COVID-19 Impact on Oilfield Equipment Market 2020 Global Analysis, Trend, Key Players, Opportunity, and Forecast Till 2026

The Global Oilfield Equipment Market is estimated to grow at a CAGR of 3.1% during the forecast period 2019-2026. As per the detailed market study, the global market was valued $111.40 billion in the year 2018 and is estimated to reach $141.49 billion by the end of the year 2026.

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The Global Oilfield Equipment Market is driven by various growth factors such as increase in drilling and exploration activities for oil and redevelopment of mature oil wells. However, growth in prices of raw material and fluctuation in foreign currencies rate will hamper the market growth for the future period. While, on contrary, technological advancements in the oil and gas industry and increasing focus of market players to enhance safety and efficiency will create lucrative market opportunities in the global market.

Segmentation Overview of the Global Oilfield Equipment Market

The Global Oilfield Equipment Market is segmented on the basis of various market segments that include Type Segment and Application Segment. These major market segments are further categorized into various sub-segments to study the market in detail.

The Type Segment of the Global Oilfield Equipment Market is Sub-Segmented into:

• Drilling Equipment
• Field Production Machinery
• Pumps and Valves
• Others

The Application Segment of the Global Oilfield Equipment Market is Sub-Segmented into:

• On-Shore
• Off-Shore

Geographical Overview of the Global Oilfield Equipment Market

On the basis of geographical segmentation, the global oilfield equipment market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the North America oilfield equipment market accounted as the largest market shareholder of the global marketplace. The region accounted for nearly 2/5^th of the share of the global marketplace in terms of revenue in the year 2018. The region is also anticipated to dominate the market during the forecast period. The regional growth and dominance is attributed to technological advancements and presence of major key players in the region.

Key Players Insights

Weir Group, Uztel S.A., Sunnda Corporation, MSP/Drilex, Inc., Jereh Oilfield Equipment, Integrated Equipment, EthosEnergy Group Limited, Delta Corporation, Baker Hughes and ABB are some major key players profiled in the research study of the global oilfield equipment market. The company profile chapter of the research report include various sections to study the market scenario in detail. Some of the sections are company overview, product portfolio, SWOT analysis, financial performance and competitive strategical developments.

Impact of COVID-19 on the Global Oilfield Equipment Market

The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The overall market impact of COVID-19 can be witnessed in the Q1 2020 but is anticipated to be highly impacted in subsequent quarters in the whole year.

The Global Oilfield Equipment Market is analysed to have a negative impact owing to the spread of COVID-19 worldwide. The oilfield equipment market is analysed to show negative impact specially in the small-sized services companies. As per the market analysis, the European service market is worst hit if compared to other markets and is estimated to show flat curve during this year even in pre-coronavirus scenario and considering current situation, the market is expected to follow the same trend or can shift downwards, owing to low fuel demand by region amid the lockdown period.

The detailed research report on the global oilfield equipment market is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status.

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