The global oilfield equipment rental market size reached US$ 24.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
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 2023-2028. Our report has categorized the market based on equipment and application.
Breakup by Equipment:
Pressure & Flow Control
Blow Out Preventer (BOP)
Valves & Manifolds
Breakup by Application:
Breakup by Region:
Middle East and Africa
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
Equipment, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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
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
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global oilfield equipment rental market was valued at US$ 24.1 Billion in 2022.
We expect the global oilfield equipment rental market to exhibit a CAGR of 3.9% during 2023-2028.
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.
Need more help?
Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization
Get in Touch With Us
IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.
The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required
We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra
The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.
I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.
We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.