Oil Field Equipment Market

Global Oil Field Equipment Market Overview:

As per MRFR analysis, the Oil field Equipment Market Size was estimated at 94.80 (USD Billion) in 2024. The Oil field Equipment Market Industry is expected to grow from 98.12 (USD Billion) in 2025 to 133.75 (USD Billion) till 2034, at a CAGR (growth rate) is expected to be around 3.50% during the forecast period (2025 - 2034). Rising energy demand from rising economies, as well as advancements in drilling technology and equipment are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Oil Field Equipment Market Trends

• Rising petrochemical product demand drives market growth

Market CAGR for oil field equipment is being driven by the rising demand for petrochemical products. Petrochemical products are ubiquitous and necessary in modern civilisations. This category includes plastics, fertilisers, packaging, apparel, digital gadgets, medical equipment, detergents, tyres, and many more goods. They can also be found in many modern energy system components, such as solar panels, wind turbine blades, batteries, building thermal insulation, and electric vehicle components. Petrochemicals are already an important part of the energy system, and their importance is only growing. Plastics, the most common category of petrochemical products, have grown faster than any other bulk material (including steel, aluminum, and cement) since 2000. Per capita, industrialised economies such as the United States and Europe consume up to 20 times the amount of plastic and up to ten times the amount of fertiliser as rising economies such as India and Indonesia.

Furthermore, oilfield equipment market growth is being driven by a rise in the redevelopment of existing oil wells, a rebound in oil prices, and an increase in worldwide oil exploration and drilling activities. Furthermore, the rising use of oilfield equipment boosts demand for oilfield equipment due to the enhanced economic competitiveness of the oil exploration, drilling, and service sectors.

In addition, when oil prices are high, exploration and production companies have greater resources to invest in new projects, which increases demand for services. At the same time, production levels, exploration activities, and the utilisation of modern technologies such as horizontal drilling and hydraulic fracturing all have a direct impact on the market. As more wells are dug, organisations in the oilfield services industry must differentiate themselves by using new technology to enhance efficiency and lower costs in order to satisfy expanding demand at a competitive price.

Oil Field Equipment Market Segment Insights:

Oil Field Equipment Type Insights

The oil field equipment market segmentation, based on type includes drilling (drill pipe and drill collars flow) and pressure flow control (BOP’s, valves and manifolds). The drilling category has the biggest market share due to extensive drilling activity both offshore and onshore. Furthermore, shale production, which requires drill pipes as a necessary piece of equipment, has increased. It aids in wellbore drilling, which is the act of excavating a hole in the ground to access a certain natural resource, such as oil or water. The pipe pumps drilling fluid, which provides pressure to keep undesired fluids out of the liquid pushed, removes drill cuttings, and helps to cool and clean the drill bit.

In September 2020: Pelican Energy Partners, a private equity fund based in the United States, announced the acquisition of Baker Hughes' surface pressure control flow segment.

Figure1: Oil Field Equipment Market, by Type, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Oil Field Equipment By Equipment Insights

The oil field equipment market segmentation, based on equipment, includes drilling equipment, field production machinery, pumps & valves and others. The drilling equipment category is the largest contributor to the market and is estimated to grow at a CAGR of 47.2% during the forecast period because to rising demand for oil and gas from petrochemical companies, refineries, retainers, and other oil-related businesses. With an increase in exploration and production activities, the market is expected to grow in a sustainable manner. Various current drilling operations around the world will also generate significant expansion in the oilfield equipment market.

Oil Field Equipment Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America held the highest share of the worldwide oilfield equipment market in 2022, owing to increased shale oil exploration operations in the region's countries. Furthermore, rising offshore rig counts and oil and gas production operations in the United States are driving up oil and gas demand.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Oil Field Equipment Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s oil field equipment market accounts for the second-largest market share because of the increased demand for hydrocarbons, oil and gas corporations are investing in drilling activities. Further, the German oil field equipment market held the largest market share, and the UK oil field equipment market was the fastest-growing market in the European region

The Asia-Pacific Oil Field Equipment Market is expected to grow at the fastest CAGR from 2025 to 2034. This is because of their substantial infrastructural needs, high energy demands, and rising populations. Moreover, China’s oil field equipment market held the largest market share, and the Indian oil field equipment market was the fastest-growing market in the Asia-Pacific region.

Oil Field Equipment Key Market Players & Competitive Insights

Leading market players are extensively investing in research and development to extend their product lines, which will help the oil field equipment market, grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations. To expand and survive in a more competitive and expanding market climate, the oil field equipment industry must provide cost-effective products.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the oil field equipment industry to benefit clients and increase the market sector. In recent years, the oil field equipment industry has offered some of the most significant advantages to medicine. Major players in the oil field equipment market, including Pioneer Energy Services Corp. (U.S.), C&J Energy Services Ltd. (U.S.), and National Oilwell Varco, Inc. (U.S.). Halliburton (U.S.), Basic Energy Services, Inc. (U.S.) and others, are attempting to increase market demand by investing in R&D operations.

The Oil and Natural Gas Corporation Limited (ONGC) is an Indian central public sector company owned by the Government of India's Ministry of Petroleum and Natural Gas. Its headquarters are in Dehradun. The Government of India established ONGC on August 14, 1956. It is the country's largest government-owned oil and gas explorer and producer, accounting for around 70% of India's domestic crude oil output and approximately 84 percent of natural gas production. In November 2019, ONGC said that it will invest INR 6,000 crore in digging 200 wells in Assam over the next seven years to improve the state's output. The wells should be drilled during the following seven years.

