Westwood Global Energy Group estimates total spending worldwide on oilfield equipment of $636 billion during the period 2013-2022. 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 is due to an improved outlook for floating production system orders in the near term and a measured improvement in long-term expectations for fixed platform installations.