Oilfield EquipmenOilfield Equipment Market Outlook On The Basis Of Product ,Region And Forecast To 2020 : Grand View Research Inc.t Market Value To Reach USD 127.6 Billion By 2020 : Grand View Research Inc.
San Francisco, 12 November 2019: The Report Oilfield Equipment Market Analysis By Product (Drilling Equipment, Pumps & Valves, Field Production Machinery) And Segment Forecasts To 2020 The global oilfield equipment market size is expected to reach USD 127.6 billion by 2020, according to a new report by Grand View Research, Inc. Continuous technological advancements in tools for better performance, improved recovery rate, and higher production is expected to drive the global industry demand over the forecast period. Advancements in drilling techniques such as horizontal and directional drilling are expected to further boost the overall market demand in future. Drilling equipment accounted for a share of 73.65% of the overall market revenue in 2013. The product segment is expected to grow at a CAGR of 4.2% from 2014 to 2020. Onshore operations majorly involve use of enhanced machines and huge number of tools for better results. Others include tools and machines which