Oilfield Equipment Rental Services Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Oilfield Equipment Rental Services Market growth is expected to register 3.31% CAGR by the year 2030.
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Requirement of Vast Capital is a Major Factor Hindering the Market Rise
High initial costs associated with installment and maintenance of oilfield equipment rental services restrain the market growth. Also, substantial investments required to develop these equipments pose challenges for the oilfield equipment rental services market growth. Nevertheless, manufacturers are increasingly focusing on reducing the overall manufacturing cost of these equipments, which would support the market growth throughout the forecast period.
COVID-19 Impact on the Market
The COVID-19 pandemic impacted the oilfield equipment rental services industry severely. The pandemic has been a major challenge for suppliers disturbing the production of several key components and supply chains. Besides, travel restrictions implemented due to COVID-19 stood in the way of delivering these equipments to users.
OG equipment rental services providers faced problems ranging from delivering end products to attracting workers from quarantines. However, the oilfield equipment rental services industry is rapidly getting back to normal, witnessing significant demand from oil and gas sectors worldwide. Furthermore, the market demand is expected to pick up following the uplift of lockdown in many countries.
Industry Trends
Emerging markets provide untapped opportunities for the oilfield equipment rental services market revenues. Significantly rapid industrialization and urbanization in developing regions offer lucrative opportunities for global players. In addition, growing government mandates policy updates and the rebooting OG industry foster the oilfield equipment rental services market value.
Segmentation
The market is segmented into drilling equipment, pressure flow control equipment, and regions. The drilling equipment segment is sub-segmented into drill pipe, drill collars, heavy-weight, drill subs, and others. The pressure flow control equipment segment is sub-segmented into BOP, valves manifolds, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
North America accounts for the largest global oilfield equipment rental services market share. Factors such as the increasing numbers of drilling activities in the US influence the region's oilfield equipment rental services market size.
Besides, the demand for conventional and non-conventional drilling in the region drives the oilfield equipment rental services market growth. Also, the increase in EP spending and the strong presence of major players providing easy rental plans are major oilfield equipment rental services market trends.
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Competitive Analysis
Key players involved in the oilfield equipment rental services market are Baker Hughes (US), Halliburton Co. (US), Transocean Ltd. (Switzerland), Schlumberger Ltd (US), Weatherford International Ltd. (Switzerland), Oil States International Inc. (US), BB Oilfield Equipment Corp (US), Superior Energy Services Inc. (US), National Oilwell Varco (US), Cameron International Inc. (US), and others.
