Europe Oilfield Equipment Market Outlook Till, 2014 - 2025

Decrease in prices is forcing the producers to concentrate on long term projects instead of short term projects. The may result in fall in machinery demand. In Europe, offshore drilling contractors are cutting costs and reducing capacities to minimize the losses. Companies that rent the equipment including Transocean are either accommodating rig prices quoted by the purchaser or delaying the deliveries in order to cut the losses triggered by decreasing crude prices. According to industry experts, crude prices are expected to recover after 2017 which also means machinery revenues are predicated to drive after a period of two years. As the crude price variations are difficult to forecast, it is challenging to project its influence on equipment revenues over the forecast period.

Demand Free Request Sample - https://www.millioninsights.com/industry-reports/europe-oilfield-equipment-market/request-sample

Drilling equipment market is anticipated to grow significantly owing to machine requirement in piercing fields such as bits, rigs, and pipes which are particularly expensive. This segment is expected to generate maximum revenue compared to other segments. The industry is predicted to dominate over the forecast period owing to energy development activities in Russia, Norway and the UK. Moreover, Horizontal and directional drilling technology is expected to increase the profits. Initiatives by European government to explore and develop shale gas will drive the drilling market segment over the period of seven years. Field machinery used in production is anticipated to have lower CAGR over the period of seven years owing to less development in technology in this segment. Lifting devices and well head are also included in machinery. Valves and pumps machines are expected to have a moderate CAGR of 1.5% over the period of seven years. Advancement in technology is expected to emerge as a major market driver.

Rest of the segments is expected to witness relatively higher growth as the segment comprises of well surveying devices and machinery. The division is anticipated to grow at significant rate owing to enhancing down hole and wire line measurement techniques. Russia is a leader in oil field business as it has the highest number of oil field development activities. Russia is one of the major producers of crude producer globally. According to BP statistics, Russian oil federation produced around 10838 thousand barrels of oil per day was produced in 2015. Oil production is directly dependent on the field machine demand, Russia had maximum share in global market of field machine. The market domination of Russia is expected to continue over the forecast period.

Norway is projected to grow at the highest CAGR owing to rising offshore field development activities due to the presence of North Sea. UK is also anticipated to grow at significant CAGR and produce significant incomes owing to increasing offshore activities as compared to onshore. Major industry participant’s manufacturers based in Europe include SBS Oilfield Equipment GmbH, Zenith Oilfield Technology, Schoeller-Bleckmann Oilfield Technology GmbH, Atlas Copco, KSB AG, Foster Wheeler AG, Vallourec, Sandvik AB, Technip SA, Sulzer Limited, and Tenaris SA.