Oilfield Equipment Rental Services Market - Overview

According to a recent study report published by the Market Research Future, The global market of Oilfield Equipment Rental Services is booming and expected to gain prominence over the forecast period. The global Oilfield Equipment Rental Services market is forecasted to demonstrate an exponential growth by 2022, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2022). Oilfield equipment is an equipment that extracts oil and gas from the reservoir. In order to reduce the capital expenditure of these equipment, the oilfield operators take this equipment on rent or lease.

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Industry Highlights

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Oilfield Equipment Rental Services market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

Industry Segmentation

Based on Drilling Equipment, the market has been segmented into Drill Pipe, Drill Collars, Heavv-Wate, Drill Subs and others.

Based on Pressure & Flow Control Equipment, the market has been segmented into BOP, Valves & Manifolds, and others. BOP dominates the pressure & flow control equipment segment of global market. BOP is widely used to seal, control and monitor the oil and gas wells and to prevent the blowout.

Based on application, the market has been segmented into onshore and offshore. Onshore dominates the application segment of global market mainly due to the presence of large onshore shale reserve. Offshore segment is expected to be the fastest growing segment during the forecast period.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

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Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Oilfield Equipment Rental Services appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Oilfield Equipment Rental Services market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

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