Global Oilfield Equipment Rental Market to Grow at a CAGR of 4.5% by 2028

According to the latest research by SkyQuest Technology, global oilfield equipment rental market was valued at USD 28.3 billion in 2021 and it is expected to reach at USD 42.9 billion by 2028, with CAGR of 4.5% over the forecast period (2022-2028).

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An oilfield is a region rich in crude oil. Extraction of crude oil by drilling a well into the subsurface necessitates the use of specialized machinery. To complete the task of drilling an oil well, various equipment is used. These pieces of equipment are used for specific tasks. The market offers a diverse range of oilfield equipment. Drilling, cementing, well completion, well logging, and well intervention are all upstream oil and gas operations that necessitate a diverse set of equipment. Drilling and production operations are carried out by operating companies. Service companies, on the other hand, provide necessary services to operating companies. These include technical personnel, consulting, and oilfield equipment. Purchasing oilfield equipment can be a costly investment for an operating company.

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Drilling equipment, pressure and flow control equipment, pumps and valves, and other equipment are the broad categories of oilfield equipment. Drilling rigs, drill pipe and other tubes, drill bits, downhole drilling equipment, wireline tools, and stimulation tools are examples of drilling equipment. Blowout Preventers (BOP), valves, and choke manifolds are examples of pressure and flow control equipment. Artificial lift systems and mud pumps are examples of pumps and valves equipment. Well intervention equipment, well completion equipment, fishing equipment, and geophysical or well logging equipment are examples of additional equipment.

The rise in demand for fossil fuels is driving the oilfield equipment rental market. Products derived from crude oil refining, such as gasoline, diesel, petrochemicals, and plastics, are used in a variety of applications. Oil companies are refocusing their efforts on unconventional reserves such as shale oil, CBM, oil sands, and heavy crude. This shift in focus is another driving force in the oilfield equipment rental market, as unconventional reserves necessitate specialized operations requiring specialized equipment.

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Read Market Research Report, "Global Oilfield Equipment Rental Market By Equipment Type (Drilling, Equipment (Drill Pipe, Drill Colour, Drilling Rigs, Others), Pressure & Flow Control Equipment (Blow Out Preventer, Valves & Manifolds, Flowlines, Others), Fishing Equipment, Other Equipment), Application Type (Onshore, Offshore), Region -Forecast and Analysis 2022-2028" by SkyQuest.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Global Oilfield equipment rental market revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

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Report Findings
● Drivers-
Oil and gas companies are shifting their exploration focus to unconventional and deep hydrocarbon reservoirs such as shale gas, coal bed methane, tight gas, and heavy oil. To perform operations in various unconventional and deep reservoir conditions, the petroleum industry now has advanced IT-based machinery and software. This paves the way for new age technology to be used as a tool to carry out difficult operations.
● Restraint
The search for new reserves, as well as the depletion of existing ones, has necessitated the use of new extraction techniques and increased the complexity of drilling. The increasing volume and complexity of well requirements in order to meet global production targets is driving the demand for customized drilling equipment.

● What does this Report Deliver?
• Market Estimation for 20+ Countries
• Global Oilfield equipment rental market demand by Region, Sub-Region, and Country
• Customization on Segments, Regions, and Company Profiles
• 100+ tables, 150+ Figures
• Global, Regional and Country specific Global Oilfield equipment rental market Trends
• Comprehensive Mapping of Global Oilfield equipment rental market Parameters
• Attractive Investment Proposition in the Global Oilfield equipment rental market Industry
• Competitive Strategies Adopted by Global Oilfield equipment rental market Key Players
• Drivers, Restraints, Opportunities, Challenges, and the impact on the Global Oilfield equipment rental market Size
• Market growth rate till 2028
• Regulatory scenario, regional dynamics, and Global Oilfield equipment rental market insights of leading countries in each region
• In-depth Market insights by Region and Country
• Market Segmentation Trend Analysis, Opportunities and Growth
• Porter's five force analysis to know the market's condition
• Pricing Analysis and Global Oilfield equipment rental market Sales
• Parent market analysis
• Product portfolio benchmarking

SkyQuest has segmented the Global Oilfield Equipment Rental Market based on Equipment Type, Application, and Region:
● Global Oilfield Equipment Rental Market by Equipment Type (Revenue, USD Billion, 2021-2028)
o Drilling equipment
 Drill pipe
 Drill color
 Drilling rigs
 Others
o Pressure & flow control equipment
 Blow out preventer
 Valves & manifolds
 Flowlines
 Others
o Fishing equipment
o Other equipment

● Global Oilfield Equipment Rental Market by Application Type (Revenue, USD Billion, 2021 - 2028)
o Onshore
o Offshore

● Global Oilfield Equipment Rental Market by Region (Revenue, USD Billion, 2021 - 2028)
o North America
o US
o Canada
o Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
o Asia Pacific
o China
o India
o Japan
o Rest of Asia Pacific
o Latin America
 Brazil
 Mexico
 Argentina
 Colombia
o Middle East & Africa
o South Africa
o Rest of Middle East & Africa

Key Players in the Global Oilfield Equipment Rental Market
• Oil States International Inc. (US)
• Halliburton Co. (US)
• Schlumberger Ltd (US)
• Weatherford International Ltd. (Switzerland)
• Superior Energy Services Inc. (US)
• Baker Hughes (US)
• Cameron International Inc. (US)
• National Oilwell Varco (US)
• Transocean Ltd. (Switzerland)
• B&B Oilfield Equipment Corp (US)

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This release was published on openPR.