Global Oilfield equipment rental market

Oilfield Equipment Rental Market Size, Share, Growth Analysis, By Equipment(Drilling, equipment (Drill pipe, Drill colour, Drilling rigs), By Application(Onshore, Offshore), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10B2082 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 70 | Figures: 65

Oilfield Equipment Rental Market Regional Insights

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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Oilfield Equipment Rental Market size was valued at USD 29.58 billion in 2019 and is poised to grow from USD 30.9 billion in 2023 to USD 43.95 billion by 2031, growing at a CAGR of 4.50% in the forecast period (2024-2031).

The 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. 'Oil States International Inc. (U.S.)', 'Halliburton Co. (U.S.)', 'Schlumberger Ltd (U.S.)', 'Weatherford International Ltd. (Switzerland)', 'Superior Energy Services Inc. (U.S.)', 'Baker Hughes (U.S.)', 'Cameron International Inc. (U.S.)', 'National Oilwell Varco (U.S.)', 'Transocean Ltd. (Switzerland)', 'B&B Oilfield Equipment Corp (U.S.)'

Oil and gas companies are shifting their exploration focus to unconventional and deep hydrocarbon reservoirs such as shale gas, coal bed methane, tight gas, and heavy oil. To perform operations in various unconventional and deep reservoir conditions, the petroleum industry now has advanced IT-based machinery and software. This paves the way for new age technology to be used as a tool to carry out difficult operations. For example, an advanced Radio Frequency Identification (RFID) circulation sub that aids in drilling and hole-clean-up operations. The RFID circulation sub allows operators to reduce non-productive time. The use of advanced drilling and completion technologies has made drilling in shale formations financially viable. Traditional equipment is not fully equipped to meet new challenges.

Offshore exploration, drilling, and production activities necessitate different environmental and technical considerations than onshore oil and gas activities. Despite the challenges posed by such harsh offshore environmental conditions, advances in exploration and production technology for use in ice-prone regions such as the Grand Banks, Bohai Sea, Caspian Sea, Cook Inlet, and Sakhalin Island have developed economically viable production solutions. The slowdown in oil prices has resulted in a decrease in drilling activity in recent years, putting additional pressure on offshore drillers and service providers. However, opportunities for offshore drillers are expected to grow as the industry gradually recovers.

Based on region, 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 production. This prospect has prompted mature market players to increase their investment in the region.

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Global Oilfield equipment rental market

Report ID: SQMIG10B2082

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