Market Size of Oilfield Equipment Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 134.20 Billion |
| Market Size (2029) | USD 156.18 Billion |
| CAGR (2024 - 2029) | 3.08 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oilfield Equipment Market Analysis
The Oilfield Equipment Market size is estimated at USD 134.20 billion in 2024, and is expected to reach USD 156.18 billion by 2029, growing at a CAGR of 3.08% during the forecast period (2024-2029).
- Over the medium term, factors such as the increasing number of deep-water and ultra-deepwater fields and the growing drilling operations in regions (like South America, North America, the Middle East, and Africa) will likely drive the oilfield equipment market during the forecast period.
- On the other hand, the volatile oil prices due to the supply-demand gap and geopolitics are major factors restraining the market's growth.
- Nevertheless, the increasing oil and gas discoveries and the global liberalization in the industry created new opportunities for the players to invest in.
