Market Snapshot:
Oilfield equipment rental refers to the temporary hire 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 retrieve crude oil. In most of the cases oil and gas operator hire oilfield services contractor who carries out drilling operations. Oilfield equipment's are not assisted in setting up oil and gas well but provide a solution to manufacturers, repair, maintain tool and equipment used in the tools. Oil and gas exploration is getting more natural due to technological advancement. Some of the oilfield equipment available on rent includes drilling, pressure and flow equipment, pumps and valves, tubes, drill bits, wireline tools, blowout preventers (BOP), artificial lift systems and mud pumps. Increasing industrialization and the growing oil and gas industry represent as the key factors of oilfield equipment rental service.
Highlights from Oilfield Equipment Rental Services Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Value (2028) | USD 30800.0 Million |
Unit | Value (USD Million) |
CAGR | 3.85% |
The key Manufacturers profiled in the report are Ranger Energy Services Inc. (United States), Bestway Oilfields (Dubai), Circle T Service & Rental Ltd (Canada), Halliburton Company (United States), Ensign Energy Services Inc. (Canada), John Energy Ltd. (India), Parker Drilling Company (United States), Schlumberger Limited (India), Patterson-UTI Energy, Inc. (United States) and Superior Energy Services Inc. (United States). Additionally, other players that are part of this comprehensive study are TechnipFMC plc (England), Weatherford International PLC (United States), Vallourec (France), Expro (United Kingdom) and Petrofac ()United Kingdom.
Geographic Breakdown and Segment Analysis
The Global Oilfield Equipment Rental Services market presents a comprehensive analysis of the Oilfield Equipment Rental Services market by end-user/application (Pipeline and Storage, Transportation, Lifting and handling, Power Generation and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Oilfield Equipment Rental Services industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Oilfield Equipment Rental Services market
Analyst at AMA have segmented the market study of Global Oilfield Equipment Rental Services market by Type, Application and Region.
Influencing Trend:
Digitalization and technology adoption and Customization and value added service's such as maintenance, repair and inspection.
Market Growth Drivers:
Increased Oil and Gas Exploration and Production and Increasing Demand for Unconventional Resources
Challenges:
Economical Volatility and High Initial Cost of rental equipment companies
Restraints:
Economical factor such as fluctuation in oil and gas prices
Opportunities:
Flexible Rental Models and Emerging offshore opportunities
Market Developments Activities:
In November 2023, Schlumberger and Aker Solutions has started partnership to develop and commercialize carbon capture and storage technologies. This collaboration leverages Schlumberger's subsurface expertise with Aker Solutions' engineering and project execution capabilities.
In November 2023, Schlumberger launched New CO2 Capture and Storage Technology. This technology is designed to capture and store carbon dioxide emissions from oil & gas operations.
The oilfield equipment's rental market is fragmented with prominent market player acquiring a sized portion. The prominent player operating in the market are constantly adopting various growth strategies to stay in market. Product launch, innovation, merge, acquisition, collaboration and partnership are the market growth strategies.
Key Target Audience
Government agencies, Research firm, Potential Investors, Market research and consultancy firm and Others