Oilfield
Equipment Rental Services Market - Overview
According to a recent study report
published by the Market Research Future, The global market of Oilfield
Equipment Rental Services is booming and expected to gain prominence over the
forecast period. The global Oilfield Equipment Rental Services market is
forecasted to demonstrate an exponential growth by 2022, surpassing its
previous growth records in terms of value with a whooping, CAGR during the
estimated period (2017 – 2022). 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 this equipment on
rent or lease.
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Industry
Highlights
Global increasing demand for energy has
resulted in rapid increase in the offshore drilling activities to meet the
increasing demand, which ultimately has provided significant boost to the
Oilfield Equipment Rental Services market. Moreover, new oil reserve
discoveries increase the drilling and exploration activities in coming years
which upsurge the demand for the market. However, environmental risks and
strict government regulations for drilling as well as increasing focus on
renewable energy may hinder the market growth of the market.
Industry Segmentation
Based
on Drilling Equipment, the market has been segmented into Drill Pipe, Drill
Collars, Heavv-Wate, Drill Subs and others.
Based
on Pressure & Flow Control Equipment, the market has been segmented into
BOP, Valves & Manifolds, and others. BOP dominates the pressure & flow
control equipment segment of global market. BOP is widely used to seal, control
and monitor the oil and gas wells and to prevent the blowout.
Based
on application, the market has been segmented into onshore and offshore.
Onshore dominates the application segment of global market mainly due to the
presence of large onshore shale reserve. Offshore segment is expected to be the
fastest growing segment during the forecast period.
Segmentation
by Regions: Comprises Geographical regions - North America, Europe, Asia
Pacific, Middle East & Africa and South America.
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Competitive
Analysis
Characterized by the presence of several
well-established and small players, the global Market of Oilfield Equipment
Rental Services appears to be highly competitive. Well established players
incorporate acquisition, collaboration, partnership, expansion, and product
launch in order to gain competitive advantage in this market and to maintain
their market position. These key players compete based upon pricing, and
services. Vendors operating in the market strive to deliver the best quality
products and services based on innovative technologies, and best practices.
These Key Players make a substantial investment for R&D and to secure a
guaranteed resource for the customers. Oilfield Equipment Rental Services
market demonstrates a high growth potential which is likely to attract many
entrants to the market resulting in to intensified competition further.
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