Westford USA, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, escalating exploration and production activities in regions like North America, the Middle East, and Asia-Pacific drive the demand for oilfield equipment rental. This demand surge is attributed to cost-effective solutions, flexibility in equipment choices, and streamlined logistics offered by rental services.
Browse in-depth TOC on the "Oilfield Equipment Rental Market"
- Pages - 157
- Tables - 70
- Figures – 65
As sustainability takes center stage, the oilfield industry is embracing rental solutions to minimize environmental impact. Renting equipment allows companies to access newer, more eco-friendly technologies, aiding in carbon footprint reduction while adapting to stringent regulatory norms.
Prominent Players in the Oilfield Equipment Rental Market
- Schlumberger
- Halliburton
- Baker Hughes
- Weatherford International
- National Oilwell Varco (NOV)
- Aker Solutions
- Expro Group
- TechnipFMC
- Superior Energy Services
- Basic Energy Services
- Precision Drilling
- C&J Energy Services
- RPC Inc.
- Key Energy Services
- Archer Limited
- Oil States International
- Parker Drilling
- Tetra Technologies
- Select Energy Services
- Nine Energy Service
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Production Machinery Segment is Expected to Grow the Market Due to their Widespread Integration
The production machinery segment is rapidly growing in the oilfield equipment rental market. It encompasses essential equipment for extraction, processing, and refining. High demand for cost-effective solutions and advanced technologies to optimize production processes drives the growth of this dynamic segment.
North America dominates the oilfield equipment rental market due to its extensive shale reserves and technological advancements. The region's established oil and gas industry and increasing exploration activities create a robust demand for rental services. A favourable regulatory environment and growing energy need further contribute to its dominance.
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Drilling Equipment Segment is Expected to Dominate the Market Due to its Escalating Trend of Health-Conscious Snacking
Drilling equipment stands as the dominant segment in the oilfield equipment rental market. It encompasses drilling rigs, bits, mud pumps, and related tools crucial for exploration and extraction. The rising demand for efficient and technologically advanced drilling solutions drives the growth of this pivotal market segment.
Regional markets in Europe stand out as a rapidly advancing region in the oilfield equipment rental market. Driven by increased offshore exploration and mature onshore fields, the region witnesses strong demand for equipment rental. Stringent environmental regulations and a focus on operational efficiency further fuel the market's growth in Europe.
A comprehensive analysis of the major players in the oilfield equipment rental market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Oilfield Equipment Rental Market
- In August 2023, Weatherford International received funding for the development of next-gen drilling technologies, focusing on automation and efficiency.
- In June 2023, Halliburton introduced a new digital solution for hydraulic fracturing operations, enhancing efficiency and minimizing environmental impact.
Key Questions Answered in Oilfield Equipment Rental Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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