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PUNE, India , Sept. 14, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Oilfield Equipment Market" by Types (Drilling Equipment, Pumps & Valves, Pressure & Flow Control Equipment, Field Production Machinery, Fishing Equipment, and Others), Applications (On-shore and Off-shore), and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2030", the market was valued at USD 118.2 Million in 2021 and is expected to grow at a healthy growth rate of 3.4% by the year 2030. The global oilfield equipment market is projected to expand at a rapid pace, due to increasing oil drilling activities and the rising gas exploration to meet the growing demand for oil and gas energy worldwide.

Key Market Players Profiled in the Report

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.

Highlights on the segments of the Oilfield Equipment Market

In terms of types, the global oilfield equipment market is segmented into drilling equipment, pumps & valves, pressure & flow control equipment, field production machinery, fishing equipment, and others. The drilling equipment type segment is anticipated to expand at a significant growth rate during the forecast period, owing to the global explosion in oil and gas drilling and excavation activity.

On the basis of applications, the global oilfield equipment market is segmented into on-shore and off-shore. The on-shore segment accounted for a key market share in 2021 and is projected to continue its dominance during the forecast period, owing to increasing risk related to offshore oil & gas production. Nearly 70% of the world's oil and gas extraction is currently made up of on-shore oil excavation and drilling activities, and on-shore drilling operations are far less expensive than off-shore ones.

Based on regions, the market is segmented into five major regions, namely, North America , Europe , Asia Pacific , Latin America , and the Middle East & Africa . The market in North America is projected to expand at a significant CAGR during the forecast period, owing to the increasing demand for gas & oil and growing shale gas production in the US and Canada . The market in Asia Pacific is anticipated to hold a substantial share of the global oilfield equipment market, owing to increasing investment in finding new oil reserves and the rapid advancement of the technology used to extract natural gas and crude oil in India , Thailand , and China .

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Key Takeaways from the Study:

Read 219 Pages Research Report with Detailed ToC on "Global Oilfield Equipment Market" by Types (Drilling Equipment, Pumps & Valves, Pressure & Flow Control Equipment, Field Production Machinery, Fishing Equipment, and Others), Applications (On-shore and Off-shore), and Regions (North America , Latin America , Europe , Asia Pacific , and Middle East & Africa ) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"

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Growth Market Reports provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Industry Intelligence Solutions". Growth Market Reports has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.

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