The value of the global oilfield equipment market is expected to amount to 211 billion U.S. dollars in 2020. This would be lower than the market value reached in 2016 during the last oil price crash. The decline is a result of the oil crisis following a drastic fall in consumer demand due to the coronavirus pandemic and production increases by Saudi Arabia and Russia in a bid to gain greater market shares.
Value of oilfield equipment market worldwide from 2014 to 2020
(in billion U.S. dollars)
Characteristic
Market value in billion U.S. dollars
2020**
211
2019*
267
2016
223
2014
462
0100200300400500600
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Spears, & New York Times. (April 1, 2020). Value of oilfield equipment market worldwide from 2014 to 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved May 12, 2025, from https://www.statista.com/statistics/463345/global-oilfield-equipment-market-size/
Spears, und New York Times. "Value of oilfield equipment market worldwide from 2014 to 2020 (in billion U.S. dollars)." Chart. April 1, 2020. Statista. Accessed May 12, 2025. https://www.statista.com/statistics/463345/global-oilfield-equipment-market-size/
Spears, New York Times. (2020). Value of oilfield equipment market worldwide from 2014 to 2020 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: May 12, 2025. https://www.statista.com/statistics/463345/global-oilfield-equipment-market-size/
Spears, and New York Times. "Value of Oilfield Equipment Market Worldwide from 2014 to 2020 (in Billion U.S. Dollars)." Statista, Statista Inc., 1 Apr 2020, https://www.statista.com/statistics/463345/global-oilfield-equipment-market-size/
Spears & New York Times, Value of oilfield equipment market worldwide from 2014 to 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/463345/global-oilfield-equipment-market-size/ (last visited May 12, 2025)
Value of oilfield equipment market worldwide from 2014 to 2020 (in billion U.S. dollars) [Graph], Spears, & New York Times, April 1, 2020. [Online]. Available: https://www.statista.com/statistics/463345/global-oilfield-equipment-market-size/
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