Oilfield equipment is a device used for extracting oil and gas from the reservoir. In order to lessen the capital outlay on this equipment, the oilfield operators take this equipment on lease or rent. Market Research Future, in its recent study, revealed that, the global market for oilfield equipment rental services is expanding rapidly. The report published by them further reveals that the market is estimated to gain prosperity within 2022. The worldwide rising demand for energy has resulted in rapid growth in the offshore drilling activities to meet the rising demand, which ultimately has triggered significant boost to the Oilfield Equipment Rental Services Market Trends. Additionally, new oil reserve inventions would accelerate the exploration and drilling activities in the coming years which will boost the demand for the market. However, strict government regulations coupled with environmental risks for drilling as well as surging focus on renewable energy may restrict the growth of the market.

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Market Segmentation

The global oilfield equipment rental services market has been segmented based on pressure and flow control equipment, drilling equipment, application, and region.

Based on drilling equipment, the market has been segmented into drill collars, drill pipe, drill subs and others.

Based on pressure & flow control equipment, the market has been segmented into valves & manifolds, BOP, and others.

Based on application, the market has been segmented into offshore and onshore. Based on regions, the market has been segmented into Europe, North America, Middle East & Africa, Asia Pacific, and South America.

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Regional Analysis

North America represents the highest share in the oilfield equipment rental services market, the U.S. being the key player. The progress in unconventional drilling technologies has attracted outlay for oil and gas drilling projects. Furthermore, vast hydrocarbon resources in the U.S. shale basins and increasing offshore drilling in the Gulf of Mexico, are accelerating the demand of the market. Besides, most of the key players are prevailing in this region. This has affected the growth of the market in an extremely positive way.

Key Players

The global oilfield equipment rental services market is dominated by key players such as Oil States International Inc. (U.S.), Halliburton Co. (U.S.), Schlumberger Ltd (U.S.), Weatherford International Ltd. (Switzerland), Superior Energy Services Inc. (U.S.), National Oilwell Varco (U.S.), Baker Hughes (U.S.), Transocean Ltd. (Switzerland), Cameron International Inc. (U.S.), and B&B Oilfield Equipment Corp (U.S.).