The drilling equipment is expected to hold the largest share of the oilfield equipment rental market, by equipment, during the forecast period

The report "Oilfield Equipment Rental Market by Equipment (Drilling Equipment (Drill Pipe, Drill Collars, Hevi-Wate, and Subs), Pressure & Flow Control Equipment, and Fishing Equipment), Application (Onshore and Offshore), and Region - Global Forecasts to 2022", The oilfield equipment rental market is expected to grow from an estimated USD 16.99 Billion in 2017 to USD 20.55 Billion by 2022, at a CAGR of 3.87%. The global oilfield equipment rental market is set to witness growth, due to technological advancement in oilfield equipment and increase in global investments in exploration and production.

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The drilling equipment is expected to hold the largest share of the oilfield equipment rental market, by equipment, during the forecast period

The drilling segment dominated the oilfield equipment rental market during the forecast period. Extensive shale mining is being carried out in North America and technological advancement in the drilling equipment used in such unconventional shale reserves is expected to drive the drilling equipment segment.

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Onshore is the largest segment in the oilfield equipment rental market

With regard to the application segment, onshore segment in the oilfield equipment rental market is expected to be the largest market in 2017. Rising demand for rental equipment from China, Southeast Asia, and the Middle East would drive the onshore segment. The presence of huge onshore shale reserves in the U.S. and Australia, is likely to boost the demand for onshore oilfields.

Increasing drilling activities to drive the global oilfield equipment rental market to USD 20 billion by 2022

Ever increasing energy consumption across the world continues to drive the rise in the investments and discoveries globally. Continued technological developments within the upstream market have improved drilling efficiency as well as increased the drilling activities in regions such as North America, Middle East and Africa. Current fairly settled oil prices are expected to influence the demand for associated drilling equipment such as drill bits, drill pipe, and casings.
The global oilfield equipment rental market size in projected to reach USD 20.55 Billion by 2022, largely due to technological advancements in oilfield equipment, increasing global exploration and production and growing unconventional hydrocarbon production in North America. Ongoing new product developments by leading companies for drilling are likely to propel further growth of the oilfield equipment rental the long-term forecast.

Excessive customized demand from drilling contractors, and uncertain regulatory frameworks are the playing down on the overall demand growth

The demand for customized drilling equipment is driven by the increasing volume and complexity of well requirements to meet global production targets. Technologically advanced rigs are mostly used for horizontal drilling. Rental equipment providers are expected to maintain inventory of wide variety of equipment with a lot of flexibility which in turn rises the capital needs.
Oil and gas operators and other players need to be environmental regulations compliant. These environmental regulations are stringent and change periodically. They effect all activities across the value chain around exploration, development, and production, limiting the growth of the market demand for equipment and its rental.

North America: The leading market for oilfield equipment rental

North America is expected to dominate the global oilfield equipment rental market, given growing unconventional hydrocarbon production in the region. The region is the new swing producer in global oil markets owing to the boom in production from both shale operations and deepwater exploration and production in the Gulf of Mexico. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies. All these factors are expected to drive the North American oilfield equipment rental market.

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To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the oilfield equipment rental market. These players include Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), Oil States International, Inc. (U.S.), Parker Drilling Company (U.S.), Bestway Oilfields (U.S.), Certified Oilfield Rentals, LLC (U.A.E.), Circle T Service & Rental, Ltd. (Canada), Ensign Energy Services, Inc. (Canada), John Energy, Ltd. (India), Key Energy Services (U.S.), Seventy Seven Energy, Inc. (U.S.), KIT Oil & Gas (U.A.E.), Black Diamond Group (Canada), Savanna Energy Corporation (Canada), TechnipFMC, PLC (U.K.), Amik Oilfields Equipment & Rentals (Canada), Basic Energy Services (U.S.), Bois Equipment Rentals BV (Netherlands), Harpoon Energy (Canada), Heat Oilfield, Ltd. (Canada), Precision Drilling Corporation (Canada), Stallion oilfield Holdings, Inc. (U.S.), and Wrangler Rentals (Canada) among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.

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