All updated as on -
In 2022, the global market for oilfield equipment rental services is predicted to reach $85.99 billion. Over the forecast period (2023 - 2030), the oilfield equipment rental services market is expected to rise from USD 90.3 billion in 2023 to USD 132.6 billion in 2030, representing a CAGR (compound annual growth rate) of 5.91%. Increased foreign drilling activity and general macroeconomic growth are the two primary forces pushing the market forward.
Technology has allowed oil and gas exploration to become more environmentally friendly. Equipment in the oil industry made deep drilling, horizontal drilling, and the search for unconventional hydrocarbons viable economically. The oil and gas exploration drilling operations are attracting the attention of major corporations. The term "oilfield equipment and services" encompasses anything and everything that has anything to do with the upstream energy sector. It covers a wide range of well-related activities, from drilling to well completion, logging to intervention. Oil and gas operators typically use oilfield service contractors to carry out drilling operations. A complete end-to-end solution for producing, repairing, and maintaining tools and equipment required for drilling oil and gas wells is provided by oilfield equipment.
The growth rate of the equipment rental market is being fueled by the increasing sophistication of oilfield machinery. Some of the unconventional and deep hydrocarbon reservoirs that oil and gas companies are centering their efforts on are shale gas, coal bed methane (CBM), tight gas, and heavy oil. Modern IT-based technology and software have allowed the petroleum sector to operate in a wide range of unconventional and deep reservoir settings. As a result, there is more opportunity to use cutting-edge technology to solve complex problems. Think of a state-of-the-art RFID circulating sub that can be used in the drilling and hole-cleaning processes. Operators may be able to save time by using the RFID circulation sub. Modern drilling and finishing techniques have made shale formation drilling economically feasible. The traditional methods aren't equipped to deal with the current challenges. Large shale oil and gas reserves are now easily accessible because to technological advancements in horizontal drilling and hydraulic fracturing. Today, there are more horizontal oil rigs than at any time in history.
The sustained improvement in profit margins for oil drilling and production corporations is another factor driving project expansion. This factor contributes to the expansion of the market during the forecast horizon. In addition, technological advances like directional drilling and hydraulic fracturing have aided in the development of shale gas extraction from such crucial sources. There is a wide range of oilfield services and tools that are needed for shale drilling. Additionally, next year's market expansion will be backed by these factors.
Geophysical surveying, exploration, well testing, production, processing, reservoir testing, project commissioning and decommissioning are only some of the many steps involved in obtaining hydrocarbon. Thus, oilfield machinery is vital in the oil and gas industry. The global rental market for oilfield machinery is segmented by machinery type and by end-use. Drilling gear, pressure and flow control gear, fishing gear, and miscellaneous gear are the subsets of equipment. The oil drilling rig industry is the largest subset of the oilfield equipment industry. Onshore and offshore use are both common for oilfield machinery. It's a lot more costly to run an offshore application than an onshore one. However, onshore application holds the largest share of the oilfield equipment market because of the large amounts of money invested and the growth of related projects.
Rental options for oilfield equipment include a wide variety of drilling tools such as drill pipe, drill collars, heavy-duty water, and drill subs. Drill pipe is the most popular type of pipe used in drilling, and this is true both on land and at sea. Drill pipes have become an increasingly important tool in the growing shale industry. Drill pipes, which are seamless steel pipes, make up the bulk of a drill string's overall length. Minerals are extracted by inserting a drill string into the ground, as stated for the record. The drill pipe is hollow so that the drilling fluid can flow freely through it, increasing the efficiency of the pumping process. Drill pipes are designed to distribute the drilling torque uniformly along their whole (potentially enormous) length.
