Thursday 5 February 2015, Amsterdam
The new report recognizes the following companies as the key players in Global Oilfield Equipment Market: Baker Hughes Inc., Eni SpA, Halliburton Co., National Oilwell Varco Inc., Schlumberger Ltd., Weatherford International Ltd., Aker Solutions SAS, Cameron International Corp., ENI Prom, FMC Technologies Inc.
Commenting on the report, an analyst from the new reports team said: “The increasing investment in oilfield equipment is one of the major trends being observed in the Global Oilfield Equipment market in recent years. Many market vendors are investing in different equipment and technology in order to increase their production of oil and gas. They are also investing a huge amount of funds in design to reduce the risks associated with drilling and increase the reliability of operations. It is expected that, with the increasing investments, technology will improve, thereby reducing the environmental impact and associated costs. This in turn will result in the growth of the market during the forecast period.”
According to the report, one of the main drivers in this market is the increasing oil and gas drilling activities across the globe. The increasing drilling activity in turn directly drives the demand for oilfield equipment, which is expected to propel the growth of the market during the forecast period.
Further, the report states that one of the major challenges confronting the market is the requirement for high initial investment for oilfield equipment. The oilfield equipment is very expensive because it requires a high level of expertise for operations and technological advancements to meet industry safety norms. Hence, many smaller oil and gas companies cannot afford this equipment, thereby inhibiting the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.