USD 28.3 billion
Report ID: SQSG10B2006 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Oilfield Equipment Rental Market was valued at USD 28.3 billion in 2021 and it is expected to reach at USD 42.9 billion by 2028, with CAGR of 4.5% over forecast period (2022-2028).
Oilfield equipment rental is the temporary hiring of equipment used for oilfield extraction and drilling for a set period of time. Oilfields necessitate the use of specialized machinery to drill wells into the subsurface and extract crude oil. Drilling, pressure and flow equipment, pumps and valves, tubes, drill bits, wireline tools, blowout preventers (BOP), artificial lift systems, and mud pumps are examples of common oilfield equipment available for rent. In comparison to traditional purchasing of oilfield equipment, renting is thought to be more cost-effective because it requires less acquisition and maintenance. Growing industrialization and the expanding oil and gas industry are the primary factors driving the market's positive outlook. Furthermore, rising demand for crude oil and natural gas for energy and power needs around the world is propelling market growth. As a result, governments from various countries and numerous private stakeholders are increasingly using rented oilfield equipment to carry out projects that benefit their respective economies.
Global Market Size
USD 28.3 billion
Pressure & flow control
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Global oilfield equipment rental market is segmented based on equipment, application, and region. Based on equipment, market is segmented as Drilling, equipment (Drill pipe, Drill colour, Drilling rigs, Others), Pressure & flow control equipment (Blow out preventer, Valves & manifolds, Flowlines, Others), Fishing equipment, other equipment. Based on application, market is segmented as onshore, offshore. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Analysis by Equipment:
Drilling equipment, oilfield production machinery, pumps and valves, and other items are included in this product category. These product types are used for a variety of tasks such as crude extraction, processing, and transportation. As the number of accidents on offshore and onshore drilling sites has increased, the use of production logging, testing, and survey equipment and services has become necessary. These factors are expected to drive the growth of drilling and exploration equipment over the forecast period. Oilfield equipment and services are designed to assist operators in controlling subsurface pressure, controlling borehole erosion, reducing formation damage, optimizing drilling parameters such as penetration rate, and enabling hole enlargement and cleaning.
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Based on region, global oilfield equipment rental market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.. North America is currently expected to have the largest Oilfield Equipment Rental Services market share due to higher unconventional hydrocarbon production than other regions. Furthermore, the Gulf of Mexico is currently focusing on expanding its offshore exploration and production activities. As a result of increased production activities, these regions are gaining traction. During the forecast period, Canada is expected to increase its production rate. Because the region is the fourth-largest producer of crude oil, accounting for more than 31% of global production. This prospect has prompted mature market players to increase their investment in the region.
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The search for new reserves, as well as the depletion of existing ones, has necessitated the use of new extraction techniques and increased the complexity of drilling. The increasing volume and complexity of well requirements in order to meet global production targets is driving the demand for customized drilling equipment. A significant number of high-spec rigs and associated equipment are expected to be delivered over the next five years. The vast majority of the high-tech new rigs are expected to be used for horizontal drilling. All of this puts additional strain on rental equipment providers, as demand for well operators varies by well.
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The global oilfield equipment rental market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Top Players in the Oilfield Equipment Rental Market
Parker Drilling Company was awarded a contract in May 2016 to operate and maintain three customer-owned rigs in support of the Sakhalin-1 Project.
Schlumberger acquired coiled tubing drilling and coiled tubing units in April 2016. This will expand its coiled tubing portfolio in the United States and Saudi Arabia.
In November 2019, the highly populated oilfield service provider companies TechnipFMC and oil major Chevron signed a five-year surface technologies framework agreement. Under this contract, TechnipFMC provides surface wellhead equipment and services in the United States and Canada.
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According to our global oilfield equipment rental market analysis, the rise in demand for fossil fuels is driving the oilfield equipment rental market. Products derived from crude oil refining, such as gasoline, diesel, petrochemicals, and plastics, are used in a variety of applications. Oil companies are refocusing their efforts on unconventional reserves such as shale oil, CBM, oil sands, and heavy crude. This shift in focus is another driving force in the oilfield equipment rental market, as unconventional reserves necessitate specialized operations requiring specialized equipment. the region's growing unconventional hydrocarbon production, North America is expected to dominate the global oilfield equipment rental market.
|Market size value in 2021||USD 28.3 billion|
|Market size value in 2028||USD 42.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oilfield Equipment Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oilfield Equipment Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Oilfield Equipment Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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