Oilfield Auxiliary Rental Equipment Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $35 billion by 2020, registering a CAGR of 9.4% during the period 2014-2020. The market would primarily be driven by an increased demand of energy sources and the need of cost optimization.
Oilfield auxiliary equipment are machines and instruments that are used to supplement the drilling process at oilfields. 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. Auxiliary oilfield equipment is also available on rent, in the market. While availing such equipment on rent companies form several policies, which serve as buying criteria. Moreover, when purchasing auxiliary oilfield machines, the clients avail additional services from the vendors in order to ensure smooth oilfield operations.
The oilfield auxiliary equipment industry in GCC countries, has witnessed tremendous growth in the past based on the rise in oil production. With a steep decline in the oil prices, the revenue derived from oil industry is anticipated to reduce notably. In such a scenario, the auxiliary oil equipment rental market is expected to receive a boost, as investors would tend to avoid huge long-term investments in infrastructure and oilfield machinery. Thus, the drop in oil prices would act as a driver for the auxiliary rental equipment market. Additionally, many oil-producing companies prefer renting auxiliary equipment for fulfilling their temporary or permanent operations.
Based on region, the Oilfield Auxiliary Rental Equipment Market across the GCC (Gulf Cooperation Council) which comprises of six countries namely Kuwait, Bahrain, Qatar, Oman, United Arab Emirates and Saudi Arabia. The nations are globally known for their rich oil reserves. These nations together comprise of approximately 35.7% of the worlds total proven crude oil reserve. Based on figures, the GCC region stands as the worlds largest producer and exporter of oil. The oil & gas, division contributes to approximately 73% of the total export earnings for the GCC region.
The key players analyzed in oilfield auxiliary rental equipment market are Superior Energy Services Inc., Oil States International Inc., Weatherford, Schlumberger, The Olayan Group, and Key Energy Services.
Key Findings of the Oilfield Auxiliary Rental Equipment Market:
- Chemical in the type segment dominated the oilfield auxiliary rental equipment Market with a revenue share of over 31.8% in 2017.
- Commercial in the application segment dominated the oilfield auxiliary rental equipment market with a revenue share of over 38% in 2017
- Rest of Europe is projected to grow at a highest CAGR, in terms of revenue, during the forecast period.
- In 2017, the commercial segment dominated the application segment with more than one-third share in the oilfield auxiliary rental equipment market share.
- The Oilfield Auxiliary Rental Equipment Market trends has been analyzed across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain
- The qualitative data in oilfield auxiliary rental equipment report aims on the market dynamics, trends, and developments in the oilfield auxiliary rental equipment industry while the quantitative data provides information of the oilfield auxiliary rental equipment market size in terms of revenue.