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 Share.
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.
Global Oilfield Equipment Rental Services 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.
Based on pressure
& flow control equipment, the market has been segmented into valves &
manifolds, BOP, and others.
Based on
application, the market has been segmented into offshore and onshore.
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 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.
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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