Europe oilfield equipment market to reach $18.71 billionStaff writer ▼ | February 16, 2016
The European oilfield equipment market is expected to reach $18.71 billion by 2022, according to Grand View Research.
Oil exploration Horizontal and directional drilling activities
These flexible drilling techniques have already emerged as a separate growth industry in North America and are now expected to gain importance in other regions including Europe.
Drilling segment was the leading product segment with revenue share exceeding 65% in 2014.
Key factors which are expected to drive drilling machinery segment include technological advancements in drilling techniques, increasing demand for horizontal & directional drilling and use of digital services in the sector. Drilling is also expected to witness the highest growth of 1.9% from 2015 to 2022.
Europe oilfield equipment industry was valued at $16.39 billion in 2014 and is expected to reach $18.71 billion by 2022 growing at a CAGR of 1.73% from 2015 to 2022.
Russia emerged as the leading regional consumer and accounted for over 55% of total revenue in 2014. The country is expected to continue its dominance owing to huge production levels from its oilfields.
Norway is expected to witness the highest growth of 2.2% from 2015 to 2022. Increasing drilling activities across the North Sea is expected to drive country's demand over the forecast period.
Presence of large number of offshore oilfields has prompted demand for expensive technologies for development which in turn is expected to increase oilfield equipment revenues levels over the next seven years. ■