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Pulished Date March, 2021
ID: 11360
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Oil And Gas Equipment Rental Market By Equipment (Drilling equipment, Flow and pressure control equipment, Fishing equipment, and other equipment), by Application (Offshore and Onshore), and Market Share, Country, In-Depth Analysis, Forecast Data, and Detailed Overview, and Forecast, 2021-2026.

Pulished: March, 2021
ID: 11360
Pages: 185

Oil & Gas Equipment Rental Market Size, Growth, Trends and Forecast:

Oil and gas exploration is becoming more natural thanks to technological advances. The oil rig has enabled economically viable horizontal drilling, deep drilling, and unconventional hydrocarbon exploration. Industry leaders are making attractive investments in drilling operations for oil and gas exploration. Petroleum equipment and services refer to all products and services associated with the upstream energy industry. This includes drilling, well completions, well logging, well intervention, and many more.

In most cases, oil and gas operators contract with an oilfield services contractor to perform drilling operations. Oil & gas equipment not only helps in the establishment of oil and gas wells but also provides a comprehensive solution for the manufacture, repair, and maintenance of tools and equipment used for drilling wells. The Oil & Gas Equipment Rental Market is anticipated to the extent of an over of USD 20.56 billion by the end of the assessment period. The Oil & Gas Equipment Rental Market is estimated to experience reasonable growth to record a CAGR of 3.87% throughout the estimated period (2021-2026).

Impact of covid-19 on Oil & Gas Equipment Rental Market:

The COVID 19 pandemic has disrupted the global economy in distinct ways. World Health organizations declared the spread of COVID 19 as pandemic on March 2020. From then, there were lockdown restrictions in almost every country across the world to control the spread of the pandemic. The market shares are expected to fall into previous state by the end of 2021.

Recent Developments:

  • In July 2019, Baker Hughes, a GE company (BHGE), signed a contract with i3 Energy plc for its drilling operation at Liberator. Under the terms of the contract, BHGE is likely to provide directional drilling, drilling fluids, bottlenecks, formation evaluation operations, and the wellhead.

  • In November 2018, a five-year surface technology framework agreement was signed between oilfield service provider TechnipFMC and major oil company Chevron. Under contractual conditions, TechnipFMC will provide surface wellhead equipment and services in the United States and Canada.

Drivers and Restraints of Oil & Gas Equipment Rental Market:

Oil and gas companies have begun to reorient their exploration activities toward unconventional, deep reservoirs of hydrocarbons such as shale gas, coalbed methane (CBM), compressed gas, and heavy oil. The petroleum industry today has advanced software and machinery to operate in a variety of deep and unconventional reservoir conditions. This paves the way for next-generation technology as a tool for rigorous operations. For example, an advanced circulation radio frequency identification (RFID) subsystem helps facilitate well drilling and cleaning operations. The RFID circulating submarine enables operators to reduce downtime. The application of advanced drilling and completion technologies has enabled economically viable drilling in shale formations. Traditional teams are not fully equipped to meet new challenges.

Technologies such as horizontal drilling and hydraulic fracturing have opened up significant oil and gas shale formations. There has been a significant increase in the horizontal component of the number of oil rigs. These are some factors for the oil & gas equipment rental market. 

Exploration, drilling, and production activities in the marine environment require different environmental and technical considerations than oil and gas activities on land. Despite the challenges posed by harsh environmental conditions offshore, advances in exploration and production technology for application in ice-prone regions such as the Great Banks, the Bohai Sea, the Caspian Sea, the Inlet of Cook, and Sakhalin Island have developed economically viable solutions for production in these regions. The global slowdown in oil prices has led to a decline in drilling activity in recent years, putting additional pressure on drillers and offshore service providers. The exploration of new reserves and the depletion of current reserves have required the application of new extraction techniques and increased drilling complexity.

The demand for custom drilling equipment is driven by the increasing volume and complexity of good requirements to meet global production targets. A significant number of high specification rigs and associated equipment are expected to be delivered over the next five years. Most of the new high-tech rigs are expected to be used for horizontal drilling. All of this puts additional pressure on rental equipment providers as the demand for good operators varies from well to well. Rental equipment suppliers are expected to maintain an inventory of a wide variety of such equipment, which affects their economies of scale. Oil & gas equipment suppliers have to constantly change their inventory, which in turn requires more capital. These factors are hampering the growth of the oil & gas equipment rental market.

Oil & Gas Equipment Rental Market Segmentation:

Oil & Gas Equipment Rental Market – By Equipment:

  • drilling equipment

  • flow and pressure control equipment
  • fishing equipment
  • and other equipment

Drilling rigs represent the largest share of the market for oil & gas equipment that drills oil wells deep underground. Increasing demand for rental equipment from China, Southeast Asia, and the Middle East would stimulate the segment on land. The presence of huge onshore shale reserves in the United States and Australia is likely to stimulate demand for onshore oil fields. Oil & gas equipment is used in onshore and offshore applications. The operating cost of an offshore application is quite expensive than the onshore application.

Oil & Gas Equipment Rental Market Regional Analysis:

Relentless oil and gas exploration and production and growing unconventional hydrocarbon exploration activity are driving the North American oil & gas equipment rental market. Oil and gas companies are investing in drilling activities to meet the growing demand for hydrocarbons, which is expected to boost the oil & gas equipment rental market in Europe. The huge growth potential in Asian countries like China, India, Indonesia, Japan, etc. due to numerous infrastructure projects, massive demand for energy, and growing population. The government is keen to invest in exploring more oil fields in its region to reduce dependence on oil and gas imports, helping to tap into the growing oil field equipment rental market in Asia-Pacific. Middle East oil tycoon countries like Saudi Arabia, UAE, Iran, Iraq, Kuwait, etc., make a substantial contribution to global oil demand. These countries are eager to increase their production capacity, which increases the growth of the oil & gas equipment rental market in MEA.

