What is the global market size of Oilfield Equipment Rental Market?

Oilfield Equipment Rental Market was valued at USD 28.3 billion in 2021 and it is expected to reach at USD 42.9 billion by 2028, with CAGR of 4.5% over forecast period (2022-2028).

Oilfield Equipment Rental Market Size

Oilfield Equipment Rental Market Insights

Oilfield Equipment Rental Market size was valued at USD 25.04 Billion in 2023 and is poised to grow from USD 26.02 Billion in 2024 to USD 35.34 Billion by 2032, growing at a CAGR of 3.9% during the forecast period (2025-2032).

Oilfield equipment rental is the temporary hiring of equipment used for oilfield extraction and drilling for a set period of time. Oilfields necessitate the use of specialized machinery to drill wells into the subsurface and extract crude oil. Drilling, pressure and flow equipment, pumps and valves, tubes, drill bits, wireline tools, blowout preventers (BOP), artificial lift systems, and mud pumps are examples of common oilfield equipment available for rent. In comparison to traditional purchasing of oilfield equipment, renting is thought to be more cost-effective because it requires less acquisition and maintenance. Growing industrialization and the expanding oil and gas industry are the primary factors driving the market's positive outlook. Furthermore, rising demand for crude oil and natural gas for energy and power needs around the world is propelling market growth. As a result, governments from various countries and numerous private stakeholders are increasingly using rented oilfield equipment to carry out projects that benefit their respective economies.

US Oilfield Equipment Rental Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The global oilfield equipment rental market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective. 'Schlumberger Limited (US) ', 'Baker Hughes Company (US) ', 'Halliburton Company (US) ', 'Weatherford International plc (US) ', 'Superior Energy Services, Inc. (US) ', 'TechnipFMC plc (UK) ', 'Transocean Ltd. (Switzerland) ', 'National Oilwell Varco, Inc. (US) ', 'Patterson-UTI Energy, Inc. (US) ', 'Precision Drilling Corporation (Canada) ', 'Seadrill Limited (Bermuda) ', 'Nabors Industries Ltd. (Bermuda) ', 'Ensco plc (UK) ', 'Helmerich & Payne, Inc. (US) ', 'COSL - China Oilfield Services Limited (China) ', 'Petrofac Limited (UK) ', 'Worley Limited (Australia) ', 'McDermott International, Inc. (US) ', 'Bechtel Corporation (US) ', 'Wood Group (UK) '

Oil and gas companies are shifting their exploration focus to unconventional and deep hydrocarbon reservoirs such as shale gas, coal bed methane, tight gas, and heavy oil. To perform operations in various unconventional and deep reservoir conditions, the petroleum industry now has advanced IT-based machinery and software. This paves the way for new age technology to be used as a tool to carry out difficult operations. For example, an advanced Radio Frequency Identification (RFID) circulation sub that aids in drilling and hole-clean-up operations. The RFID circulation sub allows operators to reduce non-productive time. The use of advanced drilling and completion technologies has made drilling in shale formations financially viable. Traditional equipment is not fully equipped to meet new challenges.

Offshore exploration, drilling, and production activities necessitate different environmental and technical considerations than onshore oil and gas activities. Despite the challenges posed by such harsh offshore environmental conditions, advances in exploration and production technology for use in ice-prone regions such as the Grand Banks, Bohai Sea, Caspian Sea, Cook Inlet, and Sakhalin Island have developed economically viable production solutions. The global slowdown in oil prices has resulted in a decrease in drilling activity in recent years, putting additional pressure on offshore drillers and service providers. However, opportunities for offshore drillers are expected to grow as the industry gradually recovers.

Based on region, global oilfield equipment rental market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.. North America is currently expected to have the largest Oilfield Equipment Rental Services market share due to higher unconventional hydrocarbon production than other regions. Furthermore, the Gulf of Mexico is currently focusing on expanding its offshore exploration and production activities. As a result of increased production activities, these regions are gaining traction. During the forecast period, Canada is expected to increase its production rate. Because the region is the fourth-largest producer of crude oil, accounting for more than 31% of global production. This prospect has prompted mature market players to increase their investment in the region.