Oilfield Equipment Rental Services Market is expected to witness significant growth with a CAGR of ~15%
Global Oilfield Equipment Rental Services Market Information Report by Drilling Equipment (Drill Pipe, Drill Collars, Heavv-Wate, Drill Subs), by Pressure & Flow Control Equipment (BOP, Valves & Manifolds, and others) and by Region – Global Forecast to 2022
Pune, India – October 5, 2017 /MarketersMedia/ —
Market Highlights
Oilfield equipment is an equipment that extracts oil and gas from the reservoir. In order to reduce the capital expenditure of these equipment, the oilfield operators take these equipment on rent or lease. Due to growing energy demand, oilfield equipment rental is highly developing market. Oilfield equipment are generally used in drill pipe, drill subs and among others. The major factors driving the growth of oilfield equipment rental services market are increase in the drilling activities globally, reduction in capital expenditure because of renting of equipment rather than buying. The other factors which are responsible for the growth of this market are the growing energy needs, use of conventional and non-conventional drilling activities.
North America is expected to dominate the oilfield equipment rental services market due to the increase in the drilling activities in this region. Due to this most of the companies are operating in this region. Asia-Pacific is second largest region to dominate the market because most of the operators have started diversifying their operation in this region because of growing number of wells being drilled. Latin America is also experiencing growth due to the increase in E&P spending in this region. Oilfield equipment rental services market is expected to grow over the CAGR of around 15% during the period 2016 to 2022
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Key Players
• Halliburton Co. (U.S.),
• Oil States International Inc. (U.S.),
• Schlumberger Ltd (U.S.),
• Superior Energy Services Inc. (U.S.),
• Weatherford International Ltd. (Switzerland),
• Baker Hughes (U.S.),
• National Oilwell Varco (U.S.),
• Cameron International Inc. (U.S.),
• Transocean Ltd. (Switzerland),
• B&B Oilfield Equipment Corp (U.S.).
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Oilfield Equipment Rental Services Market – Forecast to 2022”
Market Research Analysis
The market is segmented based on the drilling equipment. Drill pipe is dominating the drilling equipment segment because most of the wells being drilled, use frill pipes and have considerable depths. The increase in the global petroleum consumption and increase in investment for the development of offshore oil field has also resulted in the growth of drill pipe
The factors which are responsible for the growth of oilfield equipment rental services market are the rising demand for energy and drilling activities.
The customization of the drilling equipment and rising cost of the materials are the major restraints for this market.
The factor which drives the growth of oilfield equipment rental service market are changing. The perception of buyer have been shifted from buying to renting. The operator’s tendency to rent the oilfield equipment to minimize the equipment cost rather than buying results in the increasing growth of this market. The entry barriers and exit barriers have decreased in the oilfield equipment rental market, resulting in the growth of these market. The increased expenditure on oil and gas production for the development of the reservoirs, has also resulted in the growth of oilfield equipment rental service market. The increase in economies of scale due to the use of oilfield equipment also result in the growth of these market.
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Scope of the Report
This study provides an overview of the global oilfield equipment rental services market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oilfield equipment rental services market by drilling equipment, by pressure & flow control equipment and by region.
By Drilling Equipment
• Drill Pipe
• Drill Collars
• Heavv-Wate
• Drill Subs
By Pressure & Flow Control Equipment
• BOP
• Valves & Manifolds
• Others
By region
• North America
• Europe
• Asia-Pacific
• ROW
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