Oilfield Equipment Rental
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 Oilfield
Equipment Rental Market 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. 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.
Oilfield Equipment Rental
Market Segmentation
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.
Regional Analysis
North America represents the highest share
in the oilfield equipment rental 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.
Key Players
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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