Shale gas, coal bed methane (CBM), tight gas, and heavy oil are only some of the unconventional and deep hydrocarbon resources that oil and gas corporations have begun to shift their exploration attention towards. Modern IT-based gear and software in the petroleum industry allow for operations to be carried out in a variety of unconventional and deep reservoir settings. This paves the way for cutting-edge technology to become the standard for carrying out laborious tasks. Such cutting-edge Radio Frequency Identification (RFID) circulation subs help make drilling and hole-cleaning operations more efficient. Operators are able to cut down on wasted time because to the RFID circulation sub. Modern drilling and completion techniques have made drilling in shale strata economically feasible. The old methods and tools are inadequate for the current situation. Significant shale oil and gas formations have been made accessible because to technological advances in horizontal drilling and hydraulic fracturing. Horizontal oil rigs have seen a sharp increase in recent years. Drilling has become more complicated as a result of the need to employ novel extraction methods necessitated by the discovery of new deposits and the depletion of existing ones. The need for specialised drilling equipment is being fueled by the growing quantity and complexity of wells needed to achieve worldwide production ambitions. Over the next five years, a large number of high-specification rigs and supporting machinery are planned to be delivered. It is anticipated that most of the cutting-edge new rigs would be put to use in horizontal drilling. Since the need for well operators changes from well to well, this puts additional stress on the companies who rent out the necessary equipment. The rental equipment companies are hampered by economies of scale since they must stock a wide variety of equipment. Oilfield equipment suppliers must frequently update their stock, necessitating more financial resources. These issues restrain the expansion of the rental market for oilfield machinery.
Report Coverage
Global Oilfield Equipment Rental Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oilfield Equipment Rental Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oilfield Equipment Rental Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oilfield Equipment Rental Services market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oilfield Equipment Rental Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oilfield Equipment Rental Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Halliburton Co. (U.S.), Oil States International Inc. (U.S.), Schlumberger Ltd (U.S.), Superior Energy Services Inc. (U.S.). And Weatherford International Ltd. (Switzerland). Baker Hughes (U.S.). National Oilwell Varco (U.S.)Cameron International Inc (U.S.). Transocean Ltd (Switzerland), B&B Oilfield Equipment Corp (U.S.).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oilfield Equipment Rental Services market based on the below-mentioned segments:
Global Oilfield Equipment Rental Services Market, By Drilling Equipment
Drill Pipe
Drill Collars
Heavy-Wate
Drill Subs
Global Oilfield Equipment Rental Services market, By Application
BOP
Valves & Manifolds
Others
Global Oilfield Equipment Rental Services market, Regional Analysis
Technology has allowed oil and gas exploration to become more environmentally friendly. Equipment in the oil industry made deep drilling, horizontal drilling, and the search for unconventional hydrocarbons viable economically. The oil and gas exploration drilling operations are attracting the attention of major corporations. The term "oilfield equipment and services" encompasses anything and everything that has anything to do with the upstream energy sector. It covers a wide range of well-related activities, from drilling to well completion, logging to intervention. Oil and gas operators typically use oilfield service contractors to carry out drilling operations. A complete end-to-end solution for producing, repairing, and maintaining tools and equipment required for drilling oil and gas wells is provided by oilfield equipment.
The growth rate of the equipment rental market is being fueled by the increasing sophistication of oilfield machinery. Some of the unconventional and deep hydrocarbon reservoirs that oil and gas companies are centering their efforts on are shale gas, coal bed methane (CBM), tight gas, and heavy oil. Modern IT-based technology and software have allowed the petroleum sector to operate in a wide range of unconventional and deep reservoir settings. As a result, there is more opportunity to use cutting-edge technology to solve complex problems. Think of a state-of-the-art RFID circulating sub that can be used in the drilling and hole-cleaning processes. Operators may be able to save time by using the RFID circulation sub. Modern drilling and finishing techniques have made shale formation drilling economically feasible. The traditional methods aren't equipped to deal with the current challenges. Large shale oil and gas reserves are now easily accessible because to technological advancements in horizontal drilling and hydraulic fracturing. Today, there are more horizontal oil rigs than at any time in history.
The sustained improvement in profit margins for oil drilling and production corporations is another factor driving project expansion. This factor contributes to the expansion of the market during the forecast horizon. In addition, technological advances like directional drilling and hydraulic fracturing have aided in the development of shale gas extraction from such crucial sources. There is a wide range of oilfield services and tools that are needed for shale drilling. Additionally, next year's market expansion will be backed by these factors.
Geophysical surveying, exploration, well testing, production, processing, reservoir testing, project commissioning and decommissioning are only some of the many steps involved in obtaining hydrocarbon. Thus, oilfield machinery is vital in the oil and gas industry. The global rental market for oilfield machinery is segmented by machinery type and by end-use. Drilling gear, pressure and flow control gear, fishing gear, and miscellaneous gear are the subsets of equipment. The oil drilling rig industry is the largest subset of the oilfield equipment industry. Onshore and offshore use are both common for oilfield machinery. It's a lot more costly to run an offshore application than an onshore one. However, onshore application holds the largest share of the oilfield equipment market because of the large amounts of money invested and the growth of related projects.
