Global OilField Equipment Rental Market 2017-2021
About Oilfield Equipment Rental
The rental oilfield equipment is basically used for extraction of oil and gas from the reservoirs. End-users take such equipment on a rental basis to reduce the capital cost incurred.
Technavio’s analysts forecast the global oilfield equipment rental market to grow at a CAGR of 4.76% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global oilfield equipment rental market for 2017-2021. To calculate the market size, the report considers the revenue generated from the new shipments in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oilfield Equipment Rental Market 2017-2021
Technavio recognizes the following companies as the key players in the global oilfield equipment rental market: Ensign Energy Services, Halliburton, Precision Drilling, Schlumberger, and Weatherford.
Other Prominent Vendors in the market are: AOS ORWELL, Basic Energy Services, FMC Technologies, IOT GROUP, Key Energy Services, Knight Oil Tools, Oil States International, Parker Drilling, RPC, and Superior Energy Services.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is emerging offshore opportunities. The offshore oil and gas industry has faced numerous challenges that include high operational costs that have been exacerbated by lower global oil prices. Since 2015, low global oil prices have forced the international oil companies (IOCs) to decrease their investments in offshore development.”
According to the report, one of the major drivers for this market is development of unconventional oil and gas resources/hydrocarbon exploration. Though the major hydrocarbon-rich regions in the world were identified in the early 20th century, the E&P companies are now focusing on unconventional areas for exploration and production purposes. These unconventional resources are the oil and gas bearing reservoirs that cannot be extracted economically.
Further, the report states that one of the major factors hindering the growth of this market is global downturn in oil industry and crude oil prices. Crude oil prices are decreasing since mid-2014, and this is having an impact on the overall oil and gas industry. The decline in crude oil prices is a major challenge for the oilfield equipment companies. Many operators are closing their wells and rigs as the revenue generated is not equal to the expenditure.
Ensign Energy Services, Halliburton, Precision Drilling, Schlumberger, Weatherford, AOS ORWELL, Basic Energy Services, FMC Technologies, IOT GROUP, Key Energy Services, Knight Oil Tools, Oil States International, Parker Drilling, RPC, and Superior Energy Services.
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