Oilfield Equipment Rental Services Market Overview:
In-depth examination of the current & future trends, market expansions, regional conditions, market size, growth drivers, limitations, and key players overview along with their business details. Reported historical data from 2017 to 2022 and makes available the forecast data from the year 2023 to 2032 which is based on their revenue status. This Study provides global markets improvement trends, hostile vision assessment, key region developments, policies, plans are discussed, and manufacturing strategies are also discussed.
Introduction of market factors, after COVID impact analysis, Porter's five forces, supply/value chain, competitive landscape, product matrix, peer analysis, and company profiles.
Oilfield Equipment Rental Services Market growth is expected to register 3.31% CAGR by the year 2030.
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Increasing demand for oil and gas results in rising demand in the oil field equipment rental services market. Changed supply and demand dynamics are expected to increase in the number of oil wells leading to boosting the oil field equipment rental services market share. Augmented demand for oil and gas also propels the oil field equipment rental services market revenues. Additionally, expansion of drilling activities in countries like Saudi Arabia, Kuwait, Qatar and Venezuela boost the oil field equipment rental services market value.
Requirement of Vast Capital is a Major Factor Hindering the Market Rise
High initial costs associated with installment and maintenance of oilfield equipment rental services restrain the market growth. Also, substantial investments required to develop these equipments pose challenges for the oilfield equipment rental services market growth. Nevertheless, manufacturers are increasingly focusing on reducing the overall manufacturing cost of these equipments, which would support the market growth throughout the forecast period.
COVID-19 Impact on the Market
The COVID-19 pandemic impacted the oilfield equipment rental services industry severely. The pandemic has been a major challenge for suppliers disturbing the production of several key components and supply chains. Besides, travel restrictions implemented due to COVID-19 stood in the way of delivering these equipments to users.
O&G equipment rental services providers faced problems ranging from delivering end products to attracting workers from quarantines. However, the oilfield equipment rental services industry is rapidly getting back to normal, witnessing significant demand from oil and gas sectors worldwide. Furthermore, the market demand is expected to pick up following the uplift of lockdown in many countries.
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Segmentation
The market is segmented into drilling equipment, pressure & flow control equipment, and regions. The drilling equipment segment is sub-segmented into drill pipe, drill collars, heavy-weight, drill subs, and others. The pressure & flow control equipment segment is sub-segmented into BOP, valves & manifolds, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
North America accounts for the largest global oilfield equipment rental services market share. Factors such as the increasing numbers of drilling activities in the US influence the region's oilfield equipment rental services market size.
Besides, the demand for conventional and non-conventional drilling in the region drives the oilfield equipment rental services market growth. Also, the increase in E&P spending and the strong presence of major players providing easy rental plans are major oilfield equipment rental services market trends.
Competitive Analysis
Key players involved in the oilfield equipment rental services market are Baker Hughes (US), Halliburton Co. (US), Transocean Ltd. (Switzerland), Schlumberger Ltd (US), Weatherford International Ltd. (Switzerland), Oil States International Inc. (US), B&B Oilfield Equipment Corp (US), Superior Energy Services Inc. (US), National Oilwell Varco (US), Cameron International Inc. (US), and others.
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