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The latest report by IMARC, titled “ OilfieldEquipmentRentalMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandFore cast2023-2028
” " finds that the global oilfield equipment rental market size reached US$ 24.1 Billion in 2022.
Oilfield equipment rental is the process of hiring equipment for the extraction and drilling of oilfields for a predefined period. These machines are used in horizontal and deep drilling, well completion, well logging, and well intervention activities. Some of the common oilfield equipment used are drilling, pumps and valves, pressure and flow equipment, artificial lift systems, drill bits, wireline tools, tubes, blowout preventers (BOP), and mud pumps. These services are more cost-effective as they offer minimal cost of acquisition and maintenance than the traditional method of purchasing oilfield equipment, due to which they are gaining traction across the globe.
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The market is primarily driven by the increasing exploration and production activities across the globe. In addition, the escalating demand for crude oil and natural gas for power and energy requirements represents another major growth-inducing factor. Besides this, governments of numerous countries and private stakeholders are adopting rented oilfield equipment to introduce projects for the overall development of economies. This, coupled with the introduction of Radio Frequency Identification (RFID)-enabled equipment, which assists in improving drilling and holecleanup operations, is positively influencing the market growth.
Moreover, various key players are offering machines with advanced features, such as horizontal and directional drilling, which can be attached to Universal Bottom Hole Orientation (UBHO) equipment. They are also developing drilling technology that aids in monitoring drilling activities during deep-water and ultra-deep-water operations, which is also contributing to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 30.8 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyEquipment:
• Drilling
• Drill Pipes
• Drill Collars
• Subs
• Others
• Pressure & Flow Control
• Blow Out Preventer (BOP)
• Valves & Manifolds
• Others
• Others
BreakupbyApplication:
• Onshore
• Offshore
BreakupbyRegion:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Basic Energy Services Inc
• Bestway Oilfields & Gas Equip LLC
• Circle T Service & Rental Ltd.
• Ensign Energy Services Inc.
• Halliburton Company
• John Energy Ltd.
• Parker Drilling Company
• Schlumberger Limited
• Seventy-Seven Energy Inc.
• Superior Energy Services Inc.
• TechnipFMC PLC
• Weatherford International PLC
ViewFullReportwithTOC&ListofFigure:
https://www.imarcgroup.com/oilfield-equipment-rental-market
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