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

Global 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).

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.

US Oilfield Equipment Rental Market is poised to grow at a sustainable CAGR for the next forecast year.