Market Size of Oilfield Power Generation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 1.50 % |
| Fastest Growing Market | North America |
| Largest Market | Middle-East and Africa |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oilfield Power Generation Market Analysis
The oilfield power generation market is expected to rise at a CAGR of more than 1.5% during the forecast period of 2020-2025. Factors such as a reduction in the drilling cost and an increase in the deepwater and ultra-deepwater activities are likely to drive the oilfield power generation market. However, the volatile oil prices slowing down the upstream sector are expected to restrain the oilfield power generation market.
- The onshore segment is expected to be the largest segment in the oilfield power generation market during the forecast period due to increasing annual production and activities. In 2019 the increase in natural gas production was about 3.3%.
- The new technologies, such as hybrid generators that are more efficient and emit fewer greenhouse gases, are expected to create several opportunities for the oilfield power generation market.
- Due to its rapidly growing upstream industry, North America is likely going to be the fastest-growing market for the oilfield power generation during the forecast period. In 2019 the region produced 6.6% more crude oil than the previous year, which is likely to impact the oilfield power generation market positively.
