Oilfield Equipment Rental Market

Key Insights

The Global Oilfield Equipment Rental Market is valued at USD 20.87 Billion in 2023 and is projected to reach a value of USD 27.9 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 3.7% between 2024 and 2032

Definition And Overview

This industry consist of the companies which are there for primarily renting tools as well as small- to medium-size pieces of some equipment, which is including contractors' and builders' tools and equipment and also the home maintenance tools for a short spam of time.

The Global Oilfield Equipment Rental Market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2018 to 2022 and forecast from 2023 to 2032.

COVID-19 Impact Analysis

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments

Market Insights

Several oil & gas players have started shifting their exploration focus to unconventional with deep hydrocarbon reservoirs such as coal bed methane (CBM),shale gas, tight gas, and heavy oil. Petroleum market currently, have advanced IT machinery and different software for operations of different unconventional as well as deep reservoir conditions. Thus, the increasing shift towards unconventional exploration is expected to augment the growth of the market over the forecast period.

The increasing technologies for improving productivity is expected to support the growth of the market in the near future.

With new reserves exploration and depletion of current ones has forced the application of new extraction techniques and increased drilling complexity. Growing demand for customized drilling equipment is increasing volume and complexity for meet international production targets. These factors are expected to hamper the growth of the market in the years to come.

Market Segmentation

Equipment Analysis: Preview

On the basis of Equipment, the market is segmented into Drilling, Pressure & Flow Control. Drilling held the highest share in 2022 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Drilling in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Oilfield Equipment Rental Market growth.

Application Analysis: Preview

Based on Application, the market is segmented into Onshore, Offshore. Onshore held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Oilfield Equipment Rental in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

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Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

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Regional Analysis Preview

On the basis of region, the Global Oilfield Equipment Rental Market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region held a leading share of the Global Oilfield Equipment Rental Market in 2022. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

Competitive Landscape

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the Global Oilfield Equipment Rental Market are Halliburton Company, Knight Oil Tools, Oil States International Inc., Schlumberger Limited, RPC, Parker Drilling Company, Weatherford International PLC, Basic Energy Services, AOS ORWELL, IOT GROUP, KIT Oil & Gas, Superior, Energy Services Inc., Certified Oilfield Rentals LLC, Bois B.V., Key Energy Services, Ensign Energy Services, FMC Technologies, Precision Drilling.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

The Global Oilfield Equipment Rental Market can be categorized as Type, Application, End-Use Industry, and Region.