According to the new
market research report "Oilfield Equipment Rental Market by Equipment
(Drilling Equipment (Drill Pipe, Drill Collars, Hevi-Wate, and Subs), Pressure
& Flow Control Equipment, and Fishing Equipment), Application (Onshore and
Offshore), and Region - Global Forecasts to 2022", published by MarketsandMarkets™, the oilfield equipment rental market is expected to
grow from an estimated USD 16.99 Billion in 2017 to USD 20.55 Billion by 2022,
at a CAGR of 3.87%. The global oilfield equipment rental market is set to
witness growth, due to technological advancement in oilfield equipment and
increase in global investments in exploration and production.
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The drilling
equipment is expected to hold the largest share of the oilfield equipment rental
market, by equipment, during the forecast period
The drilling segment dominated the oilfield equipment
rental market during the forecast period. Extensive shale mining is being
carried out in North America and technological advancement in the drilling equipment
used in such unconventional shale reserves is expected to drive the drilling
equipment segment.
Browse and in-depth TOC on "Oilfield Equipment Rental Market"
66 - Tables
81 - Figures
182 - Pages
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TOC @
Onshore is the largest
segment in the oilfield equipment rental market
With
regard to the application segment, onshore segment in the oilfield equipment
rental market is expected to be the largest market in 2017. Rising demand for
rental equipment from China, Southeast Asia, and the Middle East would drive
the onshore segment. The presence of huge onshore shale reserves in the U.S.
and Australia, is likely to boost the demand for onshore oilfields.
North America: The
leading market for oilfield equipment rental
North
America is expected to dominate the global oilfield equipment rental market,
given growing unconventional hydrocarbon production in the region. The region is the new swing producer in global
oil markets owing to the boom in production from both shale operations and
deepwater exploration and production in the Gulf of Mexico. Exploration and
production activities in the region are also expected to gain momentum with
increased capital spending by major oil companies. All these factors are
expected to drive the North American oilfield equipment rental market.
Equipment rental market is expected to be the largest
from onshore application due to the increasing exploration and production
activities
Onshore
Onshore activities are
typically higher compared to offshore, and so are the respective rental needs
on the oilfield equipment. Increasing demand for rental equipment from China,
Southeast Asia, and the Middle East is expected to drive demand growth in the
onshore segment. Also, huge shale reserves in the US and Australia are likely
to augment the demand from onshore oilfields. In 2016, onshore rig count stood
around 97% in North America, and 87% in the Middle East.
Offshore
Offshore oil and gas
activities are highly capital-intensive. The Gulf of Mexico, and the North Sea
regions dominate the offshore market for equipment rentals. West Africa,
Malaysia, and the offshore regions of Venezuela and Brazil are emerging markets
with slightly swift growth rates.
To enable an
in-depth understanding of the competitive landscape, the report includes some
of the top players in the oilfield equipment rental market. These
players include Halliburton Company (U.S.), Schlumberger Limited (U.S.),
Weatherford International, PLC (Switzerland), Superior Energy Services, Inc.
(U.S.), Oil States International, Inc. (U.S.), Parker Drilling Company (U.S.),
Bestway Oilfields (U.S.), Certified Oilfield Rentals, LLC (U.A.E.), Circle T
Service & Rental, Ltd. (Canada), Ensign Energy Services, Inc. (Canada),
John Energy, Ltd. (India), Key Energy Services (U.S.), Seventy Seven Energy,
Inc. (U.S.), KIT Oil & Gas (U.A.E.), Black Diamond Group (Canada), Savanna
Energy Corporation (Canada), TechnipFMC, PLC (U.K.), Amik Oilfields Equipment
& Rentals (Canada), Basic Energy Services (U.S.), Bois Equipment Rentals BV
(Netherlands), Harpoon Energy (Canada), Heat Oilfield, Ltd. (Canada), Precision
Drilling Corporation (Canada), Stallion oilfield Holdings, Inc. (U.S.), and
Wrangler Rentals (Canada) among others. Leading players are trying to penetrate
the markets in developing economies and are adopting various strategies to
increase their market share.
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