The global oil and gas field equipment and services market is forecast to grow at a compound annual growth rate (CAGR) of 6.9% over the next five years, to reach a total market value of US $613 billion by 2017.
Significant growth has been experienced within the oil and gas field equipment and services market over the last five years, and this momentum is not expected to slow down any time soon.
Growth in the market is expected to be fuelled by the increasing demand and stronger pricing for pressure pumping services, along with the discovery of new resources in addition to ongoing exploration and production activity.
The global oil and gas field equipment and services market will not have everything its own way as political instability in many oil-producing regions, government mandates, and environmental regulations are some of the challenges facing the industry.
The oil and gas field equipment and services market in the US includes approximately 500 companies with combined annual revenue of $16 billion. Major companies include Baker Hughes, Cameron International, FMC Technologies, National Oilwell Varco, and US divisions of Schlumberger.
A healthy demand for oilfield services in North America is expected to continue to lead the industry, whilst the APAC region is forecast to show the highest growth through to 2017.
For more information on the global oil and gas field equipment and services market, see the latest research: Global Oil and Gas Field Equipment and Services Market Report
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.