Europe Oilfield Equipment Market Growth & Trends
The Europe oilfield equipment market size is expected to reach USD 22.10 billion by 2030, registering a CAGR of 2.7% during the forecast period. Horizontal and directional drilling activities are expected to drive revenue growth over the forecast period. In these processes, the well is turned horizontal or to a specific target or location. These flexible drilling techniques have already emerged as a separate growth industry in North America and are now expected to gain importance in other regions including Europe.
Declining crude oil prices have been a major factor inhibiting the regional oilfield equipment market in the recent past. Stable crude oil prices in the near future is expected to help in oilfield equipment industry’s recovery
Drilling segment was the leading product segment with revenue share exceeding 69.1% in 2023. Key factors which are expected to drive drilling machinery segment include technological advancements in drilling techniques, increasing demand for horizontal & directional drilling and use of digital services in the sector.
Europe Oilfield Equipment Market Report Highlights
- Europe oilfield equipment industry was valued at USD 18.38 billion in 2023 and is expected to reach USD 22.10 billion by 2030 growing at a CAGR of 2.7% from 2024 to 2030.
- Russia emerged as the leading regional consumer in 2023. The country is expected to continue its dominance owing to huge production levels from its oilfields.
- Norway is expected to witness the significant growth during the forecast period. Increasing drilling activities across the North Sea is expected to drive country’s demand over the forecast period. Presence of large number of offshore oilfields has prompted demand for expensive technologies for development which in turn is expected to increase oilfield equipment revenues levels over the next seven years.
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- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Global Breakthrough Therapy Designation Market Variables, Trends, & Scope
Chapter 4. Europe Oilfield Equipment Market: Product Estimates & Trend Analysis
Chapter 5. Europe Oilfield Equipment Market: Application Estimates & Trend Analysis
Chapter 6. Europe Oilfield Equipment Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Companies Mentioned
- Transocean Ltd.
- Seadrill Ltd.
- Valaris Ltd.
- Noble Corporation
- Weatherford
- Superior Energy Services
- Schlumberger NV
- Expro International Group Holding NV
- Wireline Engineering Ltd.
- Oil States International, Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 18.38 Billion |
| Forecasted Market Value ( USD | $ 22.1 Billion |
| Compound Annual Growth Rate | 2.7% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 10 |
