WorldWide Drilling Resource

Europe’s Oilfield Equipment Market is Set to Grow Adapted from Information Provided by Grand View Research Flexible drilling techniques have already emerged as a separate growth industry in North America and are now expected to gain impor- tance in other regions, including Europe. As a result, the European oil- field equipment market is expected to reach $18.71 billion by 2022, according to a new report by Grand View Research, Inc. Horizontal and directional drilling activities are set to drive revenue growth over the forecast period. Falling crude oil prices have been a crucial factor holding back growth in the regional oilfield equipment market. Stable crude oil prices in the near future could aid the oilfield equipment industry’s recovery. The drilling sector was the leading product segment with revenue share exceeding 65% in 2014. Key factors expected to drive the drilling machinery industry include technological advancements in techniques, increasing demand for horizontal and directional drilling, and use of digital services. Drilling is also expected to witness the highest growth of 1.9% from 2015 to 2022. Further key findings from the report suggest: e Russia emerged as the leading regional consumer and accounted for over 55% of total revenue in 2014. The country is expected to continue dominating due to its huge production levels from oilfields. e Norway is expected to witness the highest growth of 2.2% from 2015 to 2022. e Europe’s oilfield industry is fragmented with the presence of a large number of multinational corporations, along with regional companies. Some major companies operating in the regional market include Zenith Oilfield Technology, SBS Oilfield Equipment GmbH, Atlas Copco, Schoeller-Bleckmann Oilfield Technology GmbH, Foster Wheeler AG, KSB AG, Sandvik AB, Vallourec, Sulzer Limited, Technip SA, and Tenaris SA. Aberdeen, Scotland, is often dubbed the energy capital of the European Union. Photo courtesy of Ragazzi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orldWide Drilling Resource ®