Global Oilfield Equipment Market To Witness Rise In Demand From Drilling Equipment Segment From 2014 To 2020: Grand View Research
The global market for oilfield equipment is expected to reach USD 127.60 billion by 2020; according to a new study by Grand View Research, Inc. Increasing drilling activities, on account of growing energy demand, is expected to remain a key driving factor for the market. However, cost intensive nature of the market due to risk and low reliability of operations is a major challenge to the growth of this market.
To view full report with TOC, click http://www.grandviewresearch.com/industry-analysis/oilfield-equipments-market
Drilling equipment was the leading product segment and accounted for 73.7% of total market revenue in 2013. In addition to being the largest product segment, drilling equipment is also expected to be the fastest growing product segment at an estimated CAGR of 4.2% from 2014 to 2020. It was followed by field production machinery and pumps & valves which is expected to exceed a market worth USD 20 billion by 2020, at an estimated CAGR of 3% from 2014 to 2020.
To request Free Sample of this report, click http://www.grandviewresearch.com/industry-analysis/oilfield-equipments-market/request
Further key findings from the study suggest:
• North America dominated the regional oilfield equipment market and accounted for 39.5% of total market revenue in 2013 and is expected to grow at an estimated-below-market-average CAGR of 3.8%. However, Asia Pacific is expected to be the fastest growing regional market for oilfield equipment at an estimated CAGR of 4.5% from 2014 to 2020. Asia Pacific is expected to rapid growth on account of increasing exploration activities mainly in China and India to meet the growing energy demand.
• With its extensive oil and natural gas reserves, Middle East and Africa are expected to contribute significantly to the global oilfield equipment market and are expected to grow at an estimated CAGR of 4.2% from 2014 to 2020.
• Field production machinery market revenue is expected to reach USD 20 billion by 2020, growing at a CAGR of 3% from 2014 to 2020.
• The global market for oilfield market is highly fragmented with top four companies operating in the market accounting for just over 30% of total market in 2013. The existence of several specializing niche vendor segments, scattered globally, has given rise to such market share distribution.
To see more Market Research reports by Grand View Research, click http://www.grandviewresearch.com/ongoing-reports
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.