Global Oilfield Equipment Rental Market to Reach US$ 34 Billion by 2032, Propelled by Increasing Oil Exploration Activities

March 07, 2023 | Energy & Mining

The latest report by IMARC Group, titled "Oilfield Equipment Rental Market Report by Equipment (Drilling, Pressure & Flow Control, and Others), Application (Onshore, Offshore), and Region 2024-2032," finds that the global oilfield equipment rental market size reached US$ 25 Billion in 2023. Oilfield equipment rental is the process of hiring equipment for the extraction and drilling of oilfields for a predefined period. These machines are used in horizontal and deep drilling, well completion, well logging, and well intervention activities. Some of the common oilfield equipment used are drilling, pumps and valves, pressure and flow equipment, artificial lift systems, drill bits, wireline tools, tubes, blowout preventers (BOP), and mud pumps. These services are more cost-effective as they offer minimal cost of acquisition and maintenance than the traditional method of purchasing oilfield equipment, due to which they are gaining traction across the globe.

Global Oilfield Equipment Rental Market Trends:

The market is primarily driven by the increasing exploration and production activities across the globe. In addition, the escalating demand for crude oil and natural gas for power and energy requirements represents another major growth-inducing factor. Besides this, governments of numerous countries and private stakeholders are adopting rented oilfield equipment to introduce projects for the overall development of economies. This, coupled with the introduction of Radio Frequency Identification (RFID)-enabled equipment, which assists in improving drilling and hole-cleanup operations, is positively influencing the market growth. Moreover, various key players are offering machines with advanced features, such as horizontal and directional drilling, which can be attached to Universal Bottom Hole Orientation (UBHO) equipment. They are also developing drilling technology that aids in monitoring drilling activities during deep-water and ultra-deep-water operations, which is also contributing to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 34 Billion by 2032, exhibiting a CAGR of 3.4% during the forecast period (2024-2032). 

Market Summary:

  • Based on equipment, the market has been categorized into drilling (drill pipes, drill collars, subs, and others), pressure and flow control (blow out preventer (BOP), valves and manifolds, and others), and others.
  • On the basis of the application, the market has been classified into onshore and offshore.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Basic Energy Services Inc., Bestway Oilfields & Gas Equip LLC, Circle T Service & Rental Ltd., Ensign Energy Services Inc., Halliburton Company, John Energy Ltd., Parker Drilling Company, Schlumberger Limited, Seventy-Seven Energy Inc., Superior Energy Services Inc., TechnipFMC PLC, and Weatherford International PLC.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Equipment, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Basic Energy Services Inc., Bestway Oilfields & Gas Equip LLC, Circle T Service & Rental Ltd., Ensign Energy Services Inc., Halliburton Company, John Energy Ltd., Parker Drilling Company, Schlumberger Limited, Seventy-Seven Energy Inc., Superior Energy Services Inc., TechnipFMC PLC and Weatherford International PLC
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
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Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Oilfield Equipment Rental Market to Reach US$ 34 Billion by 2032, Propelled by Increasing Oil Exploration Activities
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