Market Size of North Sea Oilfield Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
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North Sea Oilfield Equipment Market Analysis
The North Sea oilfield equipment market is expected to register a CAGR of more than 2.5% during the forecast period of 2022-2027.
The market was severely impacted by the COVID-19 pandemic in 2020. Presently, the market has now reached pre-pandemic levels.
- Over the medium term, the increasing investments in the gas sector due to growing demand from the power sector and heating applications are likely to drive the market during the studied period.
- On the other hand, the shift toward renewable energy sources and volatility of oil & gas prices are leading to uncertainty among oil and gas operators and are expected to restrain the growth of the North Sea oilfield equipment market in the coming years.
- Nevertheless, the emergence of new technologies such as digitalization and automation, new drilling methods, and next-generation electric fracking methods are expected to provide opportunities to the players involved in the future.
- Norway is expected to witness significant growth during the forecast period, owing to the increasing investments and active oil and gas exploration and production activities.
North Sea Oilfield Equipment Industry Segmentation
The oilfield equipment in the market study includes the equipment required by the upstream oil & gas companies at different stages of oilfield activities, such as drilling, completion, and production. The Oilfield equipment market in the North Sea is segmented by equipment type and geography. By equipment type, the market is segmented into drilling equipment, production equipment, and other equipment types. By geography, the market is segmented into United Kingdom, Norway, and the rest of North Sea region. For each segment, the market sizing and forecasts have been done based on the revenue (USD Million).
| Equipment Type | |
| Drilling Equipment | |
| Production Equipment | |
| Other Equipment Types |
| Geography | |
| United Kingdom | |
| Norway | |
| Rest of North Sea Region |
North Sea Oilfield Equipment Market Size Summary
The North Sea oilfield equipment market is poised for growth, driven by increasing investments in the gas sector to meet rising demand from the power and heating sectors. The market has rebounded to pre-pandemic levels after the significant impact of COVID-19. However, the transition towards renewable energy and fluctuating oil and gas prices present challenges that could hinder market expansion. Despite these challenges, advancements in digitalization, automation, and new drilling techniques offer promising opportunities for market players. Norway is expected to experience substantial growth due to active exploration and production activities, supported by new project sanctions that are likely to boost drilling activity in the region.
The demand for gas in Europe is anticipated to rise, partly due to the region's efforts to reduce reliance on Russian energy supplies and the phase-out of nuclear and coal-fired power generation. This demand is expected to drive investments in new oil and gas fields in the North Sea, further propelling market growth. Significant discoveries and licensing activities in Norway, such as the Johan Sverdrup field and the Kveikje prospect, are expected to create substantial opportunities for oilfield equipment companies. The market is characterized by a fragmented landscape with key players like Schlumberger, Halliburton, and Baker Hughes, who continue to engage in strategic developments and partnerships to enhance their market presence.
North Sea Oilfield Equipment Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Equipment Type
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2.1.1 Drilling Equipment
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2.1.2 Production Equipment
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2.1.3 Other Equipment Types
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2.2 Geography
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2.2.1 United Kingdom
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2.2.2 Norway
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2.2.3 Rest of North Sea Region
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North Sea Oilfield Equipment Market Size FAQs
What is the current North Sea Oilfield Equipment Market size?
The North Sea Oilfield Equipment Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in North Sea Oilfield Equipment Market?
Schlumberger Ltd, Halliburton Company, Baker Hughes, Weatherford International PLC and Tenaris S.A. are the major companies operating in the North Sea Oilfield Equipment Market.
