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.
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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.
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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