Press release
Oilfield Equipment Rental Services Market Information Report by Drilling Equipment (Drill Pipe, Drill Collars, Heavv-Wate, Drill Subs), by Pressure & Flow Control Equipment (BOP, Valves & Manifolds, and others) and by Region - Global Forecast to 2022
Oilfield Equipment Rental Services Market Research Report – Forecast to 2023
Halliburton Co. (U.S.), Oil States International Inc. (U.S.), Schlumberger Ltd (U.S.), Superior Energy Services Inc. (U.S.), and Weatherford International Ltd. (Switzerland), Baker Hughes (U.S.), National Oilwell Varco (U.S.), Cameron International Inc. (U.S.), Transocean Ltd. (Switzerland), B&B Oilfield Equipment Corp (U.S.). among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Oilfield Equipment Rental Services Market.
Global Oilfield Equipment Rental Services Market - Overview
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.
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According to a recent study report published by the Market Research Future, The global market of Oilfield Equipment Rental Services is booming and expected to gain prominence over the forecast period. The global Oilfield Equipment Rental Services market is forecasted to demonstrate an exponential growth by 2022, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2022).
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Oilfield Equipment Rental Services market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
Global Oilfield Equipment Rental Services Market - 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.
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.
Oilfield Equipment Rental Services Market – Segmentation
Global Oilfield Equipment Rental Services Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
Segmentation:
Based on Drilling Equipment, the market has been segmented into Drill Pipe, Drill Collars, Heavv-Wate, Drill Subs and others. Drill Pipe dominates the pressure & flow control equipment segment of global market due to its wide use in drilling the wells.
Based on Pressure & Flow Control Equipment, the market has been segmented into BOP, Valves & Manifolds, and others. BOP dominates the pressure & flow control equipment segment of global market. BOP is widely used to seal, control and monitor the oil and gas wells and to prevent the blowout.
Based on application, the market has been segmented into onshore and offshore. Onshore dominates the application segment of global market mainly due to the presence of large onshore shale reserve. Offshore segment is expected to be the fastest growing segment during the forecast period.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.
Global Oilfield Equipment Rental Services Market - Regional Analysis
North America dominates the Oilfield Equipment Rental Services market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major player are operating in this region. This has the positive influence on the growth of the market.
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Asia Pacific and Europe are the other major market for the Oilfield Equipment Rental Services. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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