According to market research firm Lucintel, the global oil and gas field equipment and services market is expected to grow with a CAGR of 6% from 2015 to 2020, led by growing demand for oil and gas as well as stronger pricing for pressure pumping services.
In addition, new technology advancement for oil recovery factors and increasing deepwater drilling activities because of the huge reserve of shale gas in the U.S. and China are driving the growth of oil and gas field equipment and services market.
Deepwater and exploration activities in east and west Africa and geo-market activities in Nigeria, Angola and the Gulf of Guinea are expected to drive the demand during the forecast period as well.
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2 Replies to “Oil & Gas Field Equipment Market to Grow 6% Through 2020”
Lucintel data is flawed and it cannot be paying attention to the world oil & gas markets. Including, historical low gas prices, anticipated flat line oil prices for the next five years, the global reduction in drilling, cancelled rig orders and the shakeout in the U.S. oil & gas industry, especially in respect to shale.
I’d agree with Drew McManigle over Lucintel. I’m not a huge fan of Financial Times given their recent tendency toward rumormongering and outright exaggeration, but their headline yesterday about the oil glut lasting until 2020 is pretty believable. Increased production by OPEC, US shale oil, and Iran’s entrance all point to continued depressed spending in equipment and services. not sure who to believe? Check stock prices for oil equipment and service companies. Offshore helicopter service providers like ERA, PHI, Bristow and CHC have all suffered falling stock prices as a direct result of reduced demand and reduced profitability in the wake of depressed oil prices.