Bharat Book Bureau Provides the Treding Market Research Report on "Global Oilfield Equipment Market Size study, By Equipment (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others) and Application (On-Shore, and Off-Shore), and Regional Forecasts 2020-2027" under Heavy Industry Category. The report offers a collection of superior market researach, market analysis, competitive intelligence and Market reports.
Global Oilfield Equipment Market is valued approximately at USD XX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2020-2027. Oilfield equipment is a collection of equipment used for the mining and drilling of oil or gas. Its types include solid control equipment, well-control equipment, on-shore & off-shore drilling rig, drilling rig parts, oilfield supplies, pump jacks & pumping units, pumps & engines, tanks & boats, and oilfield trucks and machinery. The rise in the redevelopment of mature oil wells, the recovery of oil prices, and the increase in oil exploration and drilling activities around the globe are driving market growth in oilfield equipment.
In addition, the increased economic productivity of the oil exploration and drilling and service industries improves the use of oilfield equipment, which in turn enhances the market for oilfield equipment. However, foreign currency fluctuations continue to affect profit margins and the rise in raw material prices is expected to impede the growth of the demand for oilfield equipment. Companies have also invested in technical advancement to ensure safety and protection during the use of this equipment, which is expected to boost the global demand for oilfield equipment. The oil & gas industry is expected to make a major contribution to market growth over the forecast period towards the production of other alternative energy sources to meet global demand.
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Advanced technologies such as Artificial Intelligence, IoT and analytics help digitize oil and gas refineries, pipelines, drilling sites, and facilities. This aspect enables oil & gas companies to collect all the necessary data on a single platform. In addition, there is an increase in expenditure for new technologies in oil and gas companies to increase production, minimize risks and reduce costs. For example , in September 2019, the Imperial and Alberta Machine Intelligence Institute (Amii) collaborated to develop machine learning and artificial intelligence ( AI) capabilities for the oil and gas industry to increase the protection of its workers and reduce environmental impacts.
Similarly, Dataiku Technology and Schlumberger formed a partnership in December 2019 to build and deploy artificial intelligence solutions throughout oil and gas operations. However, fluctuating crude oil process Low crude prices are axiomatic and will continue at least for next one year, which will affect the demand of the various services in the oilfield services market.
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