Key players in Africa Oilfield Equipment Rental Market include Schlumberger Ltd. (U.S.), Superior Energy Services (U.S.), and Weatherford International Ltd. (Ireland).
(PRWEB) April 18, 2015
The oilfield equipment rental market in Africa was valued at $2,968 million in 2014, and is estimated to reach $3,619 million by 2019, at a CAGR of 4.0% from 2014 to 2019.
Browse through the TOC of Africa Oilfield Equipment Rental Market for an analysis of industry trends, segments & forecasts.
Technological advancements are one of the major factors driving the oilfield equipment rental market. Companies are reluctant to buy oilfield equipment. By renting, drillers can get equipment best suited for the local terrain. They are also saved form the transportation cost of equipment from one drilling site to the other.
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Rental players are constantly trying to modify their product line with highly customized and advanced equipment.This market has very few large players like Weatherford International Ltd., Schlumberger Ltd., and Oil States International Inc., which are actually the rental divisions of major oilfield service providers. Other local companies operate in specific areas and capture insignificant market shares individually.
The drilling rental equipment segment dominated the African oilfield equipment rental market due to the increased drilling activities in the region. The drill pipes segment is estimated to account for the largest share of 57.3% of the total drilling equipment rental market by 2019, due its vast usage during the drilling process. This share is projected to grow at a CAGR of 5.0% from 2014 to 2019.
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Segmented by equipment type, the market includes the drilling, pressure & flow control, fishing, and other equipment segments. The market, analyzed in terms of geography, includes Angola, Nigeria, Algeria, Egypt, and the Rest of Africa.
The market shares of major African oilfield equipment rental companies have been estimated in this report. The report also focuses on the market share analysis, and market metrics such as drivers, challenges, opportunities, and winning imperatives in the market.
South America Oilfield Services Market
The growing demand for energy with an increase in the number of investments in offshore and unconventional exploration and production activities is expected to drive the global oilfield services market. The South American oilfield services market is estimated to grow at a CAGR of 5.8% from 2014 to 2019.
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