(MENAFN- America News Hour) The report predicts the global Oilfield Equipment Rental Market to grow at a healthy CAGR over the forecast period from 2023-2033.
“The oilfield equipment rental market is projected to grow at a CAGR of 3.87%, by value, from 2023 to 2033.”
The oilfield equipment rental market is projected to reach USD 20.55 billion, by 2033, growing at a CAGR of 3.87%, from 2033 to 2033. Oilfield equipment are widely used during the exploratory and production phase of an oil & gas well. Technological advancement in oilfield equipment and an increase in global investments in exploration and production are expected to drive the oilfield equipment rental market in North America and the Middle East. Customized demands by drillers, as well as uncertain regulatory framework, can hinder the growth of the oilfield equipment rental market.
“The drilling equipment segment is expected to grow at the highest CAGR from 2023 to 2033.”
Based on equipment, the drilling equipment segment is estimated to be the fastest-growing market from 2023 to 2033. Due to wide usage and increased drilling activity across regions, the demand for drilling equipment is expected to grow over the next two years. Factors like these would drive the growth of the drilling equipment segment of the oilfield equipment rental market.
“North America: The largest market for oilfield equipment rental.”
North America is currently the largest market for oilfield equipment rental, followed by the Middle East and Asia-Pacific. Extensive shale mining and increasing refracturing activities in the U.S. are driving the oilfield equipment rental market. The U.S. is estimated to be the fastest growing market in the region, followed by the market in Canada, during the forecast period.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1- 30%, Tier 2- 35%, Tier 3- 35% By Designation: C-Level- 10%, D-Level- 30%, Others- 60% By Region: North America- 12%, Asia-Pacific- 55%, Europe- 10%, South America- 3%, Middle East- 11%, Africa- 9%
The tier of the companies has been defined on the basis of their total revenue; as of 2015: Tier 1 = USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 =
The leading players in the oilfield equipment rental market include Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), Oil States International, Inc. (U.S.), and Parker Drilling Company (U.S.).
The report provides a picture of the oilfield equipment rental market across industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as equipment type, application, and region. Furthermore, the report also includes an in-depth competitive analysis of key players in the market along with their company profiles, recent developments, and key market strategies.
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Why buy this report? The report identifies and addresses the key markets for oilfield equipment rental, which would help suppliers review the growth in demand The report helps solution providers understand the pulse of the market and provides insights into drivers, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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