Strategic View of the North American Equipment Rental Market in the Oil and Gas Industry
Technological advancements and new legislation are driving the growth of the North American equipment rental market in the oil and gas industry.
Technological advancements are expected to streamline operations and further enable cost reductions, driving the need for rental equipment.
Local energy policies and environmental regulations are key to ensuring consistent growth in the oil and gas industry. Moreover, regulations play a critical role in influencing rental trends in the oil and gas value chain.
Additionally, there is a general consensus that oil and gas prices are expected to drive increased spending by exploration and production (E&P) companies, thereby sustaining the demand for rental equipment.
Developing unconventional liquid reserves and using enhanced oil recovery techniques for maturing wells are expected to boost supply.
The North American petroleum and liquids’ production stood at million barrels per day in 2013, while the consumption for the same was million barrels per day during the same year.
Production is projected to reach million barrels per day in 2018 at a compound annual growth rate (CAGR) of % between 2013 and 2018.
On the other hand, consumption is projected to reach million barrels per day in 2018 at a CAGR of % from 2013 to 2018.
About this report
The North American region is a large consumer for the rental oil and gas industry. Technological advances, local energy policies, and environmental regulations ensure consistent growth in the oil and gas industry. This market insight covers the current state and future potential of the upstream, midstream, and downstream North American equipment rental market in the Oil and Gas industry. It presents the trends governing the value chain and their impact on the forecast period. The base year is 2013, while the forecast period is 2014 to 2018.
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