Mining, Oil & Gas Machinery Manufacturing in Canada - Industry Market Research Report

Digging Deep: Demand for Industry Products Will Likely be Constrained due to Slow Downstream Production

Canada is one of the world's largest producers of crude oil and natural gas, as well as a range of other metal and mineral commodities. This has traditionally benefited the Mining, Oil and Gas Machinery Manufacturing industry, which produces goods used by extraction industries. Revenue is closely tied to commodity prices, as these can dictate levels of investment and activity by extraction companies. Commodity prices have been hugely volatile over the five years to 2023, with the prices of many goods tanking, causing exploration activity and demand for industry products to fall in certain years. Overall, the publisher estimates that industry revenue has decreased at a CAGR of 3.6% to $4.0 billion over the past five years, with an 11.8% decline in 2023 alone. The fall in 2023 can be mainly attributed to commodity prices stabilizing after enduring a quick recovery after the pandemic. The industry manufactures oil and gas field equipment and underground mining machinery. Products include rotary and portable drilling rigs and parts; crushing, pulverizing, screening and mineral processing machinery; and derricks, substructures and related accessories. The following are excluded: machinery with dual construction and mining uses, conveyors for coal and ore, underground mining locomotives and offshore drilling production platforms. 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.