(PRWEB) April 18, 2015 -- The Middle East oilfield equipment rental market is projected to grow from $1,618.0 million in 2014 to $1,978.0 million by 2019, at CAGR of 4.1% from 2014 to 2019.
Browse through the TOC of Middle East Oilfield Equipment Rental Market for an analysis of industry trends, segments and forecasts.
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Growth in the Middle East oilfield equipment rental market is attributed to the technological advancements in the oilfield equipment segment. Traditional equipment is not fully capable of meeting new challenges hence the petroleum industry is looking out for advanced IT based machinery and software to perform operations in various unconventional and deep reservoir locations. With the advent of new trends in deep-water drilling in the oil industry, profits are huge, despite low output from shallow wells.
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In 2014 Iraq held the largest share of 31.4% of the Middle East oilfield equipment rental market. Iraq is also expected to be the fastest-growing region for the period between 2014 and 2019.
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The type of equipment considered in this report include drilling equipment (drill pipe, drill collars, heavy- water, drill subs), pressure & flow control equipment (BOP, valves & manifolds), fishing equipment, and other equipment. The market has been analysed in terms of the major countries in the Middle East, such as Iraq, Saudi Arabia, Iran, and others.
Related Report:
South America Oilfield Services Market
The rising demand in the global demand for energy, there has been a consequent 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 South America is expected to reach $36.03 billion by 2019, at a CAGR of 17%, from 2014 to 2019.
http://www.micromarketmonitor.com/market/south-america-oilfield-services-6177297510.html
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