Tuesday, April 14, 2015

North America Oilfield Equipment Rental Market

North America Oilfield Equipment Rental Market is Expected to Reach $11,383 Million by 2019

The oilfield equipment rental market in North America was valued at $9,765 million in 2014, and is expected to reach $11,383 million by 2019, at a CAGR of 3.1% from 2014 to 2019.
Browse through the TOC of North America oilfield equipment rental market for an analysis of industry trends, segments & forecasts.

Oil & gas companies are quite reluctant to undergo the purchase of oilfield equipment due to varied factors, such as high capital expenditure, maintenance cost, and depreciating value of the equipment. Therefore, companies are focusing on renting oilfield equipment as per their customized requirements. An essential driving factor that adds to the reliability of renting oilfield equipment is that companies are saved from the expenses associated with the transportation of the equipment from one drilling site to another.

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The rental players are constantly trying to modify their product line with highly customized and advanced equipment in order to acquire more supply contracts. This market has very few prominent players, and these are actually the rental divisions of major oilfield service providers.

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