Authored By: Sarah
11 Jul 2024

 Oil and Gas Upstream Equipment Market Size to grow by USD 11226.76 million between 2024-2028

According to a research report “ Oil and Gas Upstream Equipment Market” by Application (Exploration and drilling, Completion and procedure, Others) Deployment (Onshore, Offshore) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11226.76 million, at a CAGR of  3.26% during the forecast period. In the oil and gas industry, midstream refers to the transportation phase, which is crucial for moving raw resources from production sites to refineries and ultimately to end-users. This process involves various modes such as pipelines, shipping, trucking, and railroading. Oil and gas projects are characterized by long-term commitments, with an average lifecycle spanning 20-30 years. Among these transport modes, pipelines are the preferred choice for long-distance transportation due to their energy efficiency and resulting lower carbon footprint. This feature aligns with businesses' sustainability goals, making pipelines a preferred investment for oil and gas companies.

Browse market data tables, figures, and in-depth TOC on “Oil and Gas Upstream Equipment Market” by Application (Exploration and drilling, Completion and procedure, Others) Deployment (Onshore, Offshore) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Exploration and drilling segment is projected to dominate the market size in 2024

In the Oil and Gas Upstream sector, drilling rigs play a pivotal role in creating wellbores to access hydrocarbon reservoirs. Onshore drilling rigs can be classified into rotary drilling rigs, directional drilling rigs, and coil tubing rigs, each employing distinct drilling techniques. Simultaneously, onshore processing facilities are indispensable for separating oil, natural gas, and water. Key processing equipment encompasses separators, dehydrators, and heaters. Concurrently, onshore production facilities comprise processing plants, separators, storage tanks, and other essential infrastructure for separating and preparing hydrocarbons for transportation and sale. Onshore wells are fitted with wellheads, comprising valves, control systems, and other components, to manage the flow of oil and gas from the reservoir to the surface.

By Deployment, Onshore  segment is expected to hold the largest market size for the year 2024

In the oil and gas industry, the upstream sector plays a crucial role in the exploration and production process. This stage involves the initial search for crude oil or natural gas through various geological surveys and the subsequent drilling of exploratory wells. Utilizing advanced technologies such as reflective seismic, passive seismic, gravity, and magnetic surveys, potential hydrocarbon-bearing rocks, or prospects, are identified. Seismic surveys employ sophisticated equipment like streamers, vessels, hydrophones, geophones, and receivers to capture vast amounts of high-frequency data. Geologists analyze this data in real-time to pinpoint the optimal location for production. The upstream sector's success hinges on the effective implementation of these exploratory techniques and the subsequent drilling operations.

North America is forecasted to hold the largest market size by region in 2024

The North American region dominates the oil and gas industry, accounting for a significant portion of active rig counts. This market potential is further amplified due to the resurgence of deep and ultra-deep oil and gas projects in the Gulf of Mexico. With crude oil prices gradually stabilizing, these projects have recommenced, driving demand for oil and gas upstream equipment. Additionally, the exploration and production of unconventional energy sources, such as shale and oil sands, are expected to boost the market for upstream equipment in North America.

The Oil and Gas Upstream Equipment Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aker Solutions ASA
  • Archer Ltd.
  • ATB Holding Spa
  • Atlas Copco AB
  • AXON Pressure Products Inc.
  • Dril Quip Inc.
  • Evolution Oil Tools Inc.
  • Flowserve Corp.
  • Forum Energy Technologies Inc.
  • General Electric Co.
  • Halliburton Co.
  • NOV Inc.
  • Schlumberger Ltd.
  • Seadrill Ltd.
  • Siemens AG
  • SPX FLOW Inc.
  • Sumitomo Corp.
  • Weatherford International Plc
  • Geometrics Inc.
  • Helmerich and Payne Inc.
.

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Research Analysis Overview

The Oil and Gas Upstream Equipment Market encompasses a wide range of large oilfield equipment used in the exploration and production of crude oil and natural gas. Key components of this market include fluid handling systems, such as pumps and valves, tank vessels, air coolers, and heat exchangers. These systems are essential for transporting and processing fluids during drilling and production. Other critical equipment includes pipe, derricks, drill bits, and cables for drilling operations. Heating appliances and workover rig components are also important for maintaining and optimizing production in oil fields. The global energy industry's reliance on oil and gas continues to drive demand for advanced drilling equipment, including onshore and offshore drilling rigs. The market for oilfield equipment is influenced by various factors, including onshore rig counts, crude oil prices, and the development of ultra-deepwater fields. Artificial intelligence (AI) and automation technologies are increasingly being adopted to improve efficiency and reduce costs. Overall, the market for oil and gas upstream equipment is expected to grow significantly in the coming years, driven by the increasing demand for energy and the ongoing exploration and development of new oil and gas resources.

Market Research Overview

The Oil and Gas Upstream Equipment Market encompasses a wide range of technologies and equipment used in the exploration and production of crude oil and natural gas. Key components include Gate valves, Butterfly valves, Breather valves, Bellow sealed valves, Ball valves, ARC valves, Metering pumps, Diaphragm pumps, Gear pumps, Progressive cavity pumps, Reciprocating plunger pumps, and Centrifugal pumps. These are used in conjunction with Drilling equipment such as Derricks, Drill bits, Cables, and Drilling techniques. New oil reserves are being discovered at Exploration sites, both onshore and offshore, including ultra-deepwater fields. Oil firms are investing in Brownfields and Mature fields to maximize production. The market also includes Amine plants for fuel-gas conditioning and Tank vessels, Air coolers, and Heat exchangers for storage and processing. Large oilfield equipment like Pumps and valves, Field production machinery, and Production Equipment are essential for Onshore and Offshore projects. The market is also witnessing the integration of Advanced technologies like Data analytics, Internet of Things (IoT), and Artificial intelligence (AI) for automation and optimization. The market is influenced by Crude oil prices, Drilling Equipment, and Fluctuating oil prices. The Onshore segment and Offshore segment each have unique challenges and requirements. Wellheads, Vertical wells, and Oil recovery techniques are also part of the market. Workover rig components and Drilling rigs are used for maintenance and repair activities. The Oilfield equipment market is a significant contributor to the Global energy industry.

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