IMARC Group’s latest report, titled “Oilfield Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global oilfield equipment rental market reached a value of US$
23.0 Billion in 2021. Oilfield equipment rental refers to equipment rental facilities used temporarily for a predefined duration to explore and drill oilfields. These services are used for horizontal and deep drilling, well logging, well completion and well intervention. Oilfield equipment rental services are considered to be more cost-effective than purchasing oilfield instruments as they involve minimal costs of acquisition and maintenance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oilfield Equipment Rental Market Trends:
A significant rise in exploration and production activities due to the increasing demand for crude oil and natural gas represents the primary factor driving the market. Due to rapid industrialization and extensive infrastructural development, the need for oilfield equipment rental services has escalated across the globe. As a result, governments of various countries are adopting rented oilfield equipment to undertake oilfield projects. Besides this, improvements in surface operations and advancements in drilling technology that assist in monitoring drilling activities during deep-water and ultra-deep-water drilling operations are also providing a positive impact on the market. These improvements have resulted in longer laterals, minimal liner and casing, enhanced drilling rates and multi-pad drilling. Looking forward, the market is projected to grow at a CAGR of 4.2% during the forecast period (2022-2027).
- Based on the equipment, the market has been segmented 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 bifurcated into onshore and offshore.
- Region-wise, the market has been classified 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 Middle East and Africa.
- The competitive landscape of the market has also been examined, 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.
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