London, 08 October 2015 – Technavio, a tech-focused research firm, has published a new report on the global oilfield equipment market, which is expected to grow at a CAGR of nearly 3% from 2015-2019.
According to the new report by Technavio, the production from conventional oil and gas reserves is declining. As a result, explorers are shifting their focus to tougher and complex hydrocarbon reserves such as oil sands, heavy crudes, shale oil, and bitumen, among others.
“As these complex hydrocarbon reserves cannot be easily recovered through conventional drilling methods, improved oil recovery system is implemented relatively early in these reservoirs. Thus the extraction of unconventional oil and gas resources is driving the growth of the oilfield equipment market,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also emphasizes the increased number of M&A, as market conditions are extremely favorable for larger oil firms to acquire smaller companies.
“Large players such as Haliburton, Schlumberger, Cameron International, and National Oilwell Varco have acquired smaller companies to expand their market footprint. Thus, the increasing number of M&A should have a positive impact on the market growth during the forecast period,” adds Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
- Oilfield Equipment Rental Market in Middle East 2015-2019
- Global Oilfield Equipment Rental Market 2014-2018
https://www.technavio.com/%3Cp%3E%3Cstrong%3EAbout%20Technavio%3C/strong%…
