Rising demand for fossil fuels & increasing exploration & production to drive United States oilfield equipment rental market
According to TechSci Research report, “United States Oilfield Equipment Rental Market By Equipment Type, By Application, By Region, Competition, Forecast & Opportunities, 2025”, the United States oilfield equipment rental market is forecast to surpass $ 5.37 billion by 2025. Technological advancements in drilling technologies such as longer laterals, minimal liner and casing, enhanced drilling rates, multi-pad drilling, improvements in the surface operations, among others, are anticipated to fuel the market through 2025. Additionally, absence of possibilities to track activities in unconventional regions, real-time systems play a significant role and therefore multilateral technologies are preferred for heavy oil applications, thereby driving the market in the country. All these factors are anticipated to supplement United States oilfield equipment rental market over the coming years.
In 2019, the US crude oil production stood at 12.23 million barrels per day, which was about 11% higher compared to daily crude production in 2018. The crude oil production has increased significantly over the last five years due the production of oil from tight rock formations developed using horizontal drilling & hydraulic fracturing to extract hydrocarbons. As the production is increasing so are the drilling activities, which in turn is expected to fuel the demand for drilling equipment such as drilling rigs, drill pipes, drill collar, and drill bits, etc.
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The United States oilfield equipment rental market can be segmented based on equipment type, application and region. In terms of equipment type, the market can be segregated into drilling equipment, flow & pressure equipment & others. Among these, the drilling equipment segment is expected to dominate the market owing to increase in demand for oil & gas in the coming years. In terms of application, the United States oilfield equipment rental can be bifurcated into onshore and offshore segments. Out of these, the onshore segment is expected to account for more than two-thirds of the market share due to the existence of huge onshore shale reserves in the country. Halliburton Company, Schlumberger Limited, Chesapeake Energy Corporation, Weatherford International plc, Superior Energy Services, Inc., Precision Drilling Corporation, Parker Drilling Company, FMC Technologies, Inc., Oil States International, and Basic Energy Services, Inc. are some of the leading players operating in United States oilfield equipment rental market.
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Customized demand by the drillers coupled with the COVID–19 pandemic might hamper the growth of market during forecast period, especially in 2020. Additionally, fluctuations in crude oil prices might act as a major restraint for the US oilfield equipment rental market in the coming years. “United States oilfield equipment rental market is expected to witness growth during the forecast period, owing to the rising unconventional hydrocarbon production in the country. Additionally, the country is witnessing boom in production from both shale operations and deep-water exploration and production in the Gulf of Mexico. Moreover, exploration and production activities in the country are also expected to gain momentum owing to the increased capital spending by major oil companies, which would translate in boosting oilfield equipment rental business through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Oilfield Equipment Rental Market By Equipment Type, By Application, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of United States oilfield equipment rental market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States oilfield equipment rental market.
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