The Global Oilfield Equipment Market has witnessed remarkable growth between 2013 and 2018. The increasing demand for oil and gasoline worldwide is pushing the market growth charts further upward.
Oil companies across the globe are investing in research and development to make profits off of the growth trends. This is not only a shrewd business tactic but also an environmentally conscious way to lessen the impact of oil extraction and production on the planet.
With better technology, the industrial fumes released in the atmosphere from the oil refineries can be filtered and processed to meet safety standards. This is improving the quality of life in the marine ecosystem and the air quality for everyone. This shift to make oil production eco-friendly has bumped the market demand in the right direction and propelled growth rates.
Here are some other market factors that drive the oilfield market.
Increased Production
As mentioned, bringing better technology in the oilfield instrumentation also improves industrial efficiency and productivity. This has a direct impact on the oil output you’re able to yield with the same scale of production. As the market demand for oil has also surged, drillers have shifted their focus to untapped energy sources to meet it head-on. With better technology and more ores in production, there has been an uptick in oilfield activities, making the market reach a new equilibrium price at a higher output level.
Unconventional Energy Resources
The market has moved away from conventional gas sources to unconventional ones, which has affected the aggregate demand for gas across the board. By switching sources, the oil and gas companies will now aim to minimize their carbon footprint on the planet with safer gas production. The new sources can be reached via horizontal drilling, which demands that drillers revise their strategies and equip themselves with modern instrumentation.
Digital Evolutions
The technological evolutions in recent years have changed the oilfield instrumentation that producers now need. Owing to that, drillers have adopted new drilling methods such as directional drilling which require equipment other than the traditional tools and machinery. Paired with an attitude to pay attention to R&D, the market supply has drastically increased.
If you’re looking for affordable but high-quality oilfield instrumentation, including weight indicators, look no further.
Contact Instruments is a leading manufacturer of OEM instrumentation in Canada with a production facility in Leduc, Alberta. We supply drilling equipment such as mud pressure gauges, custom cables, or clipper weight indicators for Canadian and American oil companies at affordable rates.
Check out our full range or call at 780-955-8998 for more information.