The global oilfield equipment rental market is projected to grow at a CAGR of 3.87% by value from 2017 to 2022. North America is estimated to be the largest market for oilfield equipment, followed by the Middle East. This trend is expected to continue till 2022. The growth of the oilfield equipment rental market is driven by technological advancement in oilfield equipment and increase in global investments in exploration and production.
The oilfield equipment rental market is dominated by a few global players. Key players operating in the 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.), among others.
Major strategies adopted by players in the oilfield equipment rental market includes mergers & acquisitions and contracts & agreements. Mergers & acquisitions was the most commonly adopted strategy from 2014 to April 2017. Industry players also adopted contracts & agreements, which was the second most widely followed strategy from 2012 to April 2017.
Schlumberger Limited is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. The company offers products and services to the entire gamut of oilfield services, from exploration to production. Schlumberger Limited is focusing on R&D activities as a long-term strategy to support and grow its technological leadership in the oilfield equipment segment. New products, recently launched by the company, generated approximately 20% of the group revenue in 2016. The company recently launched PowerDrive Orbit Rotary Steerable System (RSS) under its drilling segment in 2016.
Halliburton Company is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides thirteen Product Service Lines (PSLs) under two main divisions, namely, drilling and evaluation and completion and production. The company has operations in 80 countries across the globe. The company has manufacturing operations in the U.S., China, Singapore, Canada, Malaysia, and the U.K. The long-term strategy of the company is to focus on three areas, namely, international business opportunities, applied technology, and integrated solutions. The company is well positioned to utilize its global infrastructure and technological prowess to provide operational distinction at low costs. As a part of its expansion strategy, the company has recently opened technology and research centers in Iberia, Brazil, and the U.S. to have technologically advanced products and solutions.
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
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