The global oilfield rental equipment market was valued at $28.3 billion in 2020, and is expected to reach $42.9 billion by 2030, registering a CAGR of 4.1% from 2021 to 2030.
Oilfield equipment is used for supporting activities at oilfields. These supporting processes are found in all major oil field functions such as drilling, extraction, refining, production, and transportation. The equipment used less frequently are availed on rent by the companies. Oilfield equipment consists of sewage systems, mud labs, distribution panels, storage tanks, debris junk catchers, drill pipe, transportation system, heat exchangers, flaring systems, and drilling instruments.
Rise in demand for petroleum products, increase in demand for enhancing the production of oil & gas, and surge in discoveries of offshore oilfields across the globe significantly contribute toward the growth of the global oilfield rental equipment market during the forecast period. However, growth in electric vehicle industry with reduction in number of conventional fuel vehicles and increase in stringent government regulations toward environmental pollution decrease demand for oil & gas, which, in turn, hamper the growth of the oilfield rental equipment market. Conversely, rise in investment toward oil & gas exploration and increase in production activities in offshore fields are expected to create potential growth opportunities for key players operating in this market.
The oilfield rental equipment market is segmented on the basis of equipment, application, and region. Depending on equipment, the market is fragmented into drilling equipment, pressure & flow control equipment, and others. According to application, it is divided into onshore and offshore. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Oilfield equipment is used for supporting activities at oilfields. These supporting processes are found in all major oil field functions such as drilling, extraction, refining, production, and transportation. The equipment used less frequently are availed on rent by the companies. Oilfield equipment consists of sewage systems, mud labs, distribution panels, storage tanks, debris junk catchers, drill pipe, transportation system, heat exchangers, flaring systems, and drilling instruments.
Rise in demand for petroleum products, increase in demand for enhancing the production of oil & gas, and surge in discoveries of offshore oilfields across the globe significantly contribute toward the growth of the global oilfield rental equipment market during the forecast period. However, growth in electric vehicle industry with reduction in number of conventional fuel vehicles and increase in stringent government regulations toward environmental pollution decrease demand for oil & gas, which, in turn, hamper the growth of the oilfield rental equipment market. Conversely, rise in investment toward oil & gas exploration and increase in production activities in offshore fields are expected to create potential growth opportunities for key players operating in this market.
The oilfield rental equipment market is segmented on the basis of equipment, application, and region. Depending on equipment, the market is fragmented into drilling equipment, pressure & flow control equipment, and others. According to application, it is divided into onshore and offshore. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the oilfield auxiliary rental equipment market analysis from 2020 to 2030 to identify the prevailing oilfield auxiliary rental equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the oilfield auxiliary rental equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global oilfield auxiliary rental equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Equipment
- Drilling Equipment
- Pressure and Flow Control Equipment
- Others
By Application
- Onshore
- Offshore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Halliburton Company
- Schlumberger Limited
- Weatherford International, Plc
- Key Energy Services, Inc.
- Ensign Energy Services, Inc
- Parker Drilling Company
- Superior Energy Services, Inc.
- Oil States International
- TechnipFMC
- Odfjell Drilling
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OILFIELD AUXILIARY RENTAL EQUIPMENT MARKET, BY EQUIPMENT
CHAPTER 5: OILFIELD AUXILIARY RENTAL EQUIPMENT MARKET, BY APPLICATION
CHAPTER 6: OILFIELD AUXILIARY RENTAL EQUIPMENT MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Oilfield Auxiliary Rental Equipment Market,' the oilfield auxiliary rental equipment market size was valued at $28.3 billion in 2020, and is estimated to reach $42.9 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030.Oilfield auxiliary rental equipment are infrequently used instruments in oilfield exploration and production activities. Therefore, companies avail such instruments on rent instead of purchasing them. The rent mechanism saves the overall project cost to a significant extent. Equipment or machineries are offered on rent for an hourly, daily, weekly or annual period on the basis of project timeline in the market. It comprises various types of equipment including, drilling and pressure flow & control.
