IoT, and examination are extremely useful in the digitization of oil and gas treatment facilities, investigation of locales, pipelines, and framework which helps the development of the market.

The oilfield gear market is supposed to grow because of different variables that drive the market. The variables incorporate, oil cost recuperation, expanding oil investigation and field improvement exercises, and a rising number of mature oil wells. For example, in April 2018, Carnarvon Petroleum Ltd., Perth, declared its arrangements for the redevelopment of the Buffalo oil field in the Timor Sea. The field currently lies totally inside the ward of East Timor following the marking of the Maritime Boundary Treaty with Australia recently.

Market Dynamics

Driving Factors:

  • Ascend in the redevelopment of mature oil wells, and oil cost recuperation.

  • Expansion in investigation and boring exercises for oil all over the planet.

Restraining Factors:

  • The variances in unfamiliar monetary forms proceed with their impact on net revenues.


  • The trendsetting innovation in oilfield gear.

  • Headways in innovation in oilfield gear.


  • Expansion in costs of unrefined substances.

Impact of Covid-19

Coronavirus is a unique worldwide general wellbeing crisis that has impacted pretty much every industry, and the drawn-out impacts are projected to influence business development during the conjecture time frame. Our continuous exploration intensifies our examination system to guarantee the incorporation of fundamental COVID-19 issues and possible ways ahead. The report conveys bits of knowledge on COVID-19 considering the progressions in purchaser conduct and request, buying designs, re-steering of the store network, elements of current market influences, and the huge mediations of legislatures. The refreshed review gives experiences, investigation, assessments, and conjectures, taking into account the COVID-19 effect available.

Impact of Ukraine and Russia war

We persistently screen and update cover political and financial vulnerability because of the Russian attack on Ukraine. Adverse consequences are essentially anticipated universally, particularly across Eastern Europe, European Union, Eastern and Central Asia, and the United States. This conflict has seriously impacted lives and vocations and addresses extensive disturbances in exchange elements. The possible impacts of progressing war and vulnerability in Eastern Europe are supposed to antagonistically affect the world economy, with particularly long-haul unforgiving consequences for Russia.

Market Estimations

By Type:

By type, the penetrating hardware section gathered the biggest offer as far as income in 2018, and the siphons and valves fragment are supposed to encounter high development during the estimated time frame. The filling in oil well investigation projects is supposed to give rewarding open doors to the oilfield hardware market extension.

By Application:

Offshore drilling happens on oil stages. During seaward boring, an oil organization applies penetrating hardware profound into the earth. Offshore oil wells can last 10-20 years. Onshore drilling occurs at the seabed. Frequently waterfront networks gain from their presence. In the U.S., there is a significant number of inland boring locales on the Atlantic coast.

Key Market Segmentation

By Type

By Application

  • On-shore

  • Off-shore

Oilfield Equipment Market Segmentation Analysis

Need any customization research on KEYWORD Market - Enquiry Now

Regional Analysis:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

North America will rule the oilfield hardware market over the conjecture period. The stone examinations exercises for oil sands, carbonate rocks, shale oil, and a few other investigation exercises, the US has the highest level of a piece of the pie, developing unpredictable hydrocarbon creation, the district being the new swing maker in worldwide oil markets, blast underway from both shale tasks and profound water investigation and creation in the Gulf of Mexico, expanded capital spending by significant oil organizations, and expansion in penetrating exercises in the United States are adding to the worldwide oilfield hardware market development in the locale. Plus, the requirement for non-traditional and customary penetrating, the expansion in E&P spending, solid presence of central parts, perpetual investigation and creation of oil and gas, and developing investigation exercises for whimsical hydrocarbon are likewise adding to market development.

Key Players

The Key Players are ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, Weir Group and Other Players.

Baker Hughes-Company Financial Analysis

Oilfield Equipment Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 125.97 Billion
Market Size by 2031 US$ 173.86 Billion
CAGR CAGR of 4.11% From 2023 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others)
• By Application (On-Shore, and Off-Shore)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, and Weir Group.
DRIVERS • Ascend in the redevelopment of mature oil wells, and oil cost recuperation.
• Expansion in investigation and boring exercises for oil all over the planet.
RESTRAINTS • The variances in unfamiliar monetary forms proceed with their impact on net revenues.

Frequently Asked Questions

Ans: Off-shore is projected to make a foothold in the worldwide Oilfield Equipment market.

 Ans: The Oilfield Equipment Market size was valued at USD 120 Bn in 2022.

Ans: ABB, Baker Hughes, Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, MSP/Drilex, Inc., Sunnda Corporation, Uztel S.A, and Weir Group are the key players covered in the Oilfield Equipment market.

Ans: Ascend in the redevelopment of mature oil wells, and oil cost recuperation and The trendsetting innovation in oilfield gear are the elements driving and resulting in opportunities for the Oilfield Equipment Market.

Ans: The  Oilfield Equipment Market is to grow at a CAGR of 3.9% over the forecast period 2023-2030.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers           

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia War

4.3 Impact of Ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value chain analysis

6. Porter’s 5 forces model

7. PEST analysis

8. Global Oilfield Equipment Market Segmentation, By Type

8.1 Drilling equipment

8.2 Field Production Machinery

8.3 Pumps and valves

8.4 Others

9. Global Oilfield Equipment Market Segmentation by Application

9.1 On-shore

9.2 Off-shore

10. Global Oilfield Equipment Market, by region/ country

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2 Canada

10.2.3 Mexico

10.3 Europe

10.3.1 Germany

10.3.2 UK

10.3.3 France

10.3.4 Italy

10.3.5 Spain

10.3.6 The Netherlands

10.3.7 Rest of Europe

10.4 Asia-Pacific

10.4.1 Japan

10.4.2 South Korea

10.4.3 China

10.4.4 India

10.4.5 Australia

10.4.6 Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1 Israel

10.5.2 UAE

10.5.3 South Africa

10.5.4 Rest

10.6 Latin America

10.6.1 Brazil

10.6.2 Argentina

10.6.3 Rest of Latin America

11. Company profiles

11.1 ABB

11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 Swot Analysis

11.1.4 The SNS View

11.2 Baker Hughes

11.3 Delta Corporation,

11.4 EthosEnergy Group Limited

11.5 Integrated Equipment

11.6 Jereh Oilfield Equipment

11.7 MSP/Drilex, Inc.

11.8 Sunnda Corporation

11.9 Uztel S.A

11.10 Weir Group.

12. Competitive Landscape

12.1 Competitive Bench Marking

12.2 Market Share Analysis

12.3 Recent Developments

13. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.


The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Start a Conversation

Hi! Click one of our member below to chat on Phone