According to IMARC Group’s latest report, titled “Oilfield Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that the global oilfield equipment market grew at a CAGR of around 5% during 2014-2019 and expected to continue its moderate growth during the next five years.
Oilfield equipment rental is the facility of hiring specialized equipment used for temporary extraction and drilling of oilfields into the subsurface for a fixed period. A few common oilfield equipment available are drilling, pressure and flow equipment, pumps and valves, tubes, drill bits, wireline tools, etc. Renting these equipment is more cost-effective as it requires a minimal cost of acquisition and maintenance, unlike the purchasing of oilfield equipment.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Oilfield Equipment Rental Market Trends:
Rapid industrialization and the growing oil and gas industry drive the growth of the oilfield equipment rental market. Furthermore, the increasing demand for crude oil and natural gas to meet global energy and power requirements has prompted several governments and numerous private stakeholders to opt for rented oilfield equipment in oil extraction projects. Additionally, technological advancements, such as the Radio Frequency Identification (RFID)-enabled equipment that enhances drilling and hole-cleanup operations, further induce the service demand. Besides this, introduction to innovative features, such as horizontal and directional drilling, attachable to a mud motor, and Universal Bottom Hole Orientation (UBHO) equipment, also augment the market growth. Furthermore, advancements in deep water and ultra-deep-water drilling activities and comprehensive infrastructural are further anticipated to drive the market growth.
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Global Oilfield Equipment Rental Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Energy Services Inc., Bestway Oilfields, Circle T Service & Rental Ltd., Ensign Energy Services Inc., Halliburton Company, John Energy Ltd., Parker Drilling Company, Schlumberger Limited, Seventy Seven Energy Inc., Superior Energy Services Inc., Technipfmc PLC and Weatherford International PLC.
The report has segmented the market on the basis on region, equipment and application.
Breakup by Equipment:
- Drill Pipe
- Drill Collars
- Pressure & Flow Control
- Blow Out Preventer (BOP)
- Valves & Manifolds
Breakup by Application:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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