The oilfield equipment rental market is expected to grow at a CAGR of 3.87%, from 2017 to 2022, to reach a market size of USD 20.55 billion by 2022. Increasing technological advancements in oilfield equipment rental, rising global investments in Exploration & Production (E&P), growing drilling activity, and increasing unconventional hydrocarbon production in North America would drive the oilfield rental market during the forecast period.
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The oilfield equipment rental market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the oilfield equipment rental industry include Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), Oil States International, Inc. (U.S.), TechnipFMC, PLC (U.K.), Savanna Energy Corporation (Canada), Key Energy Services (U.S.), Seventy Seven Energy, Inc. (U.S.), and Parker Drilling Company (U.S.), among others.
The drilling equipment rental segment is estimated to be the fastest growing segment of the oilfield equipment rental market, by equipment, from 2017 to 2022. This segment is expected to witness growth because of its wide usage and increased drilling activity. These equipment in case of unconventional resources are used for setting up connection between the reservoir rock and the surface facilities.
The research report categorizes the Smart electric Meter Market to forecast the revenues and analyze the trends in each of the following sub-segments:
By Equipment
- Drilling
- Pressure & Flow Control
By Application
- Onshore
- Offshore
By Region
- Asia Pacific
- Europe
- North America
- Middle East
- South America
- Africa
Based on region, the oilfield equipment rental market in North America is project to grow at the fastest rate from 2017 to 2022. The region is the new swing producer in global oil markets owing to the boom in production from both shale operations and deepwater exploration & production in the Gulf of Mexico. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies. Growing refracturing activities in the U.S. would also drive the market for oilfield equipment rental in the region.
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Based on application, the onshore oilfield equipment rental segment is estimated to grow at the fastest rate from 2017 to 2022. Rising demand for rental equipment from China, Southeast Asia, and the Middle East due to new drilling activities would drive the onshore segment. Huge onshore shale reserves present in the U.S. and Australia are likely to boost the demand for onshore oilfield equipment.
