Oil & Gas Field Equipment Manufacturing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 6/3/2024
SIC Codes: 3533
NAICS Codes: 333132
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Oil & Gas Field Equipment Manufacturing Industry Profile

Companies in this industry manufacture machinery and equipment used in oil and gas exploration and production; as well as water well drilling machinery. Major companies include Baker Hughes, Nabors, National Oilwell Varco, and Schlumberger (all based in the US), along with Kerui Petroleum (China), Technip FMC (UK), and Weatherford (Ireland).

The global oilfield equipment market is forecast to reach about $162 billion by 2031 and grow at a 2.9% compound annual growth rate (CAGR) in the 2022- 2031 forecast period, according to Straits Research. Leading demand drivers include deepwater drilling, production from shale gas reserves in the US and China, and increased drilling and exploration activities in the Middle East and Africa.

The US oil and gas field equipment manufacturing industry includes about 630 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $13 billion.

Separate profiles cover two closely related industries: Oil & Gas Field Services and Oil & Gas Exploration & Production.


Demand is driven by oil and gas prices. The profitability of individual companies depends on engineering expertise and efficient production. Large companies have economies of scale in purchasing. Small companies can compete effectively by specializing. The US industry is highly concentrated: the top 50 companies account for about 80% of revenue.

About 20% of US production of oil and gas field equipment is exported. Top export markets include Singapore, Mexico, Russia, Canada, and ...

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