Oilfield Equipment Rental Services Market Overview:

Oilfield Equipment Rental Services Market growth is expected to register 3.31% CAGR by the year 2030.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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Increasing demand for oil and gas results in rising demand in the oil field equipment rental services market. Changed supply and demand dynamics are expected to increase in the number of oil wells leading to boosting the oil field equipment rental services market share. Augmented demand for oil and gas also propels the oil field equipment rental services market revenues. Additionally, expansion of drilling activities in countries like Saudi Arabia, Kuwait, Qatar and Venezuela boost the oil field equipment rental services market value.

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. 

O&G 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. 

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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 O&G 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 E&P spending and the strong presence of major players providing easy rental plans are major oilfield equipment rental services market trends. 

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), B&B Oilfield Equipment Corp (US), Superior Energy Services Inc. (US), National Oilwell Varco (US), Cameron International Inc. (US), and others.