Market Research Report on Europe Oilfield Equipment System Market 2015 - 2022: Hexa Reports

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Europe Oilfield Equipment Market Size, Share,
Trend Analysis, Market Growth By Technology
Application And Segment Forecasts To 2022

The European oilfield equipment market is expected to reach USD 18.71 billion by 2022, 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
65% in 2014.
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Further key findings from the report suggest:
Europe oilfield equipment industry was valued at USD 16.39 billion in 2014 and is expected to reach
USD 18.71 billion by 2022 growing at a CAGR of 1.73% from 2015 to 2022.
Russia emerged as the leading regional consumer and accounted for over 55% of total revenue in
2014. The country is expected to continue its dominance owing to huge production levels from its
Norway is expected to witness the highest growth of 2.2% from 2015 to 2022. 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....