Oilfield Equipment Market Highlights:-
The factor which drives the growth of oilfield equipment rental service market are changing. The perception of buyer have been shifted from buying to renting. The operator’s tendency to rent the oilfield equipment to minimize the equipment cost rather than buying results in the increasing growth of this market. The entry barriers and exit barriers have decreased in the oilfield equipment rental market, resulting in the growth of these market. The increased expenditure on oil and gas production for the development of the reservoirs, has also resulted in the growth of oilfield equipment rental service market. The increase in economies of scale due to the use of oilfield equipment also result in the growth of these market.
Oilfield Equipment Market is expected to expand due to various factors that drive the market. The factors include, oil price recovery, increasing oil exploration and field development activities, rising number of mature oil wells. For instance, in April 2018, Carnarvon Petroleum Ltd., Perth, has announced its plans for redevelopment of Buffalo oil field in the Timor Sea. The field now lies completely within the jurisdiction of East Timor following the signing of the Maritime Boundary Treaty with Australia earlier this year.
Leading Key Players:-
Superior Energy Services Inc. (U.S.), and Weatherford International Ltd. (Switzerland), Baker Hughes (U.S.),Halliburton Co. (U.S.), Oil States International Inc. (U.S.), Schlumberger Ltd (U.S.), National Oilwell Varco (U.S.), Cameron International Inc. (U.S.), Transocean Ltd. (Switzerland), B&B Oilfield Equipment Corp (U.S.) are thr key players in the global oilfield equipment rental services market.
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IronGate Energy Services, a leading provider of rental and tubular services to oil and natural gas exploration and production operators in North America, announced that it has acquired Sun Tubular Services, a provider of rental services to exploration and production operators in the Permian Basin.
Patterson was awarded with two long term contract with a major oil company to provide a 21 ¼” 5M BOP stack for a project in Africa & provide a 13 5/8 ” 15M BOP stack for a project in the Gulf of Mexico.
Patterson Rental Tools is pleased to announce the opening its latest rental tool facility in the Midland/Odessa area. This latest expansion will facilitate the coverage of the various shale plays in the Midland/Odessa area.
Oilfield Equipment Global Market Segmentation:-
Global oilfield equipment market is segmented on the basis of equipment, type and region. Based on equipment the market is further segmented into Drilling Equipment, Field Production Machinery, Pumps, Valves, Others. Amongst these segments, drilling equipment segments holds the largest share due to increased number of drilling projects across the globe. On the basis of type, market is classified as drilling (Drill Pipe, Drill Collars), Pressure & Flow control (BOP, Valves, Manifold). Drill Pipe segment accounts for the largest market share due to large drilling activities in offshore and onshore. Also, shale production, which requires drill pipes as an essential set of equipment, has witnessed growth.
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Global Oilfield Equipment Rental Services Market – Regional Analysis
Asia Pacific and Europe are the other major market for the Oilfield Equipment Rental Services. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
North America dominates the Oilfield Equipment Rental Services market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major player are operating in this region. This has the positive influence on the growth of the market.
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