The upstream oil and gas operations and production helps in identifying deposits, drill wells, and recover raw materials from underground. The upstream oil and gas production is performed by the companies that extract or produce raw materials. Oil and gas upstream equipments are used in several upstream operations including drilling, exploration, well interferences, well completion, abandonment, and production.
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The factors driving the growth of the global Oil and Gas Upstream Equipment market include the rise in the rig count of oil and stabilization in the prices of crude oil, which will lead to an increase in the drilling and exploration projects. In addition to this, the rising investments by the upstream oil and gas industry players in the shale industry as a result of a surge in demand for renewable energy, is further increasing the demand for the oil and gas upstream equipment in the market worldwide. Moreover, growth in the drilling and exploration projects will pave the way for the oil and gas equipment in the market during the forecast period. Several advanced technologies and innovation have replaced the traditional drilling and completion operations in order to improve the production of upstream oil and gas. The growing business models and services that help in reducing the cost of operations in the upstream oil & gas is leading to an increase in the production in the upstream industry, thereby surging the demand of the market. The factors restraining the growth of the global oil and gas upstream equipment market include the uncertainties related to the prices of crude oil across the world.
Based on the production site, the onshore segment is anticipated to grow at a higher CAGR during the forecast period owing to the increase in the investments for the exploration and drilling activities in the production site. The onshore production site provides natural stability and have the ability to recover faster once the oil prices start increasing again, leading to an increase in such production sites, thus further driving the demand for the oil and gas upstream equipment.
Based on the application, the exploration & drilling segment is expected to grow at a higher CAGR over the forecast period owing to the high demand for the oil and gas upstream equipment in this application as a result of an increase in the exploration and drilling activities and projects worldwide.
America is anticipated to grow at a higher CAGR during the forecast period due to the rise in the investments in shale oil production and high capital expenditure.
Various notable players operating in the global oil and gas upstream equipment market include Aker Solutions, General Electric, Halliburton, Weatherford, National Oilwell Varco, DowDuPont Inc., ABB, and Schlumberger among others.
- In 2018, Aker Solutions collaborated with Siemens to develop digital offerings in operations, engineering, and services. Through this collaboration, the company is joining its knowledge in upstream oil and gas projects and the offerings of Siemens in domain-specific digitalization.
- In 2017, General Electric completed the combination of GE’s oil and gas business with Baker Hughes. Through this combination, the new portfolio created new sources of value, enhancing the project economies and productivity by the use of integrated equipment and service offerings.
The Global Oil and Gas Upstream Equipment market is segmented by production site, application, and key regions. Based on the production site, the market is segmented into Offshore and Onshore. Based on the application, the market is segmented into Completion & Production, Exploration & Drilling, and Others.
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