Oilfields are extended across several hundred kilometers, which requires specialized equipments and machinery to perform the drilling proceedings. The global oilfield equipment market is going through a huge change in terms of growth and profit due to increased demands on global platform. Along with the increased demands for crude oil, there is raise in the demand for oilfield rental equipments that are required to perform all the oilfield activities. The global oilfield rental market is witnessing exciting market trends and tremendous growth. This is an overall growth, which is observed in various aspects such as rising prices of oil and gas, rising energy demands, increased E&P activities and opportunities for business expansion.
Oilfield Rental Equipment Market Trends and Forecast
Rising energy demands and increased exploration and production, (E&P) activities are especially observed in particular markets in the world. The demands are higher in North American region, while the exploration and production activities are higher in the Middle East region. Asia Pacific and Eurasia follow North America. These regions are followed by Africa, Latin America and Middle East. When it comes to dominance by individual countries, United States of America dominates the oilfield rental market in terms of extended drilling activities and unconventional shale plays.
Rising prices of gas and oil, along with technological development contributes towards increasing activates in the oilfields. These factors have also increased activities in the non-conventional gas and oil fields. Prices and drilling activities are also driving the production of uneconomical field owners, drilling contractors and other oilfield service providers to rent out their equipments into the market, which has exciting prospects. Renting out the equipments eliminates storage space and downtime, which proves cost effective. Oilfield service provides who offer tools and equipments in ultra deepwater oilfields and unconventional shale plays, are likely to be in profit in the coming future.
Drilling equipments are the most rented out tools. Within the drilling equipment segment, tools like drill pipes, pressure and flow control equipments and blow out preventers (BOPs) have great requirement. Along with these equipments, forecasting analysis for oilfield rental market shows exciting prospects for drill collars and drill pipes. This is a very fragmented market, which offers great opportunities for expansion and consolidation. Even established industry leaders could have unsettling results over optimal growth strategies.
Overall, oilfield rental market is aspiring to witness great upsurge in the demand for energy, oil and gas and rental equipments in the years to come.
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