New York, June 29, 2021 (GLOBE NEWSWIRE) -- Oilfield Equipment Rental Services Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Oilfield Equipment Rental Services Market Research Report, Drilling Equipment, by Pressure & Flow Control Equipment and Region - Forecast till 2027”, The market is projected to grow at a CAGR of 4.91% during the forecast period (2021 - 2027).
Vast Growth in the O&G Industry Drives the Oilfield Equipment Rental Services Market
The Oilfield Equipment Rental Services Market is witnessing rapid revenue growth. Oilfield operators prefer hiring those services as it allows them to minimize initial investments required to buy these equipments, increasing their intangible assets. Besides, these services ensure timely delivery on-site, saving a lot of time spent during purchase and delivery, allowing operators to start the production immediately and profitability.
Convenience is a major factor making these services are widely preferred and adopted worldwide. Resultantly, the oil field equipment rental services market is expected to garner huge traction globally.
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Key Companies Profiled in the Oilfield Equipment Rental Services Market Report are:
The Oilfield Equipment Rental Services Market perceives different strategies such as M&A activities, collaboration, contracts, agreements, and partnerships to increase their market shares. Focused on developing innovative technologies, dynamic players would shift the market dynamics during the forecasted period. Key industry players also make strategic investments in research and development activities and fostering their expansion plans.
Browse In-depth Market Research Report (111 pages) on Oilfield Equipment Rental Services
Recent Discoveries of O&G Reservoirs Create Substantial Market Demand
The market growth is largely driven by the rising demand for crude oil & energy. Technological advancements are also fostering the market size, improving oilfield equipments capabilities and enhancing their efficiencies. Other factors providing impetus to market growth include rising population and increasing urbanization and industrialization.
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.
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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.
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.
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.
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.
Segmentation of Market covered in the research:
Information by Drilling Equipment (Drill Pipe, Drill Collars, Heavv-Wate, Drill Subs), by Pressure & Flow Control Equipment (BOP, Valves & Manifolds, and others) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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