Global Oilfield Equipment Rental Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Oilfield Equipment Rental Market: Overview

“The global Oilfield Equipment Rental Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Oilfield equipment is an equipment that used in oil & gas exploration process. In order to reduce the capital expenditure of oilfield equipment, operators take this equipment on rent or lease. Oilfield equipment rental market continues to witness strong growth and used in drill pipe, drill subs and others owing to growing energy demand.

Global Oilfield Equipment Rental Market: Dynamics

The global oilfield equipment rental market is expected to register a substantial growth over the forecast period, owing to increasing demand and investments for oil & gas exploration activities in developed as well as developing nations. Moreover, rising demand of energy and ability to rent the equipment rather than buying the equipment are expected to boost demand for oil and gas exploration activities. Furthermore, government initiatives and investments related to offshore and onshore drilling activities is also anticipated to bolster demand for oilfield equipment rental market.

In addition, technological advancement and ongoing research and development activities in equipment such as whipstock, mud motor, universal bottom hole orientation (UBHO) equipment required for horizontal and directional drilling is also anticipated to drive growth of the target market.

However, customized demands by drillers may restrict use of oilfield equipment rental and restrain growth of the market

Recent trend observed in the target market is renting oilfield equipment, because of overall capital cost is expected to reduce and liability for performance is transferred to the equipment provider. This is estimated to encourages numerous oilfield operators to use rental equipment for oilfield operations. In November 2017, for instance, Australia-based Tasman Oil Tools Pty Ltd which is a subsidiary of Northbridge Industrial Services plc, has joint venture with Olio Resources Sdn Bhd and supplying drilling rental tools, pressure control solutions, and wellbore clean up to oil & gas operators in Southeast Asian region.

Global Oilfield Equipment Rental Market: Segment Analysis

Among the equipment type segments, the drilling equipment segment is projected to register a significant revenue growth over the forecast period.

Among the application segments, the onshore segment is expected to account for major revenue share, owing to existence of huge onshore shale reserves globally.

Global Oilfield Equipment Rental Market: Regional Analysis

The market in North America is estimated to account for major market share in the global oilfield equipment rental market in terms of revenue, owing to technological advancements in oilfield equipment, increasing E&P activities, and growing unconventional liquid hydrocarbon production in the US and Canada. Moreover, ongoing drilling projects is anticipated to propel growth of oilfield equipment rental market over the forecast period.

The Middle east & Africa oilfield equipment rental market accounts for significant share in terms of revenue in the global market and is projected to witness substantial growth during the forecast period. Factors such as increasing drilling activity along with increasing investments in exploration & production activities are some of the factors expected drive growth of the target market in this region.

Global Oilfield Equipment Rental Market Segmentation:

Segmentation by Equipment Type:

• Drilling Equipment
  • Drill Pipes
  • Drill Collars
  • Hevi-Wate
  • Subs
  • Others
• Pressure & Flow Control Equipment
  • BOPs
  • Valves & Manifolds
  • Others
• Fishing Equipment

Segmentation by Application:

• Onshore
• Offshore

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa