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Oilfield Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global oilfield equipment rental market size reached US$ 23.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.6 Billion by 2027, exhibiting a growth rate (CAGR) of 4.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Oilfield equipment rental refers to the facility of hiring equipment used for the extraction and drilling of oilfields temporarily for a predefined period. Oilfields require specialized machinery for drilling wells into the subsurface and extracting crude oil. Some of the common oilfield equipment available on rent includes drilling, pressure and flow equipment, pumps and valves, tubes, drill bits, wireline tools, blowout preventers (BOP), artificial lift systems and mud pumps. In comparison to the traditional purchasing of oilfield equipment, renting is considered to be more cost-effective as it offers minimal cost of acquisition and maintenance.

Increasing industrialization and the growing oil and gas industry represent as the key factors creating a positive outlook for the market. Furthermore, the rising demand for crude oil and natural gas for energy and power requirements across the globe is also driving the market growth. Consequently, governments of various countries and numerous private stakeholders are widely adopting rented oilfield equipment to undertake projects for the overall development of their respective economies. Additionally, various technological advancements, such as the development of Radio Frequency Identification (RFID)-enabled equipment, which aid in improving drilling and hole-cleanup operations, are acting as other growth-inducing factors. Equipment manufacturers and rental service providers are also offering machines with innovative features, such as horizontal and directional drilling, which can be attached with a mud motor and Universal Bottom Hole Orientation (UBHO) equipment. Other factors, including advancements in deep water and ultra-deep water drilling activities, along with extensive infrastructural developments and an increasing number of offshore exploration activities, are anticipated to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global oilfield equipment rental market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on equipment and application.

Breakup by Equipment:

  • Drilling
    • Drill Pipes
    • Drill Collars
    • Subs
    • Others
  • Pressure & Flow Control
    • Blow Out Preventer (BOP)
    • Valves & Manifolds
    • Others
  • Others
     

Breakup by Application:

  • Onshore
  • Offshore
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
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$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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)

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Oilfield Equipment Rental Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Equipment
    6.1    Drilling
        6.1.1 Market Trends
        6.1.2 Major Types
              6.1.2.1 Drill Pipes
              6.1.2.2 Drill Collars
              6.1.2.3 Subs
              6.1.2.4 Others
        6.1.3 Market Forecast
    6.2    Pressure & Flow Control
        6.2.1 Market Trends
        6.2.2 Major Types
              6.2.2.1 Blow Out Preventer (BOP)
              6.2.2.2 Valves and Manifolds
              6.2.2.3 Others
        6.2.3 Market Forecast
    6.3    Others
        6.3.1 Market Trends
        6.3.2 Market Forecast
7   Market Breakup by Application
    7.1    Onshore
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Offshore
        7.2.1 Market Trends
        7.2.2 Market Forecast
8   Market Breakup by Region
    8.1    North America
        8.1.1 United States
           8.1.1.1 Market Trends
           8.1.1.2 Market Forecast
        8.1.2 Canada
           8.1.2.1 Market Trends
           8.1.2.2 Market Forecast
    8.2    Asia Pacific
        8.2.1 China
           8.2.1.1 Market Trends
           8.2.1.2 Market Forecast
        8.2.2 Japan
           8.2.2.1 Market Trends
           8.2.2.2 Market Forecast
        8.2.3 India
           8.2.3.1 Market Trends
           8.2.3.2 Market Forecast
        8.2.4 South Korea
           8.2.4.1 Market Trends
           8.2.4.2 Market Forecast
        8.2.5 Australia
           8.2.5.1 Market Trends
           8.2.5.2 Market Forecast
        8.2.6 Indonesia
           8.2.6.1 Market Trends
           8.2.6.2 Market Forecast
        8.2.7 Others
           8.2.7.1 Market Trends
           8.2.7.2 Market Forecast
    8.3    Europe
        8.3.1 Germany
           8.3.1.1 Market Trends
           8.3.1.2 Market Forecast
        8.3.2 France
           8.3.2.1 Market Trends
           8.3.2.2 Market Forecast
        8.3.3 United Kingdom
           8.3.3.1 Market Trends
           8.3.3.2 Market Forecast
        8.3.4 Italy
           8.3.4.1 Market Trends
           8.3.4.2 Market Forecast
        8.3.5 Spain
           8.3.5.1 Market Trends
           8.3.5.2 Market Forecast
        8.3.6 Russia
           8.3.6.1 Market Trends
           8.3.6.2 Market Forecast
        8.3.7 Others
           8.3.7.1 Market Trends
           8.3.7.2 Market Forecast
    8.4    Latin America
        8.4.1 Brazil
           8.4.1.1 Market Trends
           8.4.1.2 Market Forecast
        8.4.2 Mexico
           8.4.2.1 Market Trends
           8.4.2.2 Market Forecast
        8.4.3 Others
           8.4.3.1 Market Trends
           8.4.3.2 Market Forecast
    8.5    Middle East and Africa
        8.5.1 Market Trends
        8.5.2 Market Breakup by Country
        8.5.3 Market Forecast
9   SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10  Value Chain Analysis
11  Porters Five Forces Analysis
    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12  Price Analysis
13  Competitive Landscape

