New York, US, June 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Oilfield Equipment Rental Services Market Research Report Information by Pressure & Flow Control, Region, and Drilling Equipment - Forecast Till 2032”, the Oilfield Equipment Rental Services market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 4.91%. The reports even share predictions regarding the market's growing revenue share, which will likely reach a market of USD 132.2 Billion by the end of 2032. As per the study documents, the market was worth around USD 85.9 Billion in 2022.
Oilfield Equipment Rental Services Market Overview:
The primary aspect causing a surge in the performance of the market is the oilfield equipment technological advancements across the globe.
Competitive Analysis
The catalog of the top leaders across the global Market for Oilfield Equipment Rental Services includes players such as:
- Halliburton Co. (U.S.)
- Weatherford International Ltd (Switzerland)
- Oil States International Inc. (U.S.)
- Baker Hughes (U.S.)
- Schlumberger Ltd (U.S.)
- National Oilwell Varco (U.S.)
- Superior Energy Services Inc. (U.S.)
- B&B Oilfield Equipment Corp (U.S.)
- Cameron International Inc. (U.S.)
- Transocean Ltd. (Switzerland)
- Among others.
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Oilfield Equipment Rental Services Market USP Covered
Market Drivers
The global Oilfield Equipment Rental Services industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the oilfield equipment technological advancements across the globe. Furthermore, the focus on unconventional and deep hydrocarbon reservoirs such as heavy oil, tight gas, coal bed methane (CBM), and shale gas is also believed to be one of the vital aspects causing a surge in market performance. Moreover, the stability of crude oil prices is also likely to catalyze the development of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 132.2 billion |
| CAGR during 2023-2032 | 4.91% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Drilling Equipment, Pressure and Flow Control, and Region |
| Key Market Opportunities | Increased use of unconventional oil and gas fields. |
| Key Market Dynamics | Globally, the number of drilling activity is increasing. |
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Oilfield Equipment Rental Services Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Oilfield Equipment Rental Services industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Oilfield Equipment Rental Services Market Segment Analysis
Among all the equipment, the drill pipe category is anticipated to ensure the leading position across the global oilfield equipment rental services market over the coming years. The main aspect causing a surge in the market segment's performance is the offshore and onshore drilling activity. Shale production, which needs drill pipes as necessary equipment, has also risen. Nearly 95% of a drill string's length is made up of drill pipes, which are seamless steel pipes.
Among all the Pressure and Flow Control types, the BOPs segment secured the leading position across the global oilfield equipment rental services market in 2022. BOPs are one of the most crucial and critical components on a drilling site as they help manage the back pressure kick inside the wellbore. These objects are considered a secondary option for managing the back pressure kick in the wellbore, since the weight of the mud itself is the major option for controlling the back pressure kick while drilling a well.
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Oilfield Equipment Rental Services Market Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that North America held the top position across the global Oilfield Equipment Rental Services industry in 2021, with a contribution of nearly 41%. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Oilfield Equipment Rental Services Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is increasing oil and gas production in the Region. The Region is believed to be one of the world's top producers and users of oil and gas. Moreover, it can reach excellent horizontal bores and completion procedures like multi-stage hydraulic fracturing.
The European Region anticipates substantial growth across the global Oilfield Equipment Rental Services industry over the coming years. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German Oilfield Equipment Rental Services Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is increased oil rig counts. Furthermore, the escalating demand for oil & gas across the Region is also likely to positively influence the regional market's development over the coming years.
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The Asia-pacific Region will likely showcase the maximum growth rate across the global Oilfield Equipment Rental Services industry over the coming years. India, China, and Indonesia are the leading development contributors in the Region. Further, the China Oilfield Equipment Rental Services Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is their increasing exploration activities.
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