The report for Oilfield Equipment Rental Services Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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Global Oilfield Equipment Rental Services Market – Overview
Oilfield equipment is an equipment that extracts oil and gas from the reservoir. In order to reduce the capital expenditure of these equipment, the oilfield operators take this equipment on rent or lease.
According to a recent study report published by the Market Research Future, The global market of Oilfield Equipment Rental Services is booming and expected to gain prominence over the forecast period. The global Oilfield Equipment Rental Services market is forecasted to demonstrate an exponential growth by 2022, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2022).
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Oilfield Equipment Rental Services market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
Global Oilfield Equipment Rental Services Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Oilfield Equipment Rental Services appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Oilfield Equipment Rental Services market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
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.
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Oilfield Equipment Rental Services Market – Segmentation
Global Oilfield Equipment Rental Services Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
Based on Drilling Equipment, the market has been segmented into Drill Pipe, Drill Collars, Heavv-Wate, Drill Subs and others. Drill Pipe dominates the pressure & flow control equipment segment of global market due to its wide use in drilling the wells.
Based on Pressure & Flow Control Equipment, the market has been segmented into BOP, Valves & Manifolds, and others. BOP dominates the pressure & flow control equipment segment of global market. BOP is widely used to seal, control and monitor the oil and gas wells and to prevent the blowout.
Based on application, the market has been segmented into onshore and offshore. Onshore dominates the application segment of global market mainly due to the presence of large onshore shale reserve. Offshore segment is expected to be the fastest growing segment during the forecast period.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
Global Oilfield Equipment Rental Services Market – Regional Analysis
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.
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.
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