Rising oil & gas prices and increasing drilling activity will drive the global oilfield equipment rental market to $46.8 billion by 2018, according to a new market research report from research group marketsandmarkets.com. North America, with its increased focus on unconventional shale plays and keen oil & gas industry, is expected to experience highest revenue growth during the next five years.
The potential of this market is attracting small and large players. The rental market is experiencing a huge surge, especially in Africa and Latin America, the report says. The equipment rental players are constantly trying to modify their product lines with customized and advanced equipment to acquire more supply contracts and increase their market shares.
The large players in the market are mainly the rental divisions of major oilfield service providers. Some are local companies operating in specific areas and capturing small market shares individually. The largest players in the market, the report says, are Weatherford International Ltd., based in Switzerland, and U.S.-based companies Superior Energy Services and Halliburton.
The report forecasts revenue of the global oilfield rental market and its various submarkets in six main regions: North America, Europe and Eurasia, Asia-Pacific, Latin America, Middle East and Africa. On the country level, analysis of the markets in the U.S., China, Japan, India, Norway, U.K., Russia, Iran, Brazil, Mexico and several others are analyzed.
The report segments the global oilfield rental market by various types of equipment, such as drilling equipment, pressure and flow-control equipment, fishing (which includes baskets, cutters, jars, magnets, overshots and spears), and others.
The report indicates that the most successful rental companies in the space are working in unconventional shale plays and ultra deep-water fields.
For more information, visit marketsandmarkets.com.