US to dominate global oilfield equipment rental market from 2017-2022

OilfielsIn the recent report on oilfield equipment, the leading market research company Research and Markets declared that the global rental market of oilfield equipment is projected to grow at a CAGR of 3.87 per cent from 2017 to 2022, with reaching a market size worth US$20.55bn by 2022

The report entitled “Oilfield Equipment Rental Market by Equipment (Drilling Equipment (Drill Pipe, Drill Collars, Hevi-Wate, and Subs), Pressure & Flow Control Equipment, and Fishing Equipment), Application (Onshore and Offshore), and Region - Global Forecasts to 2022,” described full spectrum of oilfield equipment rental market.

The report has analysed the oilfield equipment rental market with respect to six regions such as North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.

It has forecasted that technological advances in oilfield equipment and rising global investment in the exploration and production in the oil and gas well are anticipated to drive the growth of oilfield rental market in North America and the Middle East.

Among the equipment, the drilling equipment segment is expected to dominate the spectrum due to the rise in drilling activities in North America, the Middle East and Africa to meet the energy demand.

The report has elaborated that the increase in drilling activity will create demand for related drilling equipment such as drill bits, drill pipe and casings in the region.

The report has also described that the presence of huge onshore shale reserves in the US and Australia is likely to boost the demand for onshore oilfields in the forecasted period, with North America expected to lead the global oilfield rental market.

The factors that can possibly reduce the demand for the oilfield equipment rental market from 2017 to 2022 are uncertain regulatory framework and customised demands by the drillers.

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