Oilfield Rental Equipment Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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A06887
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Sep 2020 |
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Oilfield Rental Equipment Market: Global Opportunity Analysis And Industry Forecast, 2020–2027 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
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Report Metric |
Details |
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Market size available for years |
2019–2027 |
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Base year considered |
2019 |
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Forecast period |
2020–2027 |
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Forecast unit |
Value (USD) |
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Segments covered |
Type, Application, and Region |
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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) |
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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 |
Key drivers of global oilfield rental equipment market
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.
Market scenario: opportunities and challenges
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.
COVID-19 scenario analysis
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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Segment |
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Key benefits of the report
- This study presents the analytical depiction of the global oilfield rental equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oilfield rental equipment market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global oilfield rental equipment market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global oilfield rental equipment market research report:
- Which are the leading market players active in the global oilfield rental equipment market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:
- Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.
Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, web-casts and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast
Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develops analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth and forecasts
Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:
- Chief executives and VPs of leading corporations specific to industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)
Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
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