The Global "Oil & Gas Equipment Rental Market" is expected to grow at a CAGR of 4.80% during the forecasting period (2022-2029).
The market growth is driven by several factors such as increasing technological advancements in oilfield equipment, rising global investments in Exploration & Production (E&P), growing drilling activity, and increasing unconventional hydrocarbon production in North America.
However, the growth is retrained by a few factors such as customized demands by drillers, uncertain regulatory framework and equipment utilization, and cold stacked inventory.
The global Oil & Gas Equipment Rental market is segmented by equipment type into Drilling Equipment (Drill Pipe, Drill Collar, Hevi-Wate, Subs, and Other Drilling Equipment), Pressure & Flow Control Equipment (Blow Out Preventer (BOP), Valves & Manifolds, and Other Pressure & Flow Control Equipment), Fishing Equipment, and Other Oilfield Equipment.
The drilling equipment market segment, by type, is expected to dominate the oilfield equipment rental market during the forecasting period due to increasing shale mining in North America and technological advancement in the drilling equipment used in such unconventional shale reserves.
Geographically, the market is segmented into North America, South America, Europe, Asia Pacific, and RoW. North America is expected to dominate the global oilfield equipment rental market due to growing unconventional hydrocarbon production in the region. North America is the new leading producer of global oil markets due to the boom in production from both shale operations and deep-water exploration and production in the Gulf of Mexico. With increasing capital spending by major oil companies, exploration and production activities in this region are expected to grow. Hence, due to all these factors, the North American oilfield equipment rental market is growing.
This graph shows the projected U.S. equipment rental market size from 2017 through 2021. In 2021, the equipment rental market in the United States is forecasted to be sized at approximately 59.4 billion U.S. dollars. The general tool rental segment was projected to grow at a compound annual growth rate (CAGRs) of 6.1 percent.
The major players in the global Automation market include Schlumberger Limited, Halliburton Company, Superior Energy Services, Inc., Oil States International, Inc., Technipfmc, PLC, Weatherford International, PLC, Parker Drilling Company, Seventy Seven Energy, Inc., Basic Energy Services, Inc., Key Energy Services, Inc., John Energy, Ltd., Circle T Service & Rental, Ltd., Ensign Energy Services, Inc., Bestway Oilfields and Kit Oil & Gas.
The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
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