Oilfield Auxiliary Rental Equipment Market Outlook - 2020
Oilfield Auxiliary Rental Equipment Market is expected to garner $35 Billion by 2020, registering a CAGR of 9.4% during the forecast period 2014-2020.
Oilfield auxiliary equipment are machines and instruments that are used to supplement the drilling process at oilfields. The equipment used less frequently on the oilfield are availed on rent by various oil extraction companies. The auxiliary equipment consists of sewage systems, mud labs, lighting system, distribution panels, storage tanks, debris junk catchers, transportation system, heat exchangers, flaring systems, drilling instruments and others.
The major factors driving the oilfield auxiliary rental equipment market include the rising demand for energy sources, impending need for cost optimization and increasing deep offshore oil production activities. Though technology and high prices of oil and gas are opening up new reservoirs, the world is facing scarcity of oil and gas due to the tremendous demand of these products, almost in all part of the world. In addition to this, rising income levels and improved standards of living cause additional pressure on energy supplies. Even if the usage of renewables increased, the world is likely to depend mainly on fossil fuels such as oil and natural gas in order to fulfill their energy needs. In such a scenario, the oil and gas industry players are focusing on inventing new technologies to increase extraction from the reserves..
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However, some of the restraints associated with the market are the advent of automated systems and lack of skilled workforce. The impact of automated systems is expected to affect the market during the forecast period. The problem of unavailability of skilled workers would reduce in future due to increasing oilfield activities, globally. Moreover, advancements in automated systems would pose a major challenge, which would limit wider adoption of auxiliary oilfield equipment. The improvements for control automation in oilfield activities is limiting the need of auxiliary machines. The automated controlling machines accomplish large tasks with minimum resources. The advent of sophisticated automated systems would pose a challenge to the adoption of auxiliary equipment in oilfields.
The oilfield auxiliary rental equipment report analyzes the market in the GCC region. In order to study the regional imperatives, the research is focused on countries such as Saudi Arabia, U.A.E., Oman, Qatar, Kuwait, etc. Superior Energy Services Inc., Oil States International Inc., Weatherford, Schlumberger, The Olayan Group, Key Energy Services and others are some of the key players in the GCC region.
In order to stay competitive in the oilfield auxiliary rental equipment industry, key players are adopting numerous strategies such as product launch, partnership, business expansion and merger & acquisition. Merger/acquisition and expansions are the prime strategies followed by numerous companies to gain a competitive edge in the oilfield auxiliary rental equipment market. Generally, the operating companies in the oilfield auxiliary market acquire other companies to enhance their services. The mergers and acquisitions allow the operating companies to improve their capabilities and technology as well as expand their geographical presence. This helps operating companies to deliver better product and services to their customers within a short period of time. For instance, Schlumberger, OneSubsea and Helix have formed the joint venture to develop technologies and services of subsea well intervention systems. This new joint alliance would help optimizing the efficiency and cost of the subsea well intervention systems. In addition, the capabilities of alliance companies would enhance through this joint venture.
Furthermore, HB rentals, Superior Energy Services has opened the new service location in Carmen, Mexico. This new service location would provide an extensive range of services such as power, lighting and communications system. The new service center would allow the company to respond to clients quickly.
The Oilfield Auxiliary Rental Equipment Market is segmented into region. Based on region the oilfield auxiliary rental equipment market is analyzed across UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Baharian.
Oilfield Auxiliary Rental Equipment Market Share, by Region
Based on region, the market is analyzed across UAE
Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Saudi Arabia is anticipated to be highest revenue-generating country for the oilfield auxiliary rental equipment market, valued at USD 11.08 billion in 2014. This is attributed to a rise in the oil production since the past few years, the Saudi Arabian oilfield auxiliary rental equipment market has witnessed a considerable growth and is expected to demonstrate a similar trend in the during the projected period. Bahrain is expected to be the fastest growing market during the analysis period. Growth of the oilfield auxiliary rental equipment market in Bahrain is because of rapidly maturing oil fields due to years of extraction.
Key Benefits for Stakeholders:
- The report provides an in-depth analysis of the oilfield auxiliary rental equipment market forecast with current and future trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with an impact analysis of the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the oilfield auxiliary rental equipment industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- The qualitative data in this oilfield rental equipment market report aims on market dynamics, oilfield auxiliary rental equipment market trends, and developments.
- Oilfield auxiliary rental equipment market size is provided in terms of revenue.
- An extensive oilfield auxiliary rental equipment market analysis of the specific region provides insights that are expected to allow companies to strategically plan their business moves.
- The profiles of key players along with their key strategic developments are enlisted in the oilfield auxiliary rental equipment report
Oilfield Auxiliary Rental Equipment Market Segmentation:
The oilfield auxiliary rental equipment market is segmented based on region.
Key Market Segments
Oilfield Auxiliary Rental Equipment, By Region
- Saudi Arabia
Oilfield Auxiliary Rental Equipment Key Players
- Superior Energy Services Inc.
- Schlumberger Limited
- Oil States International Inc.
- The Olayan Group
- Key Energy Services Inc