December 14, 2017
WELLESLEY, Mass., Dec. 14, 2017 – Driven by high demand and expanding hydraulic fracturing sector, as well as mounting pressures to reduce cost and improve quality, the global mining and oil & gas machinery manufacturing market reached a value of $265 billion in 2016 and is expecting a compound annual growth rate (CAGR) of 5.2% through 2020, according to a report by BCC Research. The global market is forecast to reach $324.1 billion by 2020.
The Asia-Pacific region is home to the largest market for mining and oil & gas field machinery manufacturing and accounts for nearly a quarter of the industry, according to the report Mining and Oil & Gas Machinery Manufacturing: Global Markets to 2020. While the Middle East trails the Asia-Pacific region, Africa is expected to see the fastest growth in the market, with a CAGR of 6.5%.
“Globally, the rapid growth in shale oil production we’re expecting to drive growth of the oil and gas field machinery manufacturing market,” said BCC Research Senior Editor Gordon Nameni. "According to PwC, shale oil production has the potential to reach almost 12% of the world’s total oil supply by 2035.”
Companies mentioned in this report include Schlumberger, Caterpillar, Komatsu, National Oilwell Varco, Sunbelt Rentals, Emeco, United Mining Rentals, Halliburton, TechnipFMC, Atlas Copco, Weatherford International and General Electric, among others.
Market Being Restrained by Popularity of Rental Equipment and a Reduction in Free Trade
A number of factors are conspiring to restrain growth in the global market, the report noted. Mining companies are increasingly turning to rented and leased equipment, which has the advantage of offering the latest technology without the need to make a major capital investment. Further, global trade restrictions are affecting growth—Brexit, for example, is expected to lead to more trade restrictions between the U.K. and parts of Europe, while the United States has said it will look to renegotiate many major trade treaties, such as the North American Free Trade Act. Finally, with global warming a growing concern, many nations are promoting investments in renewable energy in favor of additional development in the oil and gas industry.
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Mining and Oil & Gas Field Machinery Manufacturing: Global Markets to 2020( EGY150A )
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