Rental options for oilfield equipment include a wide variety of drilling tools such as drill pipe, drill collars, heavy-duty water, and drill subs. Drill pipe is the most popular type of pipe used in drilling, and this is true both on land and at sea. Drill pipes have become an increasingly important tool in the growing shale industry. Drill pipes, which are seamless steel pipes, make up the bulk of a drill string's overall length. Minerals are extracted by inserting a drill string into the ground, as stated for the record. The drill pipe is hollow so that the drilling fluid can flow freely through it, increasing the efficiency of the pumping process. Drill pipes are designed to distribute the drilling torque uniformly along their whole (potentially enormous) length.
Shale gas, coal bed methane (CBM), tight gas, and heavy oil are only some of the unconventional and deep hydrocarbon resources that oil and gas corporations have begun to shift their exploration attention towards. Modern IT-based gear and software in the petroleum industry allow for operations to be carried out in a variety of unconventional and deep reservoir settings. This paves the way for cutting-edge technology to become the standard for carrying out laborious tasks. Such cutting-edge Radio Frequency Identification (RFID) circulation subs help make drilling and hole-cleaning operations more efficient. Operators are able to cut down on wasted time because to the RFID circulation sub. Modern drilling and completion techniques have made drilling in shale strata economically feasible. The old methods and tools are inadequate for the current situation. Significant shale oil and gas formations have been made accessible because to technological advances in horizontal drilling and hydraulic fracturing. Horizontal oil rigs have seen a sharp increase in recent years. Drilling has become more complicated as a result of the need to employ novel extraction methods necessitated by the discovery of new deposits and the depletion of existing ones. The need for specialised drilling equipment is being fueled by the growing quantity and complexity of wells needed to achieve worldwide production ambitions. Over the next five years, a large number of high-specification rigs and supporting machinery are planned to be delivered. It is anticipated that most of the cutting-edge new rigs would be put to use in horizontal drilling. Since the need for well operators changes from well to well, this puts additional stress on the companies who rent out the necessary equipment. The rental equipment companies are hampered by economies of scale since they must stock a wide variety of equipment. Oilfield equipment suppliers must frequently update their stock, necessitating more financial resources. These issues restrain the expansion of the rental market for oilfield machinery.
Report Coverage
Global Oilfield Equipment Rental Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oilfield Equipment Rental Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oilfield Equipment Rental Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oilfield Equipment Rental Services market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Halliburton Co. (U.S.), Oil States International Inc. (U.S.), Schlumberger Ltd (U.S.), Superior Energy Services Inc. (U.S.). And Weatherford International Ltd. (Switzerland). Baker Hughes (U.S.). National Oilwell Varco (U.S.)Cameron International Inc (U.S.). Transocean Ltd (Switzerland), B&B Oilfield Equipment Corp (U.S.). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oilfield Equipment Rental Services Market from 2021 to 2030.
- Market Forecast for Oilfield Equipment Rental Services Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oilfield Equipment Rental Services competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oilfield Equipment Rental Services
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oilfield Equipment Rental Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oilfield Equipment Rental Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Halliburton Co. (U.S.), Oil States International Inc. (U.S.), Schlumberger Ltd (U.S.), Superior Energy Services Inc. (U.S.). And Weatherford International Ltd. (Switzerland). Baker Hughes (U.S.). National Oilwell Varco (U.S.)Cameron International Inc (U.S.). Transocean Ltd (Switzerland), B&B Oilfield Equipment Corp (U.S.).
Primary Target Market
- Market Players of Oilfield Equipment Rental Services
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oilfield Equipment Rental Services market based on the below-mentioned segments:
Global Oilfield Equipment Rental Services Market, By Drilling Equipment
Drill Pipe
Drill Collars
Heavy-Wate
Drill Subs
Global Oilfield Equipment Rental Services market, By Application
BOP
Valves & Manifolds
Others
Global Oilfield Equipment Rental Services market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive oilfield equipment rental services market market research and competitor analysis for your business to help you develop more profound insights into the oilfield equipment rental services market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the oilfield equipment rental services market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.