IMARC Group’s latest report, titled “Oilfield Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that the global oilfield equipment market grew at a CAGR of around 5% during 2014-2019 and expected to continue its moderate growth during the next five years.
Oilfield equipment rental refers to equipment rental facilities used temporarily for a predefined duration to explore and drill oilfields. These services are used for horizontal and deep drilling, well logging, well completion and well intervention. Oilfield equipment rental services are considered to be more cost-effective than purchasing oilfield instruments as they involve minimal costs of acquisition and maintenance.
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Global Oilfield Equipment Rental Market Trends:
A significant rise in exploration and production activities due to the increasing demand for crude oil and natural gas represents the primary factor driving the market. Due to rapid industrialization and extensive infrastructural development, the need for oilfield equipment rental services has escalated across the globe. As a result, governments of various countries are adopting rented oilfield equipment to undertake oilfield projects. Besides this, improvements in surface operations and advancements in drilling technology that assist in monitoring drilling activities during deep-water and ultra-deep-water drilling operations are also providing a positive impact on the market. These improvements have resulted in longer laterals, minimal liner and casing, enhanced drilling rates and multi-pad drilling. Looking forward, the market is projected to exhibit moderate growth during the forecast period (2020-2025).
Global Oilfield Equipment Rental Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Energy Services Inc., Bestway Oilfields, Circle T Service & Rental Ltd., Ensign Energy Services Inc., Halliburton Company, John Energy Ltd., Parker Drilling Company, Schlumberger Limited, Seventy Seven Energy Inc., Superior Energy Services Inc., Technipfmc PLC and Weatherford International PLC.
The report has segmented the market on the basis on region, equipment and application.
Breakup by Equipment:
- Drill Pipe
- Drill Collars
- Pressure & Flow Control
- Blow Out Preventer (BOP)
- Valves & Manifolds
Breakup by Application:
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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