Market Size of North Sea Oilfield Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
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North Sea Oilfield Equipment Market Analysis
The North Sea oilfield equipment market is expected to register a CAGR of more than 2.5% during the forecast period of 2022-2027.
The market was severely impacted by the COVID-19 pandemic in 2020. Presently, the market has now reached pre-pandemic levels.
- Over the medium term, the increasing investments in the gas sector due to growing demand from the power sector and heating applications are likely to drive the market during the studied period.
- On the other hand, the shift toward renewable energy sources and volatility of oil & gas prices are leading to uncertainty among oil and gas operators and are expected to restrain the growth of the North Sea oilfield equipment market in the coming years.
- Nevertheless, the emergence of new technologies such as digitalization and automation, new drilling methods, and next-generation electric fracking methods are expected to provide opportunities to the players involved in the future.
- Norway is expected to witness significant growth during the forecast period, owing to the increasing investments and active oil and gas exploration and production activities.
