Key players in North America Oilfield Equipment Rental Market include Schlumberger (U.S.), Superior Energy Services (U.S.), and Weatherford (Ireland).
(PRWEB) March 20, 2015
The oilfield equipment rental market in North America was valued at $9,765 million in 2014, and is expected to reach $11,383 million by 2019, at a CAGR of 3.1% from 2014 to 2019.
Browse through the TOC of North America Oilfield Equipment Rental Market for an analysis of industry trends and segments, with the help of various tables and figures.
Oil & gas companies are quite reluctant to undergo the purchase of oilfield equipment due to varied factors, such as high capital expenditure, maintenance cost, and depreciating value of the equipment. Therefore, companies are focusing on renting oilfield equipment as per their customized requirements. An essential driving factor that adds to the reliability of renting oilfield equipment is that companies are saved from the expenses associated with the transportation of the equipment from one drilling site to another.
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The rental players are constantly trying to modify their product line with highly customized and advanced equipment in order to acquire more supply contracts. This market has a very few prominent players, and these are actually the rental divisions of major oilfield service providers.
Drilling equipment, due to its wide usage and increased drilling activity dominate the North American oilfield rental market. Within the drilling equipment category, drill pipe is estimated to hold the largest share of 59.1% in 2019, as most of the wells being drilled have considerable depths. Subsequent to the drilling equipment, pressure and flow control ranks second in terms of popularity of rented drilling equipment. BOPs (Blow out Preventers) dominate the pressure and flow control equipment rental market with a share of 51.0% in 2013, and it is projected to grow at a CAGR of 3.9% from 2014 to 2019.
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The report segments the North American oilfield equipment market on the basis of equipment type into drilling equipment, pressure and flow control equipment, fishing equipment, and other equipment. According to geographical segmentation, the market has been classified into major regions, such as U.S. and Canada. Drilling equipment is the leading market segment in the North America oilfield equipment rental market, registering a market share of 58.2% in 2014.
Europe Oilfield Services Market
The rising global demand for energy has led to an increase in the drilling and completion activities. Along with this, the discoveries of new oil and gas field, technological advancement, and rising of investment are helping oilfield services market to grow. The oilfield services market in Europe is expected to reach $25.12 billion by 2019, at a CAGR of 11%, from 2014 to 2019.
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