Oil and Gas Drilling Equipment Manufacturing
The Oil and Gas Drilling Equipment Manufacturing industry continued to benefit from a resurgence in the oil and gas extraction sector in the United States until 2014; however, the decline in oil prices beginning late 2014 affected the industry significantly. In response to declining oil prices that occurred over the five years to 2019, downstream demand for oil and gas machinery dried up, forcing industry operators to cut back on manufacturing. Additionally, as the value of the US dollar recovered, industry exports suffered even more, pulling down revenue further. Major players in the industry responded by cutting jobs and closing several locations. As a result, industry revenue decreased sharply during the current period. However, growth trends are anticipated to reverse over the five years to 2024, as industry revenue is projected to rise. This projected growth is attributable to the United States likely continuing to prioritize energy independence.
Operators in this industry manufacture oil and gas drilling machinery and equipment to sell to extractors.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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