Grand View Research: Oilfield Equipment Market Is Expected to Grow at a CAGR of 4.2% from 2014 to 2020
The global market for oilfield equipment is expected to reach USD 127.60 billion by 2020; according to a new study by Grand View Research, Inc. Increasing drilling activities, on account of growing energy demand, is expected to remain a key driving factor for the market. However, cost intensive nature of the market due to risk and low reliability of operations is a major challenge to the growth of this market.
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