Rise in oil gas extraction activities is a significant factor driving growth of the global North America Oilfield Equipment market.
Market Size – USD 115.36 Billion in 2019, Market Growth – at a CAGR of 2.8%, Market Trends –Technological advancements in North America Oilfield Equipment.
The global North America Oilfield Equipment Market is expected to reach a market size of USD 144.43 Billion in 2027 and register a significantly high CAGR during the forecast period, according to a new report by Reports and Data. North America Oilfield Equipment demand has been increasing steadily, and is attributed to a steep rise in oil gas extraction activities globally. Oil and gas play a crucial part in the global energy mix and even though renewable energy sources are anticipated to witness an increase in share in the energy mix gradually, oil and gas is projected to contribute 44.0% of the energy supply worldwide in 2050. Hence, investments would be required for opening up new oilfields and to continue oil and gas extraction from existing oil wells to cater to the predicted high demand. This in turn, is expected to continue to boost demand for North America Oilfield Equipment, thus driving growth of the North America Oilfield Equipment market to a significant extent
Get a sample of the report https://www.reportsanddata.com/sample-enquiry-form/3744
Top Companies: Schlumberger Ltd., Halliburton Company, Zenith Oilfield Technology Ltd., Abbot Group Ltd., FMC Technologies Inc., Baker Hughes Company, Weatherford International PLC, Aker Solutions, NOV Inc., and Transocean Ltd.
Further Key Finding from the Report Suggestion:
- In oilfields, pumps are required to transfer oil and natural gases from one location to another. Various fluid-transporting tasks in oilfields primarily use centrifugal pumps that are considered optimal for the extreme and harsh conditions at extraction sites.
- Technologies comprising subsea processing and remote-controlled/automated tiebacks will enhance oil and gas productivity from deepwater and extreme off-shore field environments.
- North Africa and the Middle East have the lowest oil production costs and are expected to witness increasing yearly increments to off-shore oil output till the 2040s.
- The North America Oilfield Equipment market in the Asia Pacific, with substantial revenue contribution from China, is projected to register the fastest CAGR during the forecast period. Increasing crude oil extraction activities and oilfield discoveries in many locations, including the South China Sea and the Gulf of Thailand, account for the high market growth in the region.
- In September 2020, Pelican Energy Partners, which is a private equity fund located in the US, made an announcement about the acquisition of the surface pressure control flow division of Baker Hughes.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
Download Summary: https://www.reportsanddata.com/download-summary-form/3744
The global North America Oilfield Equipment market is segmented into:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Drilling Equipment
- Field Production Machinery
- Pumps Valves
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
Request a customization of the report https://www.reportsanddata.com/request-customization-form/3744
Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.
Browse More Reports:
Nitrobenzene Market https://www.reportsanddata.com/report-detail/nitrobenzene-market
Metal Matrix Composite Market https://www.reportsanddata.com/report-detail/metal-matrix-composite-market
High-Temperature Composite Resin Market https://www.reportsanddata.com/report-detail/high-temperature-composite-resin-market
Medical Elastomers Market https://www.reportsanddata.com/report-detail/medical-elastomers-market
Hydroquinone Market https://www.reportsanddata.com/report-detail/hydroquinone-market
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
LinkedIn | Twitter | Blogs | Insights
Read the innovative blog at https://www.reportsanddata.com/blogs
Check out our upcoming research report at https://www.reportsanddata.com/upcoming-reports