The oilfield equipment rental market is expected to grow at a CAGR of 3.87%, from 2017 to 2022, to reach a market size of USD 20.55 billion by 2022. Increasing technological advancements in oilfield equipment rental, rising global investments in Exploration & Production (E&P), growing drilling activity, and increasing unconventional hydrocarbon production in North America would drive the oilfield rental market during the forecast period.
Browse 67 market data tables and 52 figures spread through 173 pages and in-depth TOC on “Oilfield Equipment Rental Market by Equipment (Drilling Equipment (Drill Pipe, Drill Collars, Hevi-Wate, and Subs), Pressure & Flow Control Equipment, and Fishing Equipment), Application (Onshore and Offshore), and Region – Global Forecasts to 2022”
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The oilfield equipment rental market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the oilfield equipment rental industry include Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), Oil States International, Inc. (U.S.), TechnipFMC, PLC (U.K.), Savanna Energy Corporation (Canada), Key Energy Services (U.S.), Seventy Seven Energy, Inc. (U.S.), and Parker Drilling Company (U.S.), among others.
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The drilling equipment rental segment is estimated to be the fastest growing segment of the oilfield equipment rental market, by equipment, from 2017 to 2022. This segment is expected to witness growth because of its wide usage and increased drilling activity. These equipment in case of unconventional resources are used for setting up connection between the reservoir rock and the surface facilities.
Based on region, the oilfield equipment rental market in North America is project to grow at the fastest rate from 2017 to 2022. The region is the new swing producer in global oil markets owing to the boom in production from both shale operations and deepwater exploration & production in the Gulf of Mexico. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies. Growing refracturing activities in the U.S. would also drive the market for oilfield equipment rental in the region.
Based on application, the onshore oilfield equipment rental segment is estimated to grow at the fastest rate from 2017 to 2022. Rising demand for rental equipment from China, Southeast Asia, and the Middle East due to new drilling activities would drive the onshore segment. Huge onshore shale reserves present in the U.S. and Australia are likely to boost the demand for onshore oilfield equipment.
Increasing drilling activities to drive the global oilfield equipment rental market to USD 20 billion by 2022
Ever increasing energy consumption across the world continues to drive the rise in the investments and discoveries globally. Continued technological developments within the upstream market have improved drilling efficiency as well as increased the drilling activities in regions such as North America, Middle East and Africa. Current fairly settled oil prices are expected to influence the demand for associated drilling equipment such as drill bits, drill pipe, and casings.
The global oilfield equipment rental market size in projected to reach USD 20.55 Billion by 2022, largely due to technological advancements in oilfield equipment, increasing global exploration and production and growing unconventional hydrocarbon production in North America. Ongoing new product developments by leading companies for drilling are likely to propel further growth of the oilfield equipment rental the long-term forecast.
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Excessive customized demand from drilling contractors, and uncertain regulatory frameworks are the playing down on the overall demand growth
The demand for customized drilling equipment is driven by the increasing volume and complexity of well requirements to meet global production targets. Technologically advanced rigs are mostly used for horizontal drilling. Rental equipment providers are expected to maintain inventory of wide variety of equipment with a lot of flexibility which in turn rises the capital needs.
Oil and gas operators and other players need to be environmental regulations compliant. These environmental regulations are stringent and change periodically. They effect all activities across the value chain around exploration, development, and production, limiting the growth of the market demand for equipment and its rental.
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