Oilfield Auxiliary Rental Equipment Market Top Companies
The key players operating and profiled in the oilfield auxiliary rental equipment market report include Halliburton Company, Schlumberger Limited, Weatherford International Plc., Key Energy Services, Ensign Energy Services Inc., Parker Drilling Company, Superior Energy Services, Inc., Oil States International, TechnipFMC, and Odfjell Drilling.
The other players operating in the value chain of the global oilfield auxiliary rental equipment market are John Energy Limited, Savanna Energy Corporation, Basic Energy Services, Inc., Bestway Oilfields & Gas Equip. LLC, Circle T Service & Rental Ltd., Certified Oilfield Rentals LLC, and Seadrill Ltd.
According to a new report published by Allied Market Research, titled, the oilfield auxiliary rental equipment market size was valued at $28.3 billion in 2020, and is estimated to reach $42.9 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030.
In 2020, North America dominated the global oilfield auxiliary rental equipment market with more than 31.7% of the share, in terms of revenue.
In 2020, the drilling equipment segment accounted for about 62.2% of the share in the global oilfield auxiliary rental equipment market, and is expected to maintain its dominance till the end of the forecast period.
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In 2020, the onshore segment accounted for about 57.4% of the share in the global oilfield auxiliary rental equipment market, and is expected to maintain its dominance till the end of the forecast period.
Offshore accounted for 42.5% oilfield auxiliary rental equipment market share in 2020, and is anticipated to grow at fastest rate of 4.3% in terms of revenue, increasing its share in the global oilfield auxiliary rental equipment market.
In 2020, the pressure flow & control segment accounted for 24.7% oilfield auxiliary rental equipment market share in 2020, and is anticipated to grow at a rate of 4.2% in terms of revenue, increasing its share in the global oilfield auxiliary rental equipment market.
COVID-19 Impact on the Market
The global oilfield auxiliary rental equipment market witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. COVID-19 negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including conventional fuels. However, owing to the lockdown imposed across the globe, there was supply-demand gap, which resulted in halt in supply for oilfield equipment used in oil & gas production.
In Europe, countries, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements to limit the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global oilfield auxiliary rental equipment market.
Significant development of the end-use industries, including mining, manufacturing, offshore, automotive, and building & construction is fueling the demand for oil & gas products, which, in turn, is expected to drive the growth of the oilfield auxiliary rental equipment market during the forecast period.
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Oilfield auxiliary rental equipment are infrequently used instruments in oilfield exploration and production activities. Therefore, companies avail such instruments on rent instead of purchasing them. The rent mechanism saves the overall project cost to a significant extent. Equipment or machineries are offered on rent for an hourly, daily, weekly or annual period on the basis of project timeline in the market. It comprises various types of equipment including, drilling and pressure flow & control.
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