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Rising Deep-Water Oil Drilling Activities to Accelerate Demand for Oilfield Equipment Rental

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Published on : Apr 25, 2017

Albany, New York, April 25, 2017: The report provides a comprehensive overview of the global oilfield equipment rental market. The research study provides in-depth insights into key drivers and restraints, current trends and emerging opportunities, major technological advancements, and strategic dynamics. It offers market share and size of major applications such as onshore and offshore and highlights the crucial factors boosting the growth of the segments along the forecast period. The major regions covered in the report are the Americas, Asia Pacific and the Middle East and Africa (EMEA).

The research study analyzes the market dynamics of various product segments and evaluates various factors impacting the demand for major ones across various regions. The analysis takes a closer look at recent product innovations and improvements expected to influence the shift in competitive dynamics in the coming years. The report evaluates the market scope of new technology advancements, such as enhanced oil recovery (EOR), and key factors affecting their uptake. Investment trends of leading vendors and players on patents are also covered in the analysis. 

The global oilfield equipment rental market is anticipated to expand at a CAGR of 4.76% from 2017 to 2021. The market is mainly driven by several advances in drilling technology and the demand for sophisticated equipment with real-time capabilities for exploration activities in unconventional regions. The need for avoiding additional capital expenditure has stimulated the demand for provisioning these equipment on rental basis.

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An increasing number of onshore oil and gas well maturing has led companies to invest in offshore drilling rigs. A large number of vendors have also invested in technology patents in oilfield equipment. As a result, the deep and ultra-deep water oil drilling activities have intensified, which has spurred the demand for advanced monitoring technologies to mitigate risks. For instance, the increasing implementation of oilfield equipment with real-time monitoring capabilities for off-shore regions is expected to open lucrative market avenues in the coming years. In addition, the growing popularity of multilateral system for various oilfield processes is expected to fuel the oilfield equipment rental market. 

The Americas is a prominent market for oilfield equipment rental services. The impressive growth of the regional market is attributed to constant technology advancements in equipment and accelerating investments in the oil and gas sector. 

Leading player are making considerable investment in R&D activities to bring product innovations in order to consolidate their shares. Several players are also actively engaging in mergers and acquisitions, joint ventures, and partnerships to strengthen their presence across major regions. Key players operating in this market include Ensign Energy Services, Precision Drilling, Halliburton, Weatherford, and Schlumberger, Basic Energy Services, FMC Technologies, Key Energy Services, Oil States International, Knight Oil Tools, and Parker Drilling.

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