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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Oilfield Rental Equipment Market
Request Now !Oilfield equipment enable economically viable exploration of unconventional hydrocarbons, deep drilling, and horizontal drilling. Oil & gas exploration is getting more natural due to technological advancements. The oilfield equipment and services contribute to all the product and services affiliated with crucial energy industry. They include well intervention, well logging, well finishing, and drilling. In most of the cases, oil & gas operator appoints an oilfield service contractor who performs drilling activities. Oilfield equipment not only facilitates in development of oil & gas wells but also produces end-to-end solution to equipment used for drilling wells, maintain tools, repair, and manufacture. A number of tasks such as reservoir monitoring, refining, development, well monitoring, drilling, and geophysical survey are necessary to be executed to extract hydrocarbon along with commissioning and decommissioning of a project. Hence, oilfield equipment serve as essentials in the exploration and production of oil & gas.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Type, Application, and Region |
Regions covered | North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA) |
Companies covered | Schlumberger Limited (NYSE: SLB), Halliburton Co. (NYSE: HAL), Superior Energy Services, Oil States International, Technipfmc, Weatherford International, Parker Drilling, Patterson-UTI Energy, Basic Energy Services, Key Energy Services, and John Energy |
The major factors driving the growth of the rental equipment market for oilfields include increase in demand for energy sources, inevitable need for cost optimization, and rise in activities in the development of deep offshore oil. In addition, technical advancements in oilfield equipment, rise in foreign spending in exploration & production (E&P), and increase in drilling activities are expected to fuel the growth of oilfield rental equipment market. Moreover, increase in unconventional production of hydrocarbons in North America boosts the demand for oilfield equipment. Furthermore, unconventional production of hydrocarbons in North American region has been witnessed as a crucial catalyst for the exponential development of the oilfield rental equipment industry.
The growth of the global oilfield rental equipment market is majorly driven by unrelenting oil & gas exploration and production and increasing drilling operations for unconventional hydrocarbons. In addition, the oil & gas firms are notably investing in exploration operations to cater to the rising need for hydrocarbons, which is expected to augment the growth of the global oilfield rental equipment industry. Moreover, production activities, drilling, and exploration activities in the offshore environment require specific technical and environmental considerations than onshore oil & gas activities. Despite the difficulty faced by these extreme offshore environments, innovations in exploration and processing technologies for use in snowfall-prone regions, such as the Sakhalin Island, Cook Inlet, Caspian Sea, Bohai Sea, and Grand Banks, has developed economical viable strategies for production in these areas. In the last few years, the global slump in oil markets has resulted in a decline in exploration operations bringing extra strain on offshore drillers and service providers. However, as the market continues to grow gradually, opportunities for offshore drillers are projected to expand.
Global oilfield rental equipment market is expecting a slowdown in forecasted period owing to COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from oil field to industrial sector. In addition, the oilfield rental equipment industry is directly impacted, if the growth of the oil industry declines, as it is one of the key consumers of oilfield equipment. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdown.
Key segments covered
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