The Global Oilfield Equipment Market has been valued at US$ 120,000 million in 2021 and it is anticipated to reach a market capitalization of US$ 150,000 million by 2027 it is anticipated to grow with a healthy CAGR of 3.35% over the forecast period 2022-2027. Oilfield Equipment is made of primary Oilfield Equipment like a hoisting system, a derrick or draw works and a driving group. Oilfield Equipment also includes a circulating system of pumps, a Top Drive, return lines, pits, and a drill string. Furthermore, Oilfield Equipment encompasses good control components; these are the main factors that have considerably increased the demand for Oilfield Equipment in the market, thereby driving the huge growth of the market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Oilfield Equipment in the market are mainly the set of equipment used for excavation and drilling purposes for oil or gas. Its types include solid control equipment, well control equipment, on-shore & off-shore drilling rig, drilling rig components, oilfield supply lots, pump jacks & pumping units, pumps & motors, tanks & vessels, and oilfield trucks and machinery.

The rise in redevelopment of mature oil wells, oil price recovery, and increase in exploration and drilling activities for oil around the globe drive the oilfield equipment market growth; these are the main factors that have considerably increased the demand for Oilfield Equipment in the market, thereby driving the huge growth of the market in the upcoming years

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The report is segmented as:

Oilfield Equipment Market is segmented on the basis of by:

By Application (Onshore and Offshore),

By Equipment Type (Drilling Equipment, Production Equipment)

Geographical Segmentation:

Oilfield Equipment Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the rest of the world. North America has the dominant share in Oilfield Equipment due to the increase in investment for emerging technologies in oil and gas companies to increase productivity, and reduce risks and costs these are the main factors that have considerably increased the demand for Oilfield Equipment in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Oilfield Equipment Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has created huge losses in every sector across the world, and a temporary lack of growth in export and import activities, which has impacted the raise of Oilfield Equipment market growth. Due to covid-19 many companies have shut down and stopped their production which has decreased the availability of Oilfield Equipment. The government restrictions like lockdowns in many countries have stopped the production of products by manufacturing companies. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Oilfield Equipment market growth.

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