Oilfield Equipment Market Poised to Reach USD 146.15 Billion by 2032, Driven by Technological Advancements and Rising Global Energy Demand | Report by SNS Insider

The Oilfield Equipment Market is experiencing significant growth due to the integration of advanced technologies such as artificial intelligence (AI) and the Internet of Things (IoT), which enhance operational efficiency and productivity in oil and gas exploration and production activities.

Austin, April 05, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that the Oilfield Equipment Market Size was estimated at USD 109.20 billion in 2023 and is expected to arrive at USD 146.15 billion by 2032 with a growing CAGR of 3.29% over the forecast period 2024-2032. The Oilfield Equipment Market is witnessing a transformative phase, propelled by the adoption of cutting-edge technologies and the escalating global energy demand. Innovations like AI and IoT are revolutionizing traditional oilfield operations, enabling real-time data analysis, predictive maintenance, and improved decision-making processes.

The U.S. metering pumps market is projected to grow from USD 83.0 billion in 2023 to USD 109.8 billion by 2032, registering a CAGR of 3.16%. This steady growth is driven by increasing demand across industries such as water treatment, chemicals, and oil & gas. The market's expansion is supported by advancements in pump technology and stricter regulatory standards for fluid management.

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Key Players:

• ABB (Drilling Control Systems, Power Solutions)
• Baker Hughes (Drilling Equipment, Well Completion Tools)
• Delta Corporation (Pressure Control Equipment, Wellhead Solutions)
• EthosEnergy Group Limited (Turbomachinery, Rotating Equipment)
• Integrated Equipment (Blowout Preventers, Valves, Wellhead Equipment)
• Jereh Oilfield Equipment (Fracturing Units, Cementing Equipment)
• MSP/Drilex, Inc. (Mud Pumps, Drill String Components)
• Sunnda Corporation (Wellhead Equipment, Flow Control Products)
• Uztel S.A (Well Control Equipment, Valves)
• Weir Group (Pumps, Pressure Control Equipment)
• Halliburton (Drilling Tools, Production Equipment)
• SLB ( Schlumberger ) (Well Services, Logging Equipment)
• National Oilwell Varco (NOV) (Drilling Rigs, Pipe Handling Equipment)
• Weatherford International (Artificial Lift Systems, Well Construction)
• Cameron International (a Schlumberger company) (Blowout Preventers, Wellheads)
• TechnipFMC (Subsea Production Systems, Drilling Systems)
• Akastor (Subsea Equipment, Flow Assurance Solutions)
• Dril-Quip , Inc. (Wellheads, Subsea Equipment)
• Expro Group (Well Flow Management, Wireline Services)
• Tenaris (OCTG Pipes, Premium Connections)

Oilfield Equipment Market Report Scope:

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Production Equipment and Onshore Applications Dominate the Oilfield Equipment Market

By Type: The Production Equipment segment led the Oilfield Equipment Market in 2023, holding a market share of over 44%. This predominance can be explained by its key character in oil and gas extraction, processing, and handling. These equipment pieces include separators, heaters, storage tanks, and artificial lift methods that have a major impact on ensuring that production is running at peak levels. However, global energy consumption is rising rapidly, and the number of mature oilfields is also growing, which drives the need for modern production equipment. Technological innovations, including automation and digital surveillance, have also improved efficiency and reliability. Moreover, strict environmental regulations have led to innovations in equipment design that ensure compliance while optimizing output, further solidifying the position of the segment within the oilfield equipment industry. ​

By Application: The onshore applications segment accounted for over 62% of the Oilfield Equipment Market share in 2023. This dominance is primarily the result of the vast onshore oil and gas reserves that exist around the world, particularly in regions such as North America, the Middle East, and Russia. Offshore drilling is generally more expensive than onshore operations, requiring higher capital investments and involving more complex logistics. A growing attention on unconventional resources, including shale oil and tight gas, has also driven the demand for onshore oilfield equipment. Improvements in drilling technologies such as hydraulic fracturing and horizontal drilling have increased efficiency and production rates, further strengthening the onshore segment's dominance over the oilfield equipment market. ​

North America Leads, While Asia-Pacific Emerges as a Key Growth Hub in the Oilfield Equipment Market

North America held a dominant position in the Oilfield Equipment Market in 2023, accounting for over 40% of the total market share. The majority of this control is the result of years of oil and gas exploration and production, especially in the U.S. and Canadian territories. The extract below shows that the U.S. leads the way in the region with massive extraction of shale oil and gas, due to advanced drilling techniques and supportive government policies. Canada is also a huge source, thanks in part to massive investments in offshore drilling and oil sands projects. Further, the presence of key oilfield equipment manufacturers as well as service providers within the region strengthens the market. Increasing investments in non-conventional oil and gas resources, such as shale and deepwater reserves, further enhance oilfield equipment requirements in North America.

The Asia-Pacific region is witnessing rapid expansion in the Oilfield Equipment Market, driven by increasing oil and gas exploration activities in key countries such as China, India, and Australia. Increasing energy demand, driven by industrialization and urbanization, is leading to heavy investment by governments and energy companies in domestic oil and gas production. And China, with some major offshore and onshore drilling projects, is a big part of it. India is ramping up exploration efforts to cut its reliance on energy imports, while Australia is capitalising on its massive natural gas reserves. The expansion of energy exploration-related industries and growing foreign investments are driving the market growth, along with the supportive policies established by the governments. There is also a trend towards augmenting efficiency in oilfield activities in the region through the deployment of advanced drilling equipment and digital solutions. ​

Recent Developments

In August 2023:  Halliburton and PTT Exploration and Production Public Company Limited signed a Memorandum of Understanding (MoU) to market and co-innovate digital transformation solutions for the energy sector in Thailand, Malaysia, and Vietnam. This collaboration aims to develop advanced digital solutions to enhance operational efficiency, including PTTEP’s WellSafvy, Well Delivery Process, and APEX, built on Halliburton ’s DecisionSpace 365 suite.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Oilfield Equipment Market Segmentation, By Type

8. Oilfield Equipment Market Segmentation, By Application

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practice

12. Conclusion

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