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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.
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:
Breakup by Application:
Breakup by Region:
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.
|Base Year of the Analysis||2021|
|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
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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)|
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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