Impact of Oil Price Volatility on the Equipment Rental Market Strategies for Resilience
Market Research Future Insights
According to MRFR analysis, the global Oilfield Equipment Rental market is expected to register a CAGR of ~4.91% from 2022 to 2027 and hold a value of over USD 125.5 billion by 2027.
The oilfield equipment rental services market refers to the renting of various types of equipment and machinery used in the exploration, drilling, production, and transportation of oil and gas. This includes equipment such as drilling rigs, pumps, compressors, generators, and pipelines, among others.
The market for oilfield equipment rental services is driven by the growing demand for oil and gas, the increasing complexity and cost of exploration and production activities, and the need for cost-effective solutions to manage fluctuating demand and maintain profitability.
The COVID-19 pandemic had a significant impact on the oil and gas industry, leading to a sharp decline in demand and a decrease in oil prices. This, in turn, resulted in a decrease in exploration and production activities and a reduction in the demand for oilfield equipment rental services.
However, as the global economy recovers and demand for oil and gas increases, the market for oilfield equipment rental services is expected to grow in the coming years.
Key players
· Halliburton Co. (U.S.)
· Oil States International Inc. (U.S.)
· Schlumberger Ltd (U.S.)
· Superior Energy Services Inc. (U.S.)
· Weatherford International Ltd (Switzerland)
· Baker Hughes (U.S.)
· National Oilwell Varco (U.S.)
· Cameron International Inc.(U.S.)
· Transocean Ltd. (Switzerland)
· B&B Oilfield Equipment Corp (U.S.)
Regional Analysis
Regionally, the oilfield equipment rental services market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America and the Middle East are expected to dominate the market due to their significant oil and gas reserves and large-scale exploration and production activities.
The Asia Pacific region is expected to witness significant growth due to increasing demand for energy and rising investments in the oil and gas industry. The market in Europe and South America is expected to grow steadily due to the presence of mature oil and gas markets and a focus on sustainable energy solutions.
Market Segmentation
The Global Oil Field Rental Services Market has been segmented into By Drilling Equipment and
By Pressure & Flow Control Equipment
Based on Drill: Subs Heavv-Wate Drill Collars Drill Pipe Drill Equipment
Based on flow control equipment: BOP Valves & Manifolds Pressure & Flow Control Equipment Others
Related Reports
Demand Response Management System Market growth
English
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian