Oilfield Auxiliary Equipment Industry In GCC Countries Is Expected To Have Tremendous Growth of $35 Billion by 2020

Oilfield Auxiliary Rental Equipment Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $35 billion by 2020, registering a CAGR of 9.4% during the period 2014-2020. The market would primarily be driven by an increased demand of energy sources and the need of cost optimization.

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Oilfield auxiliary equipment are machines and instruments that are used to supplement the drilling process at oilfields. The auxiliary equipment consists of sewage systems, mud labs, lighting system, distribution panels, storage tanks, debris junk catchers, transportation system, heat exchangers, flaring systems, drilling instruments and others.

The oilfield auxiliary equipment industry in GCC countries, has witnessed tremendous growth in the past based on the rise in oil production. With a steep decline in the oil prices, the revenue derived from oil industry is anticipated to reduce notably. In such a scenario, the auxiliary oil equipment rental market is expected to receive a boost, as investors would tend to avoid huge long-term investments in infrastructure and oilfield machinery. Thus, the drop in oil prices would act as a driver for the auxiliary rental equipment market. Additionally, many oil-producing companies prefer renting auxiliary equipment for fulfilling their temporary or permanent operations.

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Key Findings of GCC Oilfield Auxiliary Rental Equipment Market:

• The oil & gas division contributes to approximately 73% of the total export earnings for the GCC region

• Saudi Arabia is the largest revenue generating country which is expected to attain a market value of USD 16.92 billion by 2020, growing at a CAGR of 7.3% during 2014-2020

• Bahrain would be the fastest growing market with an expected revenue of USD 45.5 million by 2020, growing at a CAGR of 26.7% during the forecast period

• QATAR- The oil and gas sector accounts for approximately 55% of the country's total GDP (Gross Domestic Product). Numerous international oil companies such as Shell, ExxonMobil, Total and others have largely invested resources, technology and expertise in various oil projects across the country

In order to understand the key trends in the market, leading players are profiled in the report which include Schlumberger, Weatherford International Inc., The Olayan Group, Key Energy Services Inc. and others. Numerous International Oil Companies (IOC) such as Occidental Petroleum, Total, Shell, BP, Partex, KoGas, Respol and CNPC have marked a presence in this region. These companies are in the process of facilitating expansions and increasing their capital investments with an objective to capture a large market share.

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