Europe Oilfield Equipment Market Top Company Overview, Financial Performance & Strategic Initiatives 2022

Felton, Calif., USA, Dec. 10, 2020 — /EPR Network/ —

The Europe Oilfield Equipment Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

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.

Key Players:

• Aker Solutions
• Zenith Oilfield Technology
• Transocean
• SBS Oilfield Equipment GmbH
• Atlas Copco
• Schoeller-Bleckmann Oilfield Technology GmbH
• Foster Wheeler AG
• KSB AG
• Sandvik AB
• Vallourec
• Sulzer Limited
• Technip SA
• Tenaris SA

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Growth Drivers:

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.

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.

Product Outlook:

• Drilling equipment
• Pumps & valves
• Field production machinery

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.

Regional Insights:

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.

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