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Oil and Gas Drilling Equipment Manufacturing in the US Industry Data and Analysis
Falling oil prices and rising trade barriers have driven down drilling equipment manufacturers' returns. Earlier in the current period, Russia's invasion of Ukraine led to sanctions placed on Russia by various countries, which led to surging oil and gas prices. This uptick in prices led to strong US oil and gas production growth, boosting machinery sales in 2022 and 2023. Still, supply chain woes led to considerable increases in machinery production costs. Manufacturers passed these higher costs onto customers to retain profit but hindered revenue growth as customers increasingly sought cheaper imports. More recently, high levels of production and weakening consumer sentiment have driven down global oil prices, weakening investments into drilling operations. Overall, revenue has been falling at a CAGR of 1.8% over the past five years to total an estimated $11.0 billion through the end of 2026, including an estimated decrease of 7.0% in 2026.
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What's included in this industry analysis
IBISWorld's research coverage on the Oil and Gas Drilling Equipment Manufacturing industry in the United States includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released January 2026.
About this industry
What's this industry report about?
The Oil and Gas Drilling Equipment Manufacturing industry in the United States operates under the NAICS industry code OD4724. Operators in this industry manufacture oil and gas drilling machinery and equipment to sell to extractors. Related terms covered in the Oil and Gas Drilling Equipment Manufacturing industry in the United States include shale gas, hydrocarbons, wellbore, eagle ford formation and bakken formation.
What's included in this industry?
Products and services covered in Oil and Gas Drilling Equipment Manufacturing industry in the United States include Rotary oil and gas field drilling machinery, Oil and gas field production machinery and Other oil and gas field drilling machinery.
What companies are included in this industry?
Companies covered in the Oil and Gas Drilling Equipment Manufacturing industry in the United States include Schlumberger Limited, Nov Inc. and Baker Hughes Company.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Oil and Gas Drilling Equipment Manufacturing industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Oil and Gas Drilling Equipment Manufacturing industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Oil and Gas Drilling Equipment Manufacturing industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Oil and Gas Drilling Equipment Manufacturing industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Oil and Gas Drilling Equipment Manufacturing industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Oil and Gas Drilling Equipment Manufacturing industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Oil and Gas Drilling Equipment Manufacturing industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Oil and Gas Drilling Equipment Manufacturing industry in the United States.
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Frequently Asked Questions
What is the market size of the Oil and Gas Drilling Equipment Manufacturing industry in the United States in 2026?
The market size of the Oil and Gas Drilling Equipment Manufacturing industry in the United States is $11.3bn in 2026.
How many businesses are there in the Oil and Gas Drilling Equipment Manufacturing industry in the United States in 2026?
There are 447 businesses in the Oil and Gas Drilling Equipment Manufacturing industry in the United States, which has declined at a CAGR of 1.5 % between 2021 and 2026.
How may import tariffs affect the Oil and Gas Drilling Equipment Manufacturing industry in the United States?
The Oil and Gas Drilling Equipment Manufacturing industry in the United States is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Oil and Gas Drilling Equipment Manufacturing industry in the United States?
The Oil and Gas Drilling Equipment Manufacturing industry in the United States is likely to be impacted by export tariffs with exports accounting for a moderate share of industry revenue.
Has the Oil and Gas Drilling Equipment Manufacturing industry in the United States grown or declined over the past 5 years?
The market size of the Oil and Gas Drilling Equipment Manufacturing industry in the United States has been declining at a CAGR of 1.8 % between 2021 and 2026.
What is the forecast growth of the Oil and Gas Drilling Equipment Manufacturing industry in the United States over the next 5 years?
Over the next five years, the Oil and Gas Drilling Equipment Manufacturing industry in the United States is expected to decline.
What are the biggest companies in the Oil and Gas Drilling Equipment Manufacturing industry in the United States?
The biggest companies operating in the Oil and Gas Drilling Equipment Manufacturing industry in the United States are Schlumberger Limited, Nov Inc. and Baker Hughes Company
What does the Oil and Gas Drilling Equipment Manufacturing industry in the United States include?
Manufacturing oil and gas field machinery and equipment and Manufacturing rotary oil and gas field drilling machinery and equipment are part of the Oil and Gas Drilling Equipment Manufacturing industry in the United States.
Which companies have the highest market share in the Oil and Gas Drilling Equipment Manufacturing industry in the United States?
The company holding the most market share in the Oil and Gas Drilling Equipment Manufacturing industry in the United States is Schlumberger Limited.
How competitive is the Oil and Gas Drilling Equipment Manufacturing industry in the United States?
The level of competition is high and steady in the Oil and Gas Drilling Equipment Manufacturing industry in the United States.
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