Significant development of the end-use industries, including mining, manufacturing, offshore, automotive, and building & construction is fueling the demand for oil & gas products, which, in turn, is expected to drive the growth of the oilfield auxiliary rental equipment market during the forecast period. In addition, increase in attention toward enhancing the production of oil & gas by oil & gas companies to fulfill the increasing demand for energy from end consumers is driving the growth of the oilfield auxiliary rental equipment market across the globe. However, implementation of stringent government regulations toward environmental pollution and development of the electric vehicle and renewable energy sector hamper the growth of the global market.
On the basis of equipment, drilling equipment segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the oilfield auxiliary rental equipment market forecast period. This growth is attributed to rise in number of oil & gas exploration and production activities in the countries, such as North America, Asia-Pacific, and Africa.
In addition, rapid growth of developed oilfields across the globe increases the need for oilfield well services to enhance the production of wells, which, in turn, is expected to fuel the growth of the market during the forecast period.
- On the basis of application, the onshore segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of XX%. This is attributed to increase in efficiency of onshore field oil & gas production compared to offshore fields and rise in number of developed onshore oil wells across the globe. In addition, rise in investment toward increasing production from onshore fields propels the oilfield auxiliary rental equipment market growth. Moreover, 70.0% of the world’s oil & gas come from onshore sites, which notably contributes toward the growth of the oilfield auxiliary rental equipment market.
In addition, rise in number of new exploration fields, improvements in shale oil production in North America, and surge in oilfield services in onshore oilfields to enhance the productivity are anticipated to fuel the growth of the global oilfield auxiliary rental equipment market during the forecast period.
The global oilfield auxiliary rental equipment market analysis covers in-depth information of the major oilfield auxiliary rental equipment industry participants. The key players operating and profiled in the report include Halliburton Company, Schlumberger Limited, Weatherford International Plc., Key Energy Services, Ensign Energy Services Inc., Parker Drilling Company, Superior Energy Services, Inc., Oil States International, TechnipFMC, and Odfjell Drilling.
The other players operating in the value chain of the global oilfield auxiliary rental equipment market are John Energy Limited, Savanna Energy Corporation, Basic Energy Services, Inc., Bestway Oilfields & Gas Equip. LLC, Circle T Service & Rental Ltd., Certified Oilfield Rentals LLC, and Seadrill Ltd.
COVID-19 Impact on the Market
The global oilfield auxiliary rental equipment market witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. COVID-19 negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including conventional fuels. However, owing to the lockdown imposed across the globe, there was supply-demand gap, which resulted in halt in supply for oilfield equipment used in oil & gas production. In Europe, countries, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements to limit the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global oilfield auxiliary rental equipment market.Key findings of the Study
- In 2020, the drilling equipment segment accounted for about 62.2% of the share in the global oilfield auxiliary rental equipment market, and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the pressure flow & control segment accounted for 24.7% oilfield auxiliary rental equipment market share in 2020, and is anticipated to grow at a rate of 4.2% in terms of revenue, increasing its share in the global oilfield auxiliary rental equipment market.
- In 2020, the onshore segment accounted for about 57.4% of the share in the global oilfield auxiliary rental equipment market, and is expected to maintain its dominance till the end of the forecast period.
- Offshore accounted for 42.5% oilfield auxiliary rental equipment market share in 2020, and is anticipated to grow at fastest rate of 4.3% in terms of revenue, increasing its share in the global oilfield auxiliary rental equipment market.
- In 2020, North America dominated the global oilfield auxiliary rental equipment market with more than 31.7% of the share, in terms of revenue.
Companies Mentioned
- Halliburton Company
- Schlumberger Limited
- Weatherford International, Plc
- Key Energy Services, Inc.
- Ensign Energy Services, Inc
- Parker Drilling Company
- Superior Energy Services, Inc.
- Oil States International
- TechnipFMC
- Odfjell Drilling
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, 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
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 28.3 billion |
| Forecasted Market Value ( USD | $ 42.9 billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
