Oilfield Equipment Rental Services Market 2020 Size, Demand, Rising Impact of COVID-19, Competitive Insights
Harrisburg, NC -- (SBWIRE) -- 10/30/2020 -- The oilfield equipment rental services market is expected to grow at a CAGR of over 5.10% during the forecast period 2020-2025. Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand, is likely to drive the oilfield equipment rental services market during the forecast period. However, volatile oil and gas prices is leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the oilfield equipment rental services market in the coming years.
- The drilling rigs segment is likely to dominate the market during the forecast period, due to the increasing exploration and production activities.
- Advancements in the deepwater and ultra-deepwater drilling activities in the region like Brazil, Norway, United Kingdom is expected to create amble opportunity for the market players in the coming years.
- North America is expected to be the largest market for the oilfield rental services market with major demand expected to be coming from countries like United States, Canada, etc.
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The Global Oilfield Equipment Rental Services market report chiefly includes following manufacturers-
Transocean Ltd, Seadrill Ltd, Valaris PLC, Noble Corporation PLC, Weatherford International PLC, Superior Energy Services Inc., Schlumberger Limited, Baker Hughes Company, Oil States International Inc., KLX Energy Services, Key Energy Services Inc., Patterson-UTI Energy Inc., Nabors Industries Ltd.
Global Oilfield Equipment Rental Services Market Competitive Landscape
Drilling Rigs to Dominate the Market
- After the oil price crisis in 2014, during 2014-16, the rig count, both onshore and offshore, declined significantly. But the period of 2017-2018 was characterized by the recovery in the oil price, resulting in significant recovery in onshore rig count. The offshore activity generally has longer lead times. Also, given the volatility in oil prices, combined with high CAPEX requirements for offshore projects, the offshore drilling activity did not recover until 2019.
- In 2019, the oil prices registered a decline, which has adversely affected onshore drilling. During the forecast period, the oil prices are expected to recover but at a slower growth rate. Hence, the conventional onshore drilling activity is expected to register a relatively slower growth.
- But countries, such as Argentina, Canada, Australia, and China, among others, are investing in the exploration and production of shale oil and gas reserves. The shale reservoir has lower permeability, and hence, the wells have a much lower drainage area than the oil and gas wells in conventional fields. As a result, the wells drilled in the shale reservoir generally have a production life of fewer than five years as opposed to wells in conventional fields, which have a production life of more than a decade. Also, in order to improve the drainage area, the shale operators now prefer horizontal and directional wells. Due to these reasons, the investments in the shale oil and gas exploration are expected to have a significant impact on the onshore drilling activity.
Major Highlights of Oilfield Equipment Rental Services Market report:
-Oilfield Equipment Rental Services Market Overview
-Market Competition by Manufacturers
-Industrial Chain, Sourcing Strategy and Downstream Buyers
-Marketing Strategy Analysis, Distributors/Traders
-Market Effect Factors Analysis
-Global Oilfield Equipment Rental Services Market Forecast (2019-2025)
Browse the Full report description and TOC at:
The oilfield equipment rental services market is partially fragmented. Some of key players in this market include Transocean Ltd, Seadrill Ltd, Schlumberger Limited, Baker Hughes Company, and Weatherford International PLC.
- Some of the major players involved in the market include Babcock International Group PLC, Fluor Corporation, GE Hitachi Nuclear Services, WS Atkins Plc, AECOM, Bechtel Group, Inc., and Westinghouse Electric Company.
Table of Contents
Executive Summary: The report begins with a summary of the entire research study, along with CAGR and value or volume forecasts.
Top Segments: As the name suggests, this section gives details about leading and also other segments, their growth potential, share, and other important factors.
Leading Regions: Here, readers are provided with an in-depth study on key regions and countries and their overall growth during the forecast period.
Company Profiling: This section includes a detailed comparison of top Oilfield Equipment Rental Services players, accurate analysis of the competitive landscape, and other studies.
Dynamics: Buyers of the report have access to an intelligent research study on crucial drivers, restraints, trends, and opportunities in the Oilfield Equipment Rental Services business.
Conclusion: Here, the analysts authoring the report have provided their overall take on the Oilfield Equipment Rental Services business and the industry. This section also includes important findings from the research study.
How we have factored the effect of Covid-19 in our report:
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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