ResearchMoz.us include new market research report"Oilfield Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2012 - 2018" to its huge collection of research reports.
The Oilfield equipment market is vast, mainly providing services in the form of replacement parts, brakes rims and drums, rods and pipes, wear plates, and valves to name a few. Since the demand for oil is inelastic in nature, the oilfield equipment market continues to have a positive growth. Majority of the market is occupied by the Middle Eastern region which enjoys the largest share in terms of oil availability, followed by Europe which has invested heavily in imports.
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The supply of oil has decreased in case of both OPEC and non-OPEC countries offsetting the demand of oil equipments. However, it is estimated that with improvement in growth of the U.S. economy and improvement in conditions of Saudi Arabia, the demand for oil equipment will rise. The biggest advantage for the equipment market is that the oil market is independent in nature and there is always scope for better business.
Asia Pacific has been the major buyer of oilfield equipments in 2012, followed by countries like Russia and Brazil. These countries have exhibited an increased growth rate. The non-OECD market is expected to grow, which will boost the oilfield equipment market.
The market is also likely to evolve with a growth in technology. However, weak macro environment factors restrict the potential of the oilfield equipment market. The forecasted growth rates of several countries like the U.S. and Saudi Arabia had to be revised due to the volatile nature of the economy. This has a cascading effect on the demand for oilfield equipments as these nations are also the importers and manufacturers. Also, the inability to determine the statistical demand for oil in China has left the equipment market incapable in providing its services to China’s expanding market.
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