    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players
        13.3.1    Basic Energy Services Inc.
           13.3.1.1 Company Overview
           13.3.1.2 Product Portfolio 
           13.3.1.3 Financials
        13.3.2    Bestway Oilfields & Gas Equip LLC
           13.3.2.1 Company Overview
           13.3.2.2 Product Portfolio 
        13.3.3    Circle T Service & Rental Ltd.
           13.3.3.1 Company Overview
           13.3.3.2 Product Portfolio 
        13.3.4    Ensign Energy Services Inc.
           13.3.4.1 Company Overview
           13.3.4.2 Product Portfolio 
           13.3.4.3 Financials
        13.3.5    Halliburton Company
           13.3.5.1 Company Overview
           13.3.5.2 Product Portfolio 
           13.3.5.3 Financials
           13.3.5.4 SWOT Analysis
        13.3.6    John Energy Ltd.
           13.3.6.1 Company Overview
           13.3.6.2 Product Portfolio 
        13.3.7     Parker Drilling Company
           13.3.7.1 Company Overview
           13.3.7.2 Product Portfolio 
           13.3.7.3 Financials
        13.3.8    Schlumberger Limited
           13.3.8.1 Company Overview
           13.3.8.2 Product Portfolio 
           13.3.8.3 Financials
           13.3.8.4 SWOT Analysis
        13.3.9    Seventy-Seven Energy Inc.
           13.3.9.1 Company Overview
           13.3.9.2 Product Portfolio 
        13.3.10    Superior Energy Services Inc.
           13.3.10.1 Company Overview
           13.3.10.2 Product Portfolio 
           13.3.10.3 Financials
           13.3.10.4 SWOT Analysis
        13.3.11    Technipfmc PLC
           13.3.11.1 Company Overview
           13.3.11.2 Product Portfolio 
           13.3.11.3 Financials
        13.3.12    Weatherford International PLC
           13.3.12.1 Company Overview
           13.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Oilfield Equipment Rental Market: Major Drivers and Challenges
Figure 2: Global: Oilfield Equipment Rental Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Oilfield Equipment Rental Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Oilfield Equipment Rental Market: Breakup by Equipment (in %), 2021
Figure 5: Global: Oilfield Equipment Rental Market: Breakup by Application (in %), 2021
Figure 6: Global: Oilfield Equipment Rental Market: Breakup by Region (in %), 2021
Figure 7: Global: Oilfield Equipment Rental (Drilling) Market: Sales Value (in Million US$), 2016 & 2021
Figure 8: Global: Oilfield Equipment Rental (Drilling) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 9: Global: Oilfield Equipment Rental (Pressure & Flow Control) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Oilfield Equipment Rental (Pressure & Flow Control) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Oilfield Equipment Rental (Other Equipments) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Oilfield Equipment Rental (Other Equipments) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Oilfield Equipment Rental (Onshore) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Oilfield Equipment Rental (Onshore) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Oilfield Equipment Rental (Offshore) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Oilfield Equipment Rental (Offshore) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: North America: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: North America: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: United States: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: United States: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Canada: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Canada: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Asia Pacific: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Asia Pacific: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: China: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: China: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Japan: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Japan: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: India: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: India: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: South Korea: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: South Korea: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Australia: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Australia: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Indonesia: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Indonesia: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Others: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Others: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Europe: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Europe: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Germany: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Germany: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: France: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: France: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: United Kingdom: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: United Kingdom: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Italy: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Italy: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Spain: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Spain: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Russia: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Russia: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Others: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Others: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Latin America: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Latin America: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Brazil: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Brazil: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Mexico: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Mexico: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Others: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Others: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Middle East and Africa: Oilfield Equipment Rental Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Middle East and Africa: Oilfield Equipment Rental Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Global: Oilfield Equipment Rental Industry: SWOT Analysis
Figure 66: Global: Oilfield Equipment Rental Industry: Value Chain Analysis
Figure 67: Global: Oilfield Equipment Rental Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Oilfield Equipment Rental Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Oilfield Equipment Rental Market Forecast: Breakup by Equipment (in Million US$), 2022-2027
Table 3: Global: Oilfield Equipment Rental Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Oilfield Equipment Rental Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Global: Oilfield Equipment Rental Market: Competitive Structure
Table 6: Global: Oilfield Equipment Rental Market: Key Players


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Key Questions Answered in This Report

The global oilfield equipment rental market was valued at US$ 23.0 Billion in 2021.

 

We expect the global oilfield equipment rental market to exhibit a CAGR of 4.2% during 2022-2027.

 

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous oil and gas companies and projects, thereby negatively impacting the global market for oilfield equipment rental services. 

 

The rising consumer awareness towards numerous benefits of renting over traditional purchasing of oilfield equipment, such as cost-effectiveness and minimal cost of acquisition and maintenance, is primarily driving the global oilfield equipment rental market. 

Based on the equipment, the global oilfield equipment rental market has been segregated into drilling, pressure & flow control, and others. Among these, drilling holds the largest market share.

Based on the application, the global oilfield equipment rental market can be bifurcated into onshore and offshore. Currently, onshore exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

 

Some of the major players in the global oilfield equipment rental market include 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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