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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.
The new 2018 edition of Westwood’s World Oilfield Equipment Market Forecast is now available, with improvement evident in several service lines, including Artificial Lift and Fixed & Floating Production. Against a backdrop of improving macroeconomic conditions and a stabilisation in oil prices, Westwood expects the majority of equipment segments to see sustained growth over the next five years.
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. In the Artificial Lift sector, global expenditure has been impacted markedly by a combination of lower drilling activity, price deflation and exchange rate fluctuations in key manufacturing bases such as Russia. However, due to the stabilisation in oil prices over recent months, Westwood now expects a 3% CAGR for the market over 2017-2021, compared to 2% in the last edition of the report – with a total market value over the new 2018-2022 forecast period of $52bn.
Similarly, in the offshore fixed & floating platform segment, Westwood now expects a total of $137bn to be spent over 2017-2021, compared to $122bn over the same period in the final report of 2017. This is due to an improved outlook for floating production system orders in the near-term and a measured improvement in long-term expectations for fixed platform installations.
In the onshore markets, the recovery in North America has shown little sign of abating, with the US onshore rig count hitting 971 last week (Baker Hughes 2018/03/09), the highest level for almost three years. Equipment reactivations have continued across the market, with newbuild ordering expected to increase over the coming years to meet rising completion and drilling demand. As a result, the North American onshore market is expected to see one of the strongest growth rates of the regions covered in this report, with a CAGR of 7% over 2018-2022.
The World Oilfield Equipment Market Forecast offers unique insight into over 60 different equipment types across upstream and midstream and is an essential product for business planners and those looking to make informed investment decisions. Drawing from Westwood’s cutting edge SECTORS product and a wide-range of other Westwood insight (including land rigs, pipelines, helicopters and upstream infrastructure), the World Oilfield Equipment Market Forecast also takes account of the latest macro-economic trends through daily updated databases and explicit commodity price, global inflation and supply chain pressure inputs.
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