North America Oilfield Equipment Rental Market is Expected to Reach $11,383 Million by 2019 – A Report by MicroMarket Monitor

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Technological advancements made in oilfield equipment drives the North American Oilfield Equipment Rental market

MicroMarket Monitor

MicroMarket Monitor

Key Players of the North America oilfield equipment rental market include Schlumberger (U.S.), Superior Energy Services (U.S.), and Weatherford (Ireland).

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, segments & forecasts.

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 very few prominent players, and these are actually the rental divisions of major oilfield service providers.

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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.

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.

Related Report:

Europe Oilfield Equipment Rental Market

The European oilfield equipment rental market was valued at $4.5 billion in 2013 and is expected to reach $8.8 billion by 2018, at a CAGR of 14.5% during the forecast period.

The market is segmented on the basis of equipment, such as drilling equipment, pressure & flow control equipment, and fishing equipment, and on the basis of geography, including Russia, Norway, the U.K., and Kazakshtan. The major players in the oilfield equipment rental market include Weatherford International, Schlumberger, Oil States International, and Superior Energy Services.

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MicroMarket Monitor produces exclusive market research reports, based on real-time data to provide better understanding of the dynamic market conditions of the Oil and Gas Industry. The reports offer in-depth and complete analysis of the regional and country level marketplaces. The research reports for Oil and Gas Industry are updated on quarterly basis and are easily available for purchase through annual subscriptions.

About MicroMarket Monitor:

MicroMarket Monitor identifies and attends to various unmet needs of different industrial verticals, which include value chain impact analysis. The company publishes about 12000 Market Research Reports on various Micro Markets across the world. The graphical nature and multidimensional analysis of these reports provide advanced Business Intelligence Tools to the clients in that particular target market.

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