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

Oilfield Equipment Rental Market Drivers

• 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.

Oilfield Equipment Rental Market Restraint

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.