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Oilfield Equipment Rental Services Market 2017-2022 Brief Analysis by Top Key Players – Halliburton, Oil States International, Schlumberger, Superior Energy Services, Weatherford International, Baker Hughes, National Oilwell Varco, Cameron International
Oilfield Equipment Rental Services Market
The growing requirement of delivering oil and gas to various applications has led to the emergence of the oilfield equipment rental market. Oilfield equipment is equipment used for the extraction of oil and gas from reservoirs. The oilfield operators take these equipments on rent or on a lease to reduce the capital cost incurred, as purchasing them can be quite expensive.
Oilfield equipment is an equipment that extracts oil and gas from the reservoir. In order to reduce the capital expenditure of these equipment, the oilfield operators take these equipment on rent or lease. Due to growing energy demand, oilfield equipment rental is highly developing market. Oilfield equipment are generally used in drill pipe, drill subs and others.
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One of the factors responsible for the rise in the oilfield equipment rental services market is the rapid growth in the number of drilling activities globally. This is due to the ever-increasing energy consumption and the ability to rent the equipment instead of buying it. Because of technological advancements, there has been a staggering growth in drilling activities and drilling efficiency in regions like North America, Africa, and the Middle East. Some leading companies have started investing in new product developments for drilling; this will further initiate the growth of the oilfield equipment rental services market over the long term.
Key Market Players
To enable an in-depth understanding of the competitive landscape of the market, key companies profiled in this report are Halliburton company (U.S), Schlumberger Ltd. (U.S), Weatherford International PLC (Switzerland), Oil States International, Inc. (U.S), Parker Drilling Company (U.S), Baker Hughes (U.S.), National Oilwell Varco (U.S.), Cameron International Inc. (U.S.), Transocean Ltd. (Switzerland), John Energy, Ltd. (India), TechnipFMC, PLC (U.K), Bois Equipment Rentals BV (Netherlands), Black Diamond Group (Canada), Harpoon Energy (Canada), Stallion oilfield Holdings, Inc. (U.S) Heat Oilfield, Ltd. (Canada) and Wrangler Rentals (Canada) among others.
Market Segmentation
The global oilfield equipment rental services market has been segmented into the following types:
By drilling equipment further into drill pipe, drill collars, heavy-water, and drill subs.
By power and flow control equipment, the market is divided into BOP, valves and manifolds and others. BOP dominates the pressure & flow control equipment segment of global market.
By application the market is segmented into onshore and offshore, wherein onshore is the largest segment in the oilfield equipment rental services market. Onshore reigns the application segment of global market mainly due to the presence of large onshore shale reserves. Offshore segment is expected to be the fastest growing segment during the forecast period.
By regions like North America, Europe, Asia-Pacific and rest of the world (ROW).
Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Oilfield Equipment Rental Services appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Oilfield Equipment Rental Services market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
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Industry News
IronGate Energy Services, a leading provider of rental and tubular services to oil and natural gas exploration and production operators in North America, announced that it has acquired Sun Tubular Services, a provider of rental services to exploration and production operators in the Permian Basin.
Patterson was awarded with two long term contract with a major oil company to provide a 21 ¼” 5M BOP stack for a project in Africa & provide a 13 5/8 ” 15M BOP stack for a project in the Gulf of Mexico.
Patterson Rental Tools is pleased to announce the opening its latest rental tool facility in the Midland/Odessa area. This latest expansion will facilitate the coverage of the various shale plays in the Midland/Odessa area.
Regional Analysis
North America accounts for the largest market for oilfield equipment rental services, the reason being the larger number of drilling activities in the U.S. The shale revolution seems to transform the U.S. energy sector. There is a huge demand for conventional and non-conventional drilling in this region, which has led to an upward edge in the growth of this market. Asia-Pacific is the second most fast growing market in oilfield equipment rental services. More drilling activities have come into the limelight in rapidly developing countries such as India, China, Russia, etc. Growing drilling activity in the North Sea in Europe is driving the oilfield equipment rental services market to greater heights. The global oilfield rental services market has started setting its trademark as the fastest growing market, owing to the ever-increasing energy demand, increasing shale activity, and offshore exploration activities. Latin America is also growing at a significant rate owing to the increase E&P spending in this region.
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