Farmington, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The global Oilfield Equipment Rental Market was valued at USD 20.55 Billion in 2022 and is projected to reach USD 27.82 Billion by 2030, growing at a CAGR of 3.87% from 2023 to 2030. The business of renting oilfield equipment has risen exponentially over the past decade. The oil and gas sector is one of the world's most lucrative, if not the most lucrative. This is because the global demand for petroleum products is increasing. This page will describe in detail everything you need to know about this industry, including the sorts of equipment that can be hired, their uses, and their locations.
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Oilfield equipment rental refers to the process of renting a variety of tools used for drilling, exploration, and production (E&P). It is a technique for onsite operations to address periods of high demand without committing to long-term contracts.
Oilfield Equipment Rental Market Recent Developments:
- In May 2016, Parker Drilling Company got a contract to run and fix up three rigs that belonged to customers as part of the Sakhalin-1 Project.
- In April 2016, Schlumberger acquired coiled tubing drilling and coiled tubing units. This will strengthen its coiled tubing portfolio in markets of U.S. and Saudi Arabia.
- In February 2016, Oil States Industries, Inc. opened a plant in the U.K. The 240,000-square-foot building is used for engineering, project management, sales, and administrative tasks.
Oilfield Equipment Rental Market Segmentation Analysis:
Drilling equipment is used to create or enlarge holes in the earth's surface so that oil and gas can be extracted. Conventional, horizontal, directional, and offshore drilling rigs are distinct types of rigs. The apparatus is used to maintain safe pressure in oil and gas wells. People also refer to this as "downhole well control equipment." During drilling operations, they maintain the safety and performance of the surface casing, tubing-casing annuli, and tubing-casing annuli. To catch fish, fishing equipment is required. It has numerous tools, including hooks, lines, sinkers, floats, and baits. Some fishermen utilize nets, traps, and harpoons as well. A fishing rod is the most popular piece of fishing equipment.
People rent a substantial amount of onshore oilfield equipment in order to drill wells and extract the crude oil. It aids in increasing the manufacturing rate by improving fluid flow. Using rented onshore oilfield equipment has a lesser impact on the environment throughout the drilling operation. Offshore, Global Oilfield Equipment Rental is utilized for drilling and extracting oil and gas from wells. Offshore drilling is a method for extracting oil and gas reserves from the ocean floor. Deep water is the primary reason offshore drilling rigs are utilised as opposed to onshore ones.
Regional Outlook:
The market for oilfield equipment rental is anticipated to be driven by North America, which produces the most unconventional hydrocarbons of any area. As a result of the increase in oil output from shale operations and deep-water exploration and production in the Gulf of Mexico, this region is currently the global oil market's swing producer. As large oil corporations invest more money on capital projects, exploration and production in the region should also increase. All of these factors are likely to drive the North American oilfield equipment rental market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 3.87% from 2023 to 2030 |
| Market Size in 2022 | USD 20.55 Billion |
| Revenue Forecast by 2030 | USD 27.82 Billion |
| By Equipment | Drilling Equipment, Pressure & Flow Control Equipment, Fishing Equipment, Other Equipment |
| By Application | Onshore, Offshore |
| By Companies | Halliburton Company (US), Schlumberger Limited (US), Weatherford InternationalPLC (Switzerland), Superior Energy ServicesInc. (US), Oil States InternationalInc. (US), Parker Drilling Company (US), and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
Oil and gas corporations have begun to concentrate their exploration efforts on unconventional and deep hydrocarbon reservoirs, such as shale gas, coal bed methane (CBM), tight gas, and heavy oil. The petroleum business currently possesses high-tech IT-based tools and software that can operate in a variety of unconventional and deep reservoir environments. This enables the use of advanced technology for difficult jobs. For instance, a sophisticated Radio Frequency Identification (RFID) circulation sub facilitates the drilling and cleaning of holes.
Market Restraints:
Exploring new reserves and depleting existing ones have necessitated the employment of innovative extraction techniques and sophisticated drilling. The need for specialized drilling equipment is driven by the increasing quantity and complexity of good requirements required to achieve global production objectives. A considerable quantity of high-quality rigs and other equipment will likely be supplied during the next five years. Most new, high-tech rigs will likely be utilized for horizontal drilling.
Market Opportunity:
Offshore oil and gas exploration, drilling, and production have distinct technological and environmental requirements than onshore oil and gas activities. The Grand Banks, the Bohai Sea, the Caspian Sea, Cook Inlet, and Sakhalin Island are sites where it is possible to work, despite the difficulty of working offshore due to the hostile environment, as a result of technological advancements in exploration and production. Over the past few years, drilling has slowed due to the global decline in oil prices. This has increased the strain on offshore drillers and providers of services.
Oilfield Equipment Rental Market Key Segments Covered:
Top Market Players:
Halliburton Company (US), Schlumberger Limited (US), Weatherford InternationalPLC (Switzerland), Superior Energy ServicesInc. (US), Oil States InternationalInc. (US), Parker Drilling Company (US), and Others.
By Equipment
- Drilling Equipment
- Pressure & Flow Control Equipment
- Fishing Equipment
- Other Equipment
By Application
- Onshore
- Offshore
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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