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. 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. A detailed analysis report of COVID-19
impact on Oilfield Equipment Rental Services Market Size is provided with
the report.
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 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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