Oilfield Equipment Rental Services Market Overview
Oilfield equipment is a device used for extracting oil and gas from the reservoir. In order to lessen the capital outlay on this equipment, the oilfield operators take this equipment on lease or rent. Market Research Future, in its recent study, revealed that, the global market for oilfield equipment rental services is expanding rapidly. The report published by them further reveals that the market is estimated to gain prosperity within 2022. The worldwide rising demand for energy has resulted in rapid growth in the offshore drilling activities to meet the rising demand, which ultimately has triggered significant boost to the Oilfield Equipment Rental Services Market.
Additionally, new oil reserve inventions would accelerate the exploration and drilling activities in the coming years which will boost the demand for the market. However, strict government regulations coupled with environmental risks for drilling as well as surging focus on renewable energy may restrict the growth of the market. Characterized by the existence of several small and renowned players, the global market of oilfield equipment rental services appears to be extremely competitive. The prominent players go for collaboration, acquisition, expansion, product launch, and partnership, in order to maintain their market position and to attain competitive advantage in this market. A detailed analysis report of COVID-19 impact on Oilfield Equipment Rental Services Market Trends is provided with the report.
The key players compete with regards to services and pricing. Vendors operating in the market compete to provide the best quality products and services based on advanced technologies, and best approaches. The key players make a significant investment for research and development activities and for securing a guaranteed resource for the clients. Oilfield equipment rental services market witness a surged growth potential which is expected to attract several entrants to the market leading to further intensified competition.
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The global oilfield equipment rental services market has been segmented based on pressure and flow control equipment, drilling equipment, application, and region. Based on drilling equipment, the market has been segmented into drill collars, drill pipe, drill subs and others. Drill pipe dominates the pressure & flow control equipment segment of global market owing to its wide application in drilling the wells. Based on pressure & flow control equipment, the market has been segmented into valves & manifolds, BOP, and others. BOP leads the pressure & flow control equipment segment of global market. BOP finds wide application in sealing, controlling and monitoring the oil and gas wells and to avoid the blowout. Based on application, the market has been segmented into offshore and onshore. Onshore leads the application segment of global market primarily owing to the prevalence of large onshore shale reserve. Offshore segment is likely to be the swiftest growing segment over the forecast period. Based on regions, the market has been segmented into Europe, North America, Middle East & Africa, Asia Pacific, and South America.
North America represents the highest share in the oilfield equipment rental services market, the U.S. being the key player. The progress in unconventional drilling technologies has attracted outlay for oil and gas drilling projects. Furthermore, vast hydrocarbon resources in the U.S. shale basins and increasing offshore drilling in the Gulf of Mexico, are accelerating the demand of the market. Besides, most of the key players are prevailing in this region. This has affected the growth of the market in an extremely positive way.
The global oilfield equipment rental services market is dominated by key players such as Oil States International Inc. (U.S.), Halliburton Co. (U.S.), Schlumberger Ltd (U.S.), Weatherford International Ltd. (Switzerland), Superior Energy Services Inc. (U.S.), National Oilwell Varco (U.S.), Baker Hughes (U.S.), Transocean Ltd. (Switzerland), Cameron International Inc. (U.S.), and B&B Oilfield Equipment Corp (U.S.).
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