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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 Cameron International, Halliburton, National Oilwell Varco, and Schlumberger (all based in the US), Shandong Molong Petroleum Machinery (China), Tesco (Canada), and Weatherford International (Switzerland).
The global oil and gas field equipment and services market is forecast to grow about 6% per year between 2015 and 2020, according to Lucintel. 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 600 companies with combined annual revenue of about $25 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 80% of revenue.
About 30 percent of US production of oil and gas field equipment is exported. Top export markets include Mexico, Saudi Arabia, Singapore, and China. Imports largely come from Canada, China, Mexico, the UK, and Germany and account for about ...
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