Rise in demand for petrochemicals & energy and increase in investments in natural gas exploration operations are projected to drive the growth of the global mining and oil field manufacturing machinery market during the forecast period. The global mining and oil & gas field machinery manufacturing industry is projected to grow at a notable rate during the forecast period, due to rise in globalization and decline in commodity prices, mineral products, steel, oil and gas products.
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Technological advancements such as automation wearable technologies, machine learning, autonomous vehicles, 3D mapping, 3D printing, and cloud computing have driven the growth of the global of the mining and oil & gas flied machinery equipment. Global industry leaders and large organizations are witnessing an opportunity in 3D modeling, 3D printing, autonomous innovation in equipment, and product growth in the mining and oil & gas field machinery manufacturing industries. However, current slowdown of manufacturing process of oil, owing to the outbreak of the COVID-19 pandemic, related production challenges, and resultant concerns regarding the environment are anticipated to impede the growth of the mining and oil & gas field machinery manufacturing market.
Key Market Players
- Caterpillar Inc.
- ERA Mining Machinery Limited
- FMC Technologies
- Schlumberger Limited
- General Electric Company
- Industrea Ltd.
- Joy Global Inc.
- Komatsu Limited
- Baker Hughes
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Key benefits of the report
- This study presents the analytical depiction of the global mining and oil & gas field machinery manufacturing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global mining and oil & gas field machinery manufacturing market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the global mining and oil & gas field machinery manufacturing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
COVID-19 scenario analysis
The global mining and oil & gas field machinery manufacturing market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the production operations. Mining and oil & gas field machinery manufacturing industry is anticipated to experience a direct impact, if the growth of the oil & gas field declines, as it is one of the key factors that drive the growth of the mining and oil & gas field machinery manufacturing market.
Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns. However, the market for manufacturing of mining and oil & gas field machinery will be reset to a new standard, which will continue to be reframed and modified in the post COVID-19 epidemic.
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