Westwood’s World Oilfield Equipment Market Forecast, now covering 2013-2022, shows a continuation of recent improvements in the oilfield equipment sector, with global expenditure expected to total $636bn over the forecast period.
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Westwood’s World Land Drilling Rig Market Forecast contains detailed country and regional analysis of the market, including onshore wells drilled, operational rigs, rigs drilling by HP category and rig utilisation.
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The land rig cycle is 25 months into a recovery phase. Consolidation, new technology and a drive for efficiency have characterised the cycle thus far. Westwood expects the growth in North American drilling and key international markets to drive a sustained recovery in the rig market over the next five years, with the number of rigs drilling forecast to rise at a 5% CAGR through to 2022.
The forecasts and analysis for the new edition of ‘World Land Drilling Rig Market Forecast’ have been updated with Westwood’s latest data and reflect the outcome of the June 22nd-23rd 2018 OPEC meetings – of particular significance is Russia’s announced plans to produce an additional 200 kbbl/d in 2H 2018.
The World Land Drilling Rig Market Forecast 2018-2022 report is presented using the rig fleet data from Westwood’s online Global Land Drilling Rig Tool, as well as the onshore drilling and production data from Westwood’s SECTORS. The report contains detailed country and regional analysis of the market, including onshore wells drilled, operational rigs, rigs drilling by HP category (0-499 HP, 500-999 HP, 1,000-1,499 HP, 1,500-1,999 HP, 2,000-2,999 HP, and 3000+ HP), and rig utilisation. Analysis is based on a ten-year view of the market, with historic data covering the period 2013-2017, and forecast data for 2018-2022.
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