Leading Company:

Transocean Ltd. had the largest share of the Oil & Gas Equipment Rental Market in terms of sales revenue in 2021.

Key Players:

The Oil & Gas Equipment Rental Market is concentrated with well-established players. Key players in the Oil & Gas Equipment Rental Market include Weatherford International PLC, Transocean Ltd., Baker Hughes Company, Schlumberger Limited, and Seadrill Ltd.

1. Introduction                                 

            1.1 Market Definition                       

            1.2 Scope of the report                    

            1.3 Study Assumptions                    

            1.4 Base Currency, Base Year and Forecast Periods                      

2. Research Methodology                            

            2.1 Analysis Design             

            2.2 Research Phases            

                        2.2.1 Secondary Research   

                        2.2.2 Primary Research        

                        2.2.3 Data Modelling

                        2.2.4 Expert Validation        

            2.3 Study Timeline               

3. Report Overview                           

            3.1 Executive Summary                   

            3.2 Key Inferencees              

4. Market Dynamics                         

            4.1 Impact Analysis              

                        4.1.1 Drivers 

                        4.1.2 Restaints          

                        4.1.3 Opportunities 

            4.2 Regulatory Environment                        

            4.3 Technology Timeline & Recent Trends            

5. Competitor Benchmarking Analysis                               

            5.1 Key Player Benchmarking                      

                        5.1.1 Market share analysis 

                        5.1.2 Products/Service        

                        5.1.3 Regional Presence      

            5.2 Mergers & Acquistion Landscape                     

            5.3 Joint Ventures & Collaborations           

6. Market Segmentation                              

            6.1 Oil & Gas Equipment Rental Market, By Equipment                

                        6.1.1 Drilling Equipment     

                        6.1.2 Flow and pressure control equipment         

                        6.1.3 Fishing equipment     

                        6.1.4 Market Size Estimations & Forecasts (2021-2026) 

                        6.1.5 Y-o-Y Growth Rate Analysis  

                        6.1.6 Market Attractiveness Index  

            6.2 Oil & Gas Equipment Rental Market, By Application              

                        6.2.1 Offshore          

                        6.2.2 Onshore          

                        6.2.3 Market Size Estimations & Forecasts (2021-2026) 

                        6.2.4 Y-o-Y Growth Rate Analysis  

                        6.2.5 Market Attractiveness Index  

7. Geographical Landscape                         

            7.1 Global Identity Governance and Administration Market, by Region             

            7.2 North America - Market Analysis (2018 - 2024)                   

                        7.2.1 By Country      

                                    7.2.1.1 USA

                                    7.2.1.2 Canada

                        7.2.2 By Equipment  

                        7.2.3 By Application 

            7.3 Europe                

                        7.3.1 By Country      

                                    7.3.1.1 UK

                                    7.3.1.2 France

                                    7.3.1.3 Germany

                                    7.3.1.4 Spain

                                    7.3.1.5 Italy

                                    7.3.1.6 Rest of Europe

                        7.3.2 By Equipment  

                        7.3.3 By Application 

            7.4 Asia Pacific                     

                        7.4.1 By Country      

                                    7.4.1.1 China

                                    7.4.1.2 India

                                    7.4.1.3 Japan

                                    7.4.1.4 South Korea

                                    7.4.1.5 South East Asia

                                    7.4.1.6 Australia & NZ

                                    7.4.1.7 Rest of Asia-Pacific

                        7.4.2 By Equipment  

                        7.4.3 By Application 

            7.5 Latin America                 

                        7.5.1 By Country      

                                    7.5.1.1 Brazil

                                    7.5.1.2 Argentina

                                    7.5.1.3 Mexico

                                    7.5.1.4 Rest of Latin America

                        7.5.2 By Equipment  

                        7.5.3 By Application 

            7.6 Middle East and Africa               

                        7.6.1 By Country      

                                    7.6.1.1 Middle East

                                    7.6.1.2 Africa

                        7.6.2 By Equipment  

                        7.6.3 By Application 

8. Key Player Analysis                                  

            8.1 Weatherford International PLC             

                        8.1.1 Business Description  

                        8.1.2 Products/Service        

                        8.1.3 Financials        

                        8.1.4 SWOT Analysis

                        8.1.5 Recent Developments

                        8.1.6 Analyst Overview        

            8.2 Transocean Ltd.             

            8.3 Baker Hughes Company            

            8.4 Schlumberger Limited               

            8.5 Seadrill Ltd                     

9. Market Outlook & Investment Opportunities                            

Appendix                              

            List of Tables            

            List of Figures                       

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

 

  1. Global oil & Gas Equipment Rental Market By Region, From 2021-2026 ( USD Billion )
  2. Global oil & Gas Equipment Rental Market By Equipment, From 2021-2026 ( USD Billion )
  3. Global Drilling Equipment  Market By Region, From 2021-2026 ( USD Billion )
  4. Global Flow and pressure control equipment Market By Region, From 2021-2026 ( USD Billion )
  5. Global Fishing equipment Market By Region, From 2021-2026 ( USD Billion )
  6. Global oil & Gas Equipment Rental Market By Application, From 2021-2026 ( USD Billion )
  7. Global Offshore  Market By Region, From 2021-2026 ( USD Billion )
  8. Global Onshore Market By Region, From 2021-2026 ( USD Billion )

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