Market Size of Norway Oilfield Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Oilfield Equipment Market Analysis
The Norwegian oilfield equipment market is expected to register a CAGR of over 2% during the forecast period. During the Covid -19 pandemic, governments imposed strict lockdown and travel restrictions, resulting in lower demand for oil & gas worldwide. This affected the flow of investment in Norway's oil & gas industry. Factors such as the increasing exploration and production activities due to rising crude oil and natural gas demand coupled with reducing dependency on Russian crude oil and natural gas are likely to drive the market during the forecast period. However, volatile oil and gas prices are likely to restrain the growth of the Norway oilfield equipment rental services market in the coming years.
- The drilling equipment segment is expected to dominate the market in the forecast period. Norway has a high number of drilling activities, and it is likely to grow in the near future due to a surge in investment in offshore activity.
- The increasing oil and gas discoveries in the deepwater and ultra-deepwater in the North Sea regions like Norway and the United Kingdom are expected to create a significant opportunity for the market players during the forecast period.
- Increased investment in oil & gas exploration and production in the country, coupled with increased demand from the nearing countries due to Russia and Ukraine conflict, is expected to boost the demand for oil field equipment in the country during the forecast period.
