Global oilfield equipment rental (oilfield rental) market to reach $46.8 billion by 2018.
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Dallas, Texas (PRWEB) April 05, 2013
Rising oil & gas prices and increasing drilling activity will drive the global oilfield equipment rental (oilfield rental) market to $46.8 billion by 2018. North America, with its increased focus on unconventional shale plays and keen oil & gas industry, is expected to experience highest revenue growth during the next five years.
The factors driving growth in the OER market are increasing drilling activity and rising oil prices. These factors are driving the production of uneconomical field viable, tendency of drilling contractor & oilfield service providers to rent rather than buy equipment, and advancements in technology that hugely favors renting. 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.
Oilfield rental industry (http://www.reportsnreports.com/reports/232516-oilfield-rental-market-by-equipment-drilling-drillpipe-drill-collars-heavy-wate-subs-pressure-control-flow-control-bops-valves-and-manifolds-fishing-and-others-global-market-trends-forecast-to-2018.html) is highly fragmented and localized. Most players in this industry are very small and have a very paltry area of influence, barring a few which are genuinely the rental divisions of big OFS (oilfield service) provider companies. One’s offering rental tools in unconventional shale plays and ultra deep-water fields are the most successful rental companies. Through mergers and acquisitions, many large-cap oilfield service companies have been able to bring several complementary technologies under one provider. This also helps in increasing their overall market presence, thus increasing rental revenues. Weatherford International Ltd (Switzerland) is the largest player in this market. Since North America is the biggest market, most of the notable rental companies operate here.
Drilling rental equipment, due to its wide usage and increased drilling activity dominate the global oilfield rental market. Within drilling equipment, drillpipes hold the largest share as most of wells being drilled have considerable depths. Subsequently to drilling equipment, pressure and flow control are the most rented. BOPs (Blow out preventers) dominate the pressure and flow control equipment rental market.
The report covers the global OER market in major regions namely Asia-Pacific, Europe, North America, Latin America, Middle East, and Africa under major types of rental equipment such as drilling, pressure & flow control, fishing, etc. The market size for various drilling rental tools such as drill pipes and drill collars, etc. have also been estimated along with pressure and flow control tools.
For this report, various secondary sources such as oil & gas magazines, encyclopedia, directories, technical handbooks, company annual reports, industry association publications, articles, trade websites, and databases have been referred to identify & collect information useful for this extensive commercial study. The primary sources — experts from related industries and suppliers — have been interviewed to obtain and verify critical information as well as to assess the future prospects and market estimations.
This report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, burning issues, and winning imperatives. Major companies such as Aos Orwell Limited, Basic Energy Services Inc., Chesapeake Oilfield Services LLC (U.S.), Superior Energy Services Inc. (U.S.), Weatherford International Ltd (Switzerland), Precision Drilling Corporation (Canada), Cor International Llc, Fmc Technologies, Greenes Energy Group, Halliburton Co., Independent Oil Tools As, Iroc Energy Services Corp., Key Energy Services, Knight Oil Tools Inc., Oil States International Inc., Parker Drilling Co., Rpc Inc., Savanna Energy Services Corp., Schlumberger Limited, Tasman Oil Tools have been profiled in this report.
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Scope of the report:
On basis of geography:
- North America
- Latin America
- Middle East
On basis of equipment:
- Drilling equipment
- Pressure & flow control equipment
- Fishing tools
- Other equipment
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