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Oilfield Equipment Rental Market Worth $53,706 Million by 2019
|By PR Newswire
|September 1, 2014 11:00 AM EDT
DALLAS, September 1, 2014 /PRNewswire/ --
The market study on "Oilfield Equipment Rental Market by Drilling Equipment (Drill Pipe, Drill Collars, Heavy-Wate, Drill Subs), Pressure & Flow Control Equipment (BOP, Valves & Manifolds), Fishing Equipment and Other Equipment - Global Trends and Forecasts to 2019"published by MarketsandMarkets, defines and segments the market with regional forecast and segment revenue estimates through to 2019. Top market players from the industry segment have been studies in order to track developments, technologies and other key business strategies that define the Oilfield Equipment Market environment. The Oilfield Equipment Rental Market will grow from an estimated $26,818 million in 2014 to $53,706 million by 2019 with a CAGR of 14.9% from 2014 to 2019.
Browse 110 market data tables and 52 figures spread through 339 pages and in-depth TOC on "Oilfield Equipment Rental Market - Global Trends and Forecasts to 2019"
Early buyers will receive 10% customization on this report.
North America: The largest market for Oilfield Equipment Rental market
The North American region holds the largest market for oilfield equipment rental, driven largely by the number of drilling and E&P activities in the U.S. North America, due to its growing energy needs and flourishing conventional and unconventional drilling and oilfield service industry is the major growth engine for this market.
Drilling Equipment: Biggest Market by Equipment Type
Drilling equipments are the most commonly rented equipments amongst all oilfield equipments. Advanced drilling techniques such as horizontal drilling and ultra deep drilling have made extraction of shale gas possible. Rising energy demand is increasing the oil and gas E&P (exploration & production) and drilling activities globally which in turn is driving the rental equipment market. The enormous potential of this market is attracting various small and big level industry players.
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The oilfield equipment rental industry is fragmented and offers several opportunities for consolidation and growth in efficiency through an increase in economies of scale. The rental facility has reduced the entry barrier and exit barriers in the industry. Renting equipments are much more feasible viable for new comers than buying purchasing costly equipments. Hence, the perception of buyers has shifted from buying towards renting equipments. This is a major driver of the Oilfield Equipment Rental Market. Top five players of the OER market are the suppliers of equipments for oilfield service. Weatherford International Ltd (Ireland) rents its equipment under the drilling tools segment whereas Halliburton (U.S.) maintains oilfield rental companies in the form of Boots & Coots (U.S.) and PWR Rentals (U.S.). Schlumberger (U.S.) too has Thomas Oil Tools as its rental subsidiary, Chesapeake (U.S.) has Great Plains Oilfield Rentals (U.S.), and Superior Energy Services (U.S.) has a number of rental companies in its portfolio.
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