Oilfield Equipment Rental Market is Projected with a Value of USD 31.80 Billion by 2032, Driven by Increasing Shale Exploration Activities | Report by SNS Insider

The rise in demand for Oilfield Equipment Rental-based operational efficiency solutions continues to accelerate due to technological advancements and increasing shale exploration worldwide.

Austin, July 23, 2025 (GLOBE NEWSWIRE) -- The Oilfield Equipment Rental Market Size was valued at USD 23.53 billion in 2024 and is expected to reach USD 31.80 billion by 2032, growing at a CAGR of 3.84% over the forecast period of 2025-2032.

Growing oil demand and shale exploration fuel rising preference for flexible and cost-effective oilfield equipment rental solutions globally

The oilfield equipment rental market is gaining momentum due to rising offshore and shale exploration activities and higher crude oil prices. U.S. Energy Information Administration data shows domestic crude production increased from 11.9 million barrels per day in 2022 to over 12.4 million in 2023, highlighting stronger drilling demand. In April 2023, Halliburton invested $250 million to expand its rental fleet, reflecting corporate optimism. A growing shift toward cost-efficient rental models over large capital investments, paired with digital monitoring advancements, continues to strengthen the market.

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The U.S. Oilfield Equipment Rental market is valued at USD 7.31 billion in 2024 and is projected to reach a value of USD 9.58 billion by 2032, with a CAGR of approximately 3.44% in the forecast period of 2025 to 2032.

In the US, growth is driven by booming shale exploration, cost-effective rental models, and an increasing number of active drilling rigs. According to the U.S. Bureau of Land Management, over 5,000 drilling permits were approved in 2023, highlighting rising operator confidence and fueling further demand for rental equipment solutions.

Key Players:

• Halliburton
• TechnipFMC
• Baker Hughes
• Transocean
• Bechtel Corporation
• National Oilwell Varco
• Schlumberger
• McDermott International Inc.
• COSL - China Oilfield Services Limited
• Petrofac

Oilfield Equipment Rental Market Report Scope:

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By Type, Drilling Equipment dominated the Oilfield Equipment Rental Market in 2024, with a 48% Market Share.

The dominance is due to higher drilling rig deployments across North American shale and offshore fields, alongside rising investments in unconventional reservoirs. Major rental firms like Weatherford and Superior Energy saw rental revenue growth in 2023, while Baker Hughes introduced high-torque rental drill strings to reduce downtime in deeper wells. Renting advanced tools offers operational flexibility and lower capital risk, making drilling equipment indispensable for operators seeking faster project completion and efficiency in increasingly complex drilling environments.

By Application, Onshore Application dominated the Oilfield Equipment Rental Market in 2024, with a 69% Market Share.

The dominance is due to a surge in hydraulic fracturing projects, rapid well development, and standardized rental equipment benefiting onshore sites. The US Permian Basin alone had over 2,000 active wells in 2023, driving demand for fishing tools and pressure control systems. Onshore drilling enjoys quick fleet replacement and competitive pricing, unlike offshore projects. In May 2023, Nabors Industries expanded rental services in West Texas, driven by growing rig demand, reinforcing onshore applications as the key driver of rental market growth.

By Region, North America dominated the Oilfield Equipment Rental Market in 2024, Holding a 42.00% Market Share.

The dominance is due to mature shale plays, high rig activity, and an established rental services culture. According to the U.S. Energy Information Administration, there were on average 621 active rigs in 2023, up from the previous year. Firms like Precision Drilling invested in digital monitoring to enhance equipment performance and reduce downtime. The preference for operational efficiency, short payback periods, and reduced capital expenditure keeps fueling strong demand across key formations like the Permian, Eagle Ford, and Bakken.

Recent Developments

• In June 2025, Baker Hughes contributed its Surface Pressure Control (SPC) product line to a new JV where Cactus will own 65%. This carve-out optimizes Baker Hughes’ rental portfolio while leveraging Cactus’ operational expertise in wellhead equipment rentals.

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