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Key players are Halliburton Co. (U.S.), Oil States International, Inc. (U.S.), Schlumberger Limited (U.S.), Superior Energy Services, Inc. .
(PRWEB) January 28, 2015
The market study of Oilfield Equipment Rental Global Trends and Forecasts to 2019 defines and segments the market with regional forecast and segment revenue estimates through to 2019. Top market players from the industry segment have been studies in order to track developments, technologies and other key business strategies. It will grow from an estimated $ 26,818 million in 2014 to $53,706 million by 2019 with a CAGR of 14.9% from 2014 to 2019.
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Browse 109 market data tables and 38 figures spread through 339 pages and in-depth TOC.
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The North American region holds the largest market for oilfield equipment rental, driven largely by the number of drilling and E&P activities in the U.S. North America, due to its growing energy needs and flourishing conventional and unconventional drilling and oilfield service industry is the major growth engine for this market.
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Drilling equipment's are the most commonly rented equipment's among all oilfield equipment's. Advanced drilling techniques such as horizontal drilling and ultra deep drilling have made extraction of shale gas possible. Rising energy demand is increasing the oil and gas E&P (exploration & production) and drilling activities globally which in turn is driving the rental equipment market. The enormous potential of this market is attracting various small and big level industry players.
Oilfield rental is a highly developing market despite its large base due to growing energy demand. The market is expected to experience high growth due to the increasing oilfield expenditure and flourishing oil & gas industry of Africa and Latin America. Technological developments have enabled the development of non conventional oil and gas fields which were earlier considered unviable economically and now even the E&P companies are optimizing the proficiency of extraction from maturing oilfields.
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The oilfield equipment rental industry is fragmented and offers several opportunities for consolidation and growth in efficiency through an increase in economies of scale. The rental facility has reduced the entry barrier and exit barriers in the industry. Renting equipment's are much more feasible viable for new comers than buying purchasing costly equipment's. Hence, the perception of buyers has shifted from buying towards renting equipment's. This is a major driver of the oilfield equipment rental market. Top five players of the OER market are the suppliers of equipment's for oilfield service. Weatherford International Ltd (Ireland) rents its equipment under the drilling tools segment whereas Halliburton (U.S.) maintains oilfield rental companies in the form of Boots & Coots (U.S.) and PWR Rentals (U.S.).
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