Increase in the number of drilling activities worldwide, due to rising demand of energy, is the key driving force for growth of the oilfield equipment market.
Growth in the Middle East oilfield equipment rental market is attributed to the technological advancements in the oilfield equipment segment. Traditional equipment is not fully capable of meeting new challenges hence the petroleum industry is looking out for advanced IT based machinery and software to perform operations in various unconventional and deep reservoir locations.
With the advent of new trends in deep-water drilling in the oil industry, profits are huge, despite low output from shallow wells.
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Top market players that have established their base in the Middle East oilfield equipment rental market are Weatherford International Ltd. (Ireland), Oil States International (U.S.), Superior Energy Services Inc. (U.S.), and Schlumberger (U.S.).