According to the new market research report “Oilfield Equipment Rental Market by Equipment (Drilling Equipment (Drill Pipe, Drill Collars, Hevi-Wate, and Subs), Pressure & Flow Control Equipment, and Fishing Equipment), Application (Onshore and Offshore), and Region – Global Forecasts to 2022”, published by MarketsandMarkets™, the oilfield equipment rental market is expected to grow from an estimated USD 16.99 Billion in 2017 to USD 20.55 Billion by 2022, at a CAGR of 3.87%. The global oilfield equipment rental market is set to witness growth, due to technological advancement in oilfield equipment and increase in global investments in exploration and production.
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The drilling equipment is expected to hold the largest share of the oilfield equipment rental market, by equipment, during the forecast period
The drilling segment dominated the oilfield equipment rental market during the forecast period. Extensive shale mining is being carried out in North America and technological advancement in the drilling equipment used in such unconventional shale reserves is expected to drive the drilling equipment segment.
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Onshore is the largest segment in the oilfield equipment rental market
With regard to the application segment, onshore segment in the oilfield equipment rental market is expected to be the largest market in 2017. Rising demand for rental equipment from China, Southeast Asia, and the Middle East would drive the onshore segment. The presence of huge onshore shale reserves in the U.S. and Australia, is likely to boost the demand for onshore oilfields.
North America: The leading market for oilfield equipment rental
North America is expected to dominate the global oilfield equipment rental market, given growing unconventional hydrocarbon production in the region. The region is the new swing producer in global oil markets owing to the boom in production from both shale operations and deepwater exploration and production in the Gulf of Mexico. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies. All these factors are expected to drive the North American oilfield equipment rental market.
Equipment rental market is expected to be the largest from onshore application due to the increasing exploration and production activities
Onshore activities are typically higher compared to offshore, and so are the respective rental needs on the oilfield equipment. Increasing demand for rental equipment from China, Southeast Asia, and the Middle East is expected to drive demand growth in the onshore segment. Also, huge shale reserves in the US and Australia are likely to augment the demand from onshore oilfields. In 2016, onshore rig count stood around 97% in North America, and 87% in the Middle East.
Offshore oil and gas activities are highly capital-intensive. The Gulf of Mexico, and the North Sea regions dominate the offshore market for equipment rentals. West Africa, Malaysia, and the offshore regions of Venezuela and Brazil are emerging markets with slightly swift growth rates.
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To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the oilfield equipment rental market. These players include Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), Oil States International, Inc. (U.S.), Parker Drilling Company (U.S.), Bestway Oilfields (U.S.), Certified Oilfield Rentals, LLC (U.A.E.), Circle T Service & Rental, Ltd. (Canada), Ensign Energy Services, Inc. (Canada), John Energy, Ltd. (India), Key Energy Services (U.S.), Seventy Seven Energy, Inc. (U.S.), KIT Oil & Gas (U.A.E.), Black Diamond Group (Canada), Savanna Energy Corporation (Canada), TechnipFMC, PLC (U.K.), Amik Oilfields Equipment & Rentals (Canada), Basic Energy Services (U.S.), Bois Equipment Rentals BV (Netherlands), Harpoon Energy (Canada), Heat Oilfield, Ltd. (Canada), Precision Drilling Corporation (Canada), Stallion oilfield Holdings, Inc. (U.S.), and Wrangler Rentals (Canada) among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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