Oil and Gas Drilling Equipment Manufacturing in the US - Market Research Report (2014-2029)

Dig in: Natural resources under development boost industry revenue growth

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

The Oil and Gas Drilling Equipment Manufacturing industry provides machinery and equipment to oil and gas extractors. Major global events, such as the pandemic and the Ukraine war, have negatively impacted machinery manufacturers by creating significant volatility in commodity prices. Major production and travel slowdowns harmed demand for oil and gas, resulting in fewer extraction projects and lowering the need for machinery. Although prices bounced back as the economy re-opened, many oil and gas companies turned to imported machinery, which is more affordable. The Ukraine war, however, disrupted the global oil and gas supply chain, boosting demand for domestic production. These trends caused revenue to drop at an estimated CAGR of 9.5% to $11.4 billion over the past five years, including a dip of 9.0% in 2023 alone.

Operators in this industry manufacture oil and gas drilling machinery and equipment to sell to extractors.