SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Oilfield Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: April 2021
Executive Pool: 1572
Companies: 46 - Players covered include Abbott Oil Services Limited; Aker Solutions ASA; Baker Hughes, a GE company; Cameron - Schlumberger; Eni SpA; Halliburton; National Oilwell Varco, Inc.; Schlumberger Ltd.; Transocean Ltd.; Weatherford International Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product (Drilling Equipment, Field Production Machinery, Pumps & Valves, Other Products)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Oilfield Equipment Market to Reach $139.3 Billion by 2026
Amid the COVID-19 crisis, the global market for Oilfield Equipment estimated at US$117.3 Billion in the year 2020, is projected to reach a revised size of US$139.3 Billion by 2026, growing at a CAGR of 2.8% over the analysis period. Drilling Equipment, one of the segments analyzed in the report, is projected to record a 2.9% CAGR and reach US$101.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Field Production Machinery segment is readjusted to a revised 2.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $32.6 Billion in 2021, While China is Forecast to Reach $27.8 Billion by 2026
The Oilfield Equipment market in the U.S. is estimated at US$32.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$27.8 Billion by the year 2026 trailing a CAGR of 5.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.3% CAGR.
Pumps & Valves Segment to Reach US$9 Billion by the year 2026
In the global Pumps & Valves segment, USA, Canada, Japan, China and Europe will drive the 3.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.4 Billion in the year 2020 will reach a projected size of US$6.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.