Oilfield Equipment Market: 2016 Oilfield Machinery Demand Forecast to reach $106 Billion

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ReportsnReports.com adds new market research report “World Oilfield Equipment to 2016” to its store. Global demand for oilfield equipment market is expected to rise 3.7% annually through 2016.

Oilfield equipment market demand gains will be fueled by a substantial uptick in oil and gas production as the world economy distances itself from the general economic weakness surrounding the 2009 global recession. Growth in oil and gas output is expected to be especially strong in developing regions, where increasing energy requirements and improving infrastructure will contribute to more drilling activity.

Developing countries to see fastest gains in demand

Through 2016, most of the faster gains in oilfield equipment market demand will occur in a variety of smaller developing countries. Among larger markets, gains will tend to be more moderate. China, which dominates demand in the Asia/Pacific region, will experience steady growth as its energy consumption continues to rise. Russia, the world’s largest energy producer, will see oilfield equipment demand grow at a below average pace, but this will represent a substantial improvement on a weak 2006-2011 performance. Growth in demand for oilfield equipment will be especially rapid in Brazil, which is expected to see a major boom in oil and gas production as a number of large discoveries from the later part of the preceding decade are developed.

The oilfield equipment market will be relatively weaker in developed regions, although North America and Europe are still expected to see improvements from the pace of the 2006-2011 period. Demand for oilfield equipment in the US will rise at about the world average as the continuing shale gas boom somewhat counteracts an overall slowdown in oil and gas production. In the UK, demand for oilfield equipment is expected to be held back by declining oilfield output, continuing the trend of the past decade. Weak demand growth will not be limited to wealthier nations, however Argentina, Mexico, and Venezuela will all be among the world’s more sluggish markets.

Equipment price increases expected to continue

The discovery of new reserves and the depletion of existing ones has led to new extraction techniques and increased complexity of drilling, raising the costs of production. Going forward, technological advancements leading to increased drilling efficiency will serve to constrain costs somewhat, but the necessity of developing new techniques to capitalize on unconventional reserves, particularly shale oil and oil sands, will continue to raise prices.

Industrialized countries to remain key producers

Global production of oilfield equipment is concentrated in larger developed economies, which possess greater capacity for manufacture of high technology industrial machinery. The pattern of production is substantially different from the distribution of demand, and only a few countries are net exporters. The US is by far the biggest producer, accounting for 44 percent of oilfield equipment output in 2011. Russia, China, and Canada are also major producers, but are all net importers. Although oilfield equipment manufacturing in most smaller countries is expected to grow along with demand, production of larger, more technologically intensive components is expected to remain concentrated in larger industrialized nations.

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Major Companies Profiled in this report:
1.    Aker Solutions ASA
2.    Atlas Copco AB
3.    Baker Hughes Incorporated
4.    BICO Drilling Tools, see Schoeller-Bleckmann Oilfield
5.    Equipment
6.    Blakers Pump Engineers, see ITT
7.    Cameron International Corporation
8.    Capital Valves, see National Oilwell Varco
9.    Christensen Roder Productos E Servicos De Petroleo
10.    Limitada, see National Oilwell Varco
11.    Dover Corporation
12.    Dresser, see General Electric
13.    Ebara Corporation
14.    Emerson Electric Company
15.    Flowserve Corporation
16.    Foster Wheeler AG
17.    Framo Engineering, see Schlumberger
18.    Franklin (CE), see National Oilwell Varco
19.    GE Oil & Gas, see General Electric
20.    General Electric Company
21.    Goulds Pumps, see ITT
22.    H&F Drilling Supplies, see Atlas Copco
23.    Halliburton Company
24.    Harbison-Fischer, see Dover
25.    Ingersoll-Rand plc and more

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