Europe Oilfield Equipment Market size was valued at USD 16.39 billion in 2014 and is anticipated to reach USD 18.71 billion by 2022. Increase in demand of crude is driving the exploration & production and onshore & offshore drilling activities in many locations of Europe. Increasing number of crude field production in the expanse owing to deep water discoveries in the North Sea is anticipated to drive the demand over the forecast period. Companies involved in exploration and refining are shifting their focus to make the most of their revenues and gain the competitive advantage. Moreover, companies are also involved in research and development of shale gas extraction technology.
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The key driving factors responsible for the growth of Europe
Oilfield Equipment market :
Crude prices are declining as
observed in recent past; this has impacted the European oil field equipment
market and service market. Decrease in prices is forcing the producers to
concentrate on long term projects instead of short term projects. The may result
in fall in machinery demand. In Europe, offshore drilling contractors are
cutting costs and reducing capacities to minimize the losses. Companies that
rent the equipment including Transocean are either accommodating rig prices
quoted by the purchaser or delaying the deliveries in order to cut the losses
triggered by decreasing crude prices. According to industry experts, crude
prices are expected to recover after 2017 which also means machinery revenues
are predicated to drive after a period of two years. As the crude price
variations are difficult to forecast, it is challenging to project its
influence on equipment revenues over the forecast period.
Drilling equipment market is
anticipated to grow significantly owing to machine requirement in piercing
fields such as bits, rigs, and pipes which are particularly expensive. This
segment is expected to generate maximum revenue compared to other segments. The
industry is predicted to dominate over the forecast period owing to energy
development activities in Russia, Norway and the UK. Moreover, Horizontal and
directional drilling technology is expected to increase the profits.
Initiatives by European government to explore and develop shale gas will drive
the drilling market segment over the period of seven years. Field machinery
used in production is anticipated to have lower CAGR over the period of seven
years owing to less development in technology in this segment. Lifting devices
and well head are also included in machinery. Valves and pumps machines are expected
to have a moderate CAGR of 1.5% over the period of seven years. Advancement in
technology is expected to emerge as a major market driver.
Rest of the segments is expected
to witness relatively higher growth as the segment comprises of well surveying
devices and machinery. The division is anticipated to grow at significant rate
owing to enhancing down hole and wire line measurement techniques. Russia is a
leader in oil field business as it has the highest number of oil field
development activities. Russia is one of the major producers of crude producer
globally. According to BP statistics, Russian oil federation produced around
10838 thousand barrels of oil per day was produced in 2015. Oil production is
directly dependent on the field machine demand, Russia had maximum share in
global market of field machine. The market domination of Russia is expected to
continue over the forecast period.
Norway is projected to grow at
the highest CAGR owing to rising offshore field development activities due to
the presence of North Sea. UK is also anticipated to grow at significant CAGR
and produce significant incomes owing to increasing offshore activities as
compared to onshore. Major industry participant’s manufacturers based in Europe
include SBS Oilfield Equipment GmbH, Zenith Oilfield Technology,
Schoeller-Bleckmann Oilfield Technology GmbH, Atlas Copco, KSB AG, Foster
Wheeler AG, Vallourec, Sandvik AB, Technip SA, Sulzer Limited, and Tenaris SA.
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