Schlumberger Limited, sometimes known as SLB, is an oilfield services provider. It is the world's largest offshore drilling company as well as the world's largest offshore drilling contractor by revenue as of 2022. Schlumberger N.V. is based in Willemstad, Curaçao, and trades on the New York Stock Exchange, the London Stock Exchange, Euronext Paris, and the SIX Swiss Exchange. Its primary executive offices are in Houston, Texas. Schlumberger will be the 349th largest company in the world according to the Forbes 2000 in 2022. Schlumberger was established in Paris in 1926 as the Electric Prospecting Company. In October 2022, Schlumberger announced today that it has teamed with RTIInternational, a nonprofit research organisation, to accelerate the commercialisation and scale-up of its proprietary non-aqueous solvent (NAS) technology, which increases the effectiveness of absorption-based carbon capture.

Key Companies in the oil field equipment market include

• GE Oil and Gas (U.S.)
• Weatherford International (U.S.)
• Schlumberger (US.)
• Superior Energy Services (U.S.)
• Pioneer Energy Services Corp. (US)
• C&J Energy Services Ltd. (U.S.)
• National Oilwell Varco, Inc. (U.S.)
• Halliburton (U.S.)
• Basic Energy Services, Inc. (U.S.)
• Expro International Group Holding Ltd. (UK)
• Wireline Engineering Lid. (UK)
• Oilserv (UAE), SGS (Switzerland)
• ABB Oil and Gas and Petrochemical Business Unit (Switzerland)

Oil Field Equipment Industry Developments

In July 2022: ABB and Wison Offshore & Marine have announced a new partnership agreement to develop floating LING facilities for the rapidly developing industry.

In December 2019: For the block KG-DWN-98/2 off the coast of Andra, the consortium of Baker Huges (BHGE), McDermott International, and LTHE (L&T Hydrocarbon Engineering) has been granted the single-largest offshore contract ever. The ONGC company's analysts estimate that this block has the potential to cut India's reliance on oil and gas imports by 10%.

In July 2019: i3 Energy pc awarded Baker Hughes, a GE Company (BHGE), a contract for its drilling operation at Liberator. In accordance with the conditions of the contract, BHGE is responsible for providing wellhead, directional drilling, drilling fluids, mudlogging, and activities for evaluating the formation.

Oil Field Equipment Market Segmentation

Oil Field Equipment Market By Type Outlook

• Drilling
• Drill Pipe
• Drill Collars flow
• Pressure and Flow Control
• BOP’s
• Valves
• Manifolds

 Oil Field Equipment Market By Equipment Outlook

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

Oil Field Equipment Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

Oilfield Equipment Market Segmentation

Oil Field Equipment Market By Type Outlook (USD Billion, 2018-2032)

• Drilling

• Drill Pipe

• Drill Collars flow

• Pressure and Flow Control

• BOP’s

• Valves

• Manifolds

Oil Field Equipment Market By Equipment Outlook (USD Billion, 2018-2032)

• Drilling Equipment

• Field Production Machinery

• Pumps & Valves

• Others

Oil Field Equipment Market Regional Outlook (USD Billion, 2018-2032)

• North America Outlook (USD Billion, 2018-2032)

  • North America Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• North America Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• US Outlook (USD Billion, 2018-2032)

• US Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• US Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• CANADA Outlook (USD Billion, 2018-2032)

• CANADA Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• CANADA Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Europe Outlook (USD Billion, 2018-2032)

  • Europe Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Europe Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Germany Outlook (USD Billion, 2018-2032)

• Germany Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Germany Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• France Outlook (USD Billion, 2018-2032)

• France Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• France Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• UK Outlook (USD Billion, 2018-2032)

• UK Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• UK Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• ITALY Outlook (USD Billion, 2018-2032)

• ITALY Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• ITALY Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• SPAIN Outlook (USD Billion, 2018-2032)

• Spain Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Spain Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Rest Of Europe Outlook (USD Billion, 2018-2032)

• Rest Of Europe Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• REST OF EUROPE Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Asia-Pacific Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Asia-Pacific Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• China Outlook (USD Billion, 2018-2032)

• China Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• China Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Japan Outlook (USD Billion, 2018-2032)

• Japan Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Japan Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• India Outlook (USD Billion, 2018-2032)

• India Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• India Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Australia Outlook (USD Billion, 2018-2032)

• Australia Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Australia Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

• Rest of Asia-Pacific Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Rest of Asia-Pacific Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Rest of the World Outlook (USD Billion, 2018-2032)

  • Rest of the World Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Rest of the World Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Middle East Outlook (USD Billion, 2018-2032)

• Middle East Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Middle East Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Africa Outlook (USD Billion, 2018-2032)

• Africa Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Africa Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others

• Latin America Outlook (USD Billion, 2018-2032)

• Latin America Oil Field Equipment Market by Type

• • • Drilling

• • • Drill Pipe

    • Drill Collars flow

• • • Pressure and Flow Control

• • • BOP’s

    • Valves

    • Manifolds

• Latin America Oil Field Equipment Market by Equipment

  • Drilling Equipment

  • Field Production Machinery

  • Pumps & Valves

  • Others