Global Oilfield Equipment Rental Market Ensures Flourishing Gains from Advancement in Conventional Oil and Gas Exploration


Published Date : Apr 24, 2017

ALBANY, New York, April 24, 2017 – The global oilfield equipment rental market has been prognosticated to advance at a moderate CAGR of 4.76% for the forecast years between 2017 and 2021. MarketResearchReports.biz has recently added a report, titled “Global Oilfield Equipment Rental Market 2017–2021,” which shares some of the crucial growth factors and opportunities for industry players to make handsome profits. 

The development in the exploration of traditional oil and gas resources or hydrocarbon could offer some lucrative benefits in the world oilfield equipment rental market. The downturn in crude oil prices and the oil sector on a global platform has been prophesied to impede the growth in the world oilfield equipment rental market. However, rising offshore activities, increasing investments in patents, and developments in the enhanced oil recovery (EOR) technology could be the critical trends birthing bankable opportunities in the world oilfield equipment rental market. The Americas could be a leading region in the world oilfield equipment rental market, owing to top investments in the oil and gas sector. 

Players operating in the international oilfield equipment rental market have been envisaged to promote their revenue shares through partnerships, agreements, contracts, join ventures, and merger and acquisition activities. With a view to stay in line with the shifting dynamics of the international oilfield equipment rental market, participants could turn their focus to innovative strategies and novel products developed using advanced research and development. Some of the leading vendors in the international oilfield equipment rental market are Weatherford, Schlumberger, Precision Drilling, Halliburton, and Ensign Energy Services. 

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The worldwide oilfield equipment rental market has been foretold to increasingly benefit from the accelerated demand for drilling equipment in the oil and gas sector on a global platform. The heavy implementation of oilfield equipment in oilfields could be another factor augmenting the demand in the worldwide oilfield equipment rental market. Other equipment such as pressure and control valves have been expected to make their individual contribution to the worldwide oilfield equipment rental market. On account of a telling focus on exploration and production oil and gas activities in onshore sites, the demand in the worldwide oilfield equipment rental market could increase even more. 

Significant advancements in the drilling technology have been anticipated to set the tone for the global oilfield equipment rental market. Of these could be enhancements in surface operations, multi-pad drilling, minimal casing and lining, longer laterals, and improvement in drilling rates. The monitoring of in-depth drilling activities during ultra-deepwater and deepwater operations with the use of innovative technologies could also help the global oilfield equipment rental market rake in impressive growth opportunities. Heavy oil applications preferring multilateral technologies and real-time systems used to track drilling activities in unconventional locations have been predicted to attract demand in the global oilfield equipment rental market. 

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