The manufacturing industry in the oilfield is growing. To induce successive field projects up and running, businesses need sophisticated oil - field equipment. Companies in this industry manufacturing machinery and equipment utilized in oil and gas exploration and production are projected to grow and register a CAGR of more than two percent in the years between 2020 and 2025. The major factors contributing to the growth are the increasing numbers of drilling operations in the different regions and these are expected to carry the demand for the oilfield equipment market forward.
The industry is divided and is of two main types: people who rent drilling rigs and people that give the varied services required to evaluate, construct, and maintain oil and gas wells. The highest service and equipment suppliers supply the broadest array of capabilities. Smaller players sometimes target a market niche. Contract drillers are also classified as land and/or offshore operators.