Oilfield Rental Equipment Market Trends, Active Key Players, and Growth Projection Up to 2031

Oilfield equipment enables economically viable exploration of unconventional hydrocarbons, deep drilling, and horizontal drilling. Oil & gas exploration is getting more natural due to technological advancements. The oilfield equipment and services contribute to all the products and services affiliated with the crucial energy industry. They include well intervention, well logging, well finishing, and drilling. In most cases, an oil & gas operator appoints an oilfield service contractor who performs drilling activities. Oilfield equipment not only facilitates in the development of oil & gas wells but also produces an end-to-end solution to equipment used for drilling wells, maintaining tools, repairing, and manufacturing. A number of tasks such as reservoir monitoring, refining, development, well monitoring, drilling, and geophysical survey are necessary to be executed to extract hydrocarbon along with commissioning and decommissioning of a project. Hence, oilfield equipment serves as essential in the exploration and production of oil & gas.

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Key drivers of the global oilfield rental equipment market

The major factors driving the growth of the rental equipment market for oilfields include an increase in demand for energy sources, the inevitable need for cost optimization, and a rise in activities in the development of deep offshore oil. In addition, technical advancements in oilfield equipment, a rise in foreign spending in exploration & production (E&P), and an increase in drilling activities are expected to fuel the growth of the oilfield rental equipment market. Moreover, the increase in unconventional production of hydrocarbons in North America boosts the demand for oilfield equipment. Furthermore, the unconventional production of hydrocarbons in the North American region has been witnessed as a crucial catalyst for the exponential development of the oilfield rental equipment industry.

Market Scenario: opportunities and challenges

The growth of the global oilfield rental equipment market is majorly driven by unrelenting oil & gas exploration and production and increasing drilling operations for unconventional hydrocarbons. In addition, the oil & gas firms are notably investing in exploration operations to cater to the rising need for hydrocarbons, which is expected to augment the growth of the global oilfield rental equipment industry. Moreover, production activities, drilling, and exploration activities in the offshore environment require specific technical and environmental considerations than onshore oil & gas activities. Despite the difficulty faced by these extreme offshore environments, innovations in exploration and processing technologies for use in snowfall-prone regions, such as the Sakhalin Island, Cook Inlet, Caspian Sea, Bohai Sea, and Grand Banks, have developed economically viable strategies for production in these areas. In the last few years, the global slump in oil markets has resulted in a decline in exploration operations bringing extra strain on offshore drillers and service providers. However, as the market continues to grow gradually, opportunities for offshore drillers are projected to expand.

COVID-19 scenario analysis

The global oilfield rental equipment market is expecting a slowdown in the forecasted period owing to the COVID-19 pandemic. Governments of various countries have implemented lockdowns, which has led to the shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from the oil field to the industrial sector. In addition, the oilfield rental equipment industry is directly impacted, if the growth of the oil industry declines, as it is one of the key consumers of oilfield equipment. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shut down.

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Key segments covered:

Type
• Drilling Equipment
• Pressure & Flow Control Equipment
• Fishing Equipment
• Others

Application
• Onshore
• Offshore

By Region
• North America (U.S., Canada, Mexico)
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)

Key Market Players: Schlumberger Limited, Halliburton Co., Superior Energy Services, Oil States International, Technipfmc, Weatherford International, Parker Drilling, Patterson-UTI Energy, Basic Energy Services, Key Energy Services, John Energy

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Key benefits of the report

• This study presents the analytical depiction of the global oilfield rental equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global oilfield rental equipment market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global oilfield rental equipment market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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