Mining and Oil & Gas Field Machinery Manufacturing Market Outlook - 2027
The global market for the manufacture of machinery for mining and oil & gas fields is presently in a vital transition stage. Industries in this sector produce machinery and equipment, which are applicable in mining, oil & gas exploration, and processing as well as machinery for water well drilling. Oil & gas exploration activities are witnessed to be increasing significantly in recent years, due to technical innovations. Oilfield equipment encouraged unconventional hydrocarbon exploration, deep drilling, and horizontal drilling to be financially sustainable. Moreover, major companies are engaged in oil & gas exploration drilling ventures. Depleting global resources and rising competition have led oil, gas, and mining firms to search for new exploration prospects in remote and sometimes challenging environments such as new development projects. Industry-specific services and products allow oil, gas, and mining contractors to maximize their existing resources while reducing risks and costs, ranging from onshore gas to deep water crude oil.
Key drivers of global mining and oil & gas field machinery manufacturing market
Rise in demand for petrochemicals & energy and increase in investments in natural gas exploration operations are projected to drive the growth of the global mining and oil field manufacturing machinery market during the forecast period. The global mining and oil & gas field machinery manufacturing industry is projected to grow at a notable rate during the forecast period, due to rise in globalization and decline in commodity prices, mineral products, steel, oil and gas products.
Market scenario: opportunities and challenges
Technological advancements such as automation wearable technologies, machine learning, autonomous vehicles, 3D mapping, 3D printing, and cloud computing have driven the growth of the global of the mining and oil & gas flied machinery equipment. Global industry leaders and large organizations are witnessing an opportunity in 3D modeling, 3D printing, autonomous innovation in equipment, and product growth in the mining and oil & gas field machinery manufacturing industries. However, current slowdown of manufacturing process of oil, owing to the outbreak of the COVID-19 pandemic, related production challenges, and resultant concerns regarding the environment are anticipated to impede the growth of the mining and oil & gas field machinery manufacturing market.
COVID-19 scenario analysis
The global mining and oil & gas field machinery manufacturing market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the production operations. Mining and oil & gas field machinery manufacturing industry is anticipated to experience a direct impact, if the growth of the oil & gas field declines, as it is one of the key factors that drive the growth of the mining and oil & gas field machinery manufacturing market. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns. However, the market for manufacturing of mining and oil & gas field machinery will be reset to a new standard, which will continue to be reframed and modified in the post COVID-19 epidemic.
Key benefits of the report
- This study presents the analytical depiction of the global mining and oil & gas field machinery manufacturing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global mining and oil & gas field machinery manufacturing market share.
- The current market is quantitatively analyzed to highlight the global mining and oil & gas field machinery manufacturing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global mining and oil & gas field machinery manufacturing market research report:
- Which are the leading market players active in the global mining and oil & gas field machinery manufacturing market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Mining and Oil & Gas Field Machinery Manufacturing Market Report Highlights
Key Market Players
General Electric Company, Advantec, FMC Technologies, Komatsu Limited, ERA Mining Machinery Limited, Schlumberger Limited, Industrea Ltd., Caterpillar Inc., Baker Hughes, Joy Global Inc.