Westwood Global Energy Group estimates total spending worldwide on oilfield equipment of $636 billion during the period 2013-22, in its latest market report.
Global artificial lift expenditure by component and total artificial lift unit demand 2013-2022
Offshore staff
LONDON – Westwood Global Energy Group estimates total spending worldwide on oilfield equipment of $636 billion during the period 2013-22, in its latest market report.
In the Artificial Lift market, global expenditure has suffered from lower drilling activity, price deflation and other factors, but due to the recent stabilization, Westwood now expects a compound annual growth rate of 3% during 2017-2021, with a total market value over the new 2018-2022 forecast period of $52 billion.
As for the offshore fixed and floating platform segment, the consultant anticipates expenditure of $137 billion during 2017-2021, compared to its previous estimate of $122 billion.
This follows an improved outlook for floating production system orders in the near-term and better long-term expectations for fixed platform installations.
