Europe Oilfield Equipment Market Size, Share & Trends Analysis Report By Product (Drilling Equipment, Pumps & Valves), By Application (Onshore, Offshore), By Country, And Segment Forecasts, 2024 - 2030

Europe Oilfield Equipment Market Size, Share & Trends Analysis Report By Product (Drilling Equipment, Pumps & Valves), By Application (Onshore, Offshore), By Country, And Segment Forecasts, 2024 - 2030

Europe Oilfield Equipment Market Growth & Trends

The Europe oilfield equipment market size is expected to reach USD 22.10 billion by 2030, registering a CAGR of 2.7% during the forecast period, according to a new report by Grand View Research, Inc. Horizontal and directional drilling activities are expected to drive revenue growth over the forecast period. In these processes, the well is turned horizontal or to a specific target or location. These flexible drilling techniques have already emerged as a separate growth industry in North America and are now expected to gain importance in other regions including Europe.

Declining crude oil prices have been a major factor inhibiting the regional oilfield equipment market in the recent past. Stable crude oil prices in the near future is expected to help in oilfield equipment industry’s recovery

Drilling segment was the leading product segment with revenue share exceeding 69.1% in 2023. Key factors which are expected to drive drilling machinery segment include technological advancements in drilling techniques, increasing demand for horizontal & directional drilling and use of digital services in the sector.

Europe Oilfield Equipment Market Report Highlights

• Europe oilfield equipment industry was valued at USD 18.38 billion in 2023 and is expected to reach USD 22.10 billion by 2030 growing at a CAGR of 2.7% from 2024 to 2030.
• Russia emerged as the leading regional consumer in 2023. The country is expected to continue its dominance owing to huge production levels from its oilfields.
• Norway is expected to witness the significant growth during the forecast period. Increasing drilling activities across the North Sea is expected to drive country’s demand over the forecast period. Presence of large number of offshore oilfields has prompted demand for expensive technologies for development which in turn is expected to increase oilfield equipment revenues levels over the next seven years.

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