Oilfield Equipment Market Size To Reach $156.50 Billion By 2030

November 2024 | Report Format: Electronic (PDF)

Oilfield Equipment Market Growth & Trends

The global oilfield equipment market size is expected to reach USD 156.50 billion by 2030, expanding at a CAGR of 3.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Continuous technological advancements in tools for better performance, improved recovery rate, and higher production are expected to drive the global industry demand over the forecast period. Advancements in drilling techniques such as horizontal and directional drilling are expected to further boost the overall market demand in the future.

The drilling equipment segment is expected to grow at a significant CAGR from 2024 to 2030.Onshore operations majorly involve the use of enhanced machines and a huge number of tools for better results. Others include tools and machines which are used before transportation activities. The segment is expected to grow at a significant CAGR of 3.0% from 2024 to 2030.

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Oilfield Equipment Market Report Highlights

The production equipment segment dominated the market and accounted for a revenue share of 43.9% in 2023 and the drilling equipment segment is expected to grow at a significant CAGR from 2024 to 2030
North America was the leading regional market covering a market revenue share of 39.3% in 2023. High drilling activities to meet energy demand coupled with shale gas development was the major reason for its dominance. The market is expected to experience slow growth over the forecast period.
The Asia Pacific oilfield equipment market is expected to grow at the fastest CAGR from 2024 to 2030. China is expected to contribute maximum towards regional industry growth in the future. Other countries including India, Thailand, and Indonesia are also expected to witness high market growth over the forecast period.