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Oilfield Equipment Rental Market

Oilfield Equipment Rental Market

Oilfield Equipment Rental Market Global Industry Assessment & Forecast

# Pages:

180

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0469

Segments Covered
  • By Equipment Drilling, Pressure & Flow Control
  • By Application Onshore, Offshore
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 20.50 Billion
Revenue 2028Revenue 2028: 27.82 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 3.89
Fastest Growing Region Fastest Growing Region (2022 - 2028) North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Oilfield Equipment Rental market was valued at USD 20.50 Billion in 2020 and is projected to reach USD 27.82 Billion by 2028, growing at a CAGR of 3.89% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2026
Annual Market Size (2028) 27.82 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 3.89%

Definition And Overview

This industry consist of the companies which are there for primarily renting tools as well as small- to medium-size pieces of some equipment, which is including contractors' and builders' tools and equipment and also the home maintenance tools for a short spam of time.


The global Oilfield Equipment Rental market was valued at USD 20.50 Billion in 2020 and is projected to reach USD 27.82 Billion by 2028, growing at a CAGR of 3.89% from 2021 to 2028.

The global Oilfield Equipment Rental market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Yearly Infographics 20.50 Billion 27.82 Billion

COVID-19 Impact Analysis

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Market Insights

Several oil & gas players have started shifting their exploration focus to unconventional with deep hydrocarbon reservoirs such as coal bed methane (CBM),shale gas, tight gas, and heavy oil. Petroleum market currently, have advanced IT machinery and different software for operations of different unconventional as well as deep reservoir conditions. Thus, the increasing shift towards unconventional exploration is expected to augment the growth of the market over the forecast period.

The increasing technologies for improving productivity is expected to support the growth of the market in the near future.

With new reserves exploration and depletion of current ones has forced the application of new extraction techniques and increased drilling complexity. Growing demand for customized drilling equipment is increasing volume and complexity for meet international production targets. These factors are expected to hamper the growth of the market in the years to come.

Global Oilfield Equipment Rental Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Equipment, Application
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered Halliburton Company, Knight Oil Tools, Oil States International Inc., Schlumberger Limited, RPC, Parker Drilling Company, Weatherford International PLC, Basic Energy Services, AOS ORWELL, IOT GROUP, KIT Oil & Gas, Superior, Energy Services Inc., Certified Oilfield Rentals LLC, Bois B.V., Key Energy Services, Ensign Energy Services, FMC Technologies, Precision Drilling.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Market Segmentation

Equipment  Analysis: Preview

On the basis of Equipment, the market is segmented into Drilling, Pressure & Flow Control. Drilling  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Drilling in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Oilfield Equipment Rental market growth.

Application Analysis: Preview

Based on Application, the market is segmented into Onshore, Offshore. Onshore  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Oilfield Equipment Rental  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

Global Oilfield Equipment Rental Market: Equipment Segment Analysis

    • Drilling
    • Pressure & Flow Control

Global Oilfield Equipment Rental Market: Application Segment Analysis

    • Onshore
    • Offshore

Regional Analysis Preview

On the basis of region, the global Oilfield Equipment Rental market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region held a leading share of the global Oilfield Equipment Rental market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Oilfield Equipment Rental Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Oilfield Equipment Rental market are Halliburton Company, Knight Oil Tools, Oil States International Inc., Schlumberger Limited, RPC, Parker Drilling Company, Weatherford International PLC, Basic Energy Services, AOS ORWELL, IOT GROUP, KIT Oil & Gas, Superior, Energy Services Inc., Certified Oilfield Rentals LLC, Bois B.V., Key Energy Services, Ensign Energy Services, FMC Technologies, Precision Drilling.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

Key Highlights – Global Oilfield Equipment Rental Market

  • Global Oilfield Equipment Rental Market is projected to reach USD 27.82 Billion by 2028
  • North America held the highest share of the Oilfield Equipment Rental market
  • Drilling held the largest share of the product segment in the Oilfield Equipment Rental market
  • Onshore held the major share of the application segment in the Oilfield Equipment Rental market

FAQ
Frequently Asked Question
  • The global Oilfield Equipment Rental valued at 20.50 Billion in 2020 and is expected to reach 27.82 Billion in 2028 growing at a CAGR of 3.89%.

  • The prominent players in the market are Halliburton Company, Knight Oil Tools, Oil States International Inc., Schlumberger Limited, RPC, Parker Drilling Company, Weatherford International PLC, Basic Energy Services, AOS ORWELL, IOT GROUP, KIT Oil & Gas, Superior, Energy Services Inc., Certified Oilfield Rentals LLC, Bois B.V., Key Energy Services, Ensign Energy Services, FMC Technologies, Precision Drilling..

  • The market is project to grow at a CAGR of 3.89% between 2021 and 2028.

  • The driving factors of the Oilfield Equipment Rental include

    • Several oil & gas players have started shifting their exploration focus to unconventional with deep hydrocarbon reservoirs such as coal bed methane (CBM),shale gas, tight gas, and heavy oil. Petroleum market currently, have advanced IT machinery and different software for operations of different unconventional as well as deep reservoir conditions. Thus, the increasing shift towards unconventional exploration is expected to augment the growth of the market over the forecast period.
    • The increasing technologies for improving productivity is expected to support the growth of the market in the near future.

  • North America was the leading regional segment of the Oilfield Equipment Rental in 2020.