Increase in demand for fossil fuels is expected to drive the growth of United States oilfield equipment rental market
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According to TechSci Research report, “United States Oilfield Equipment Rental Market By Equipment Type (Drilling Equipment, Pressure & Flow Control Equipment, Other Equipment), By Application (Onshore v/s Offshore), By Region, Forecast & Opportunities, 2025”, the United States oilfield equipment rental market is expected to grow at a steady rate during the forecast period on account of the technological advancements in the drilling technologies such as longer laterals, minimal liner and casing, enhanced drilling rates, multi-pad drilling, improvements in the surface operations, among others. Additionally, the absence of possibilities to track activities in unconventional regions, real-time systems play a significant role and therefore multilateral technologies are preferred for heavy oil applications thereby, driving the market in the country. However, customized demand by the drillers can hamper the growth of market during forecast period. Additionally, the increase in use of renewable energy is the major restraint for the US oilfield equipment rental market.
The United States oilfield equipment rental market is segmented based on equipment type, application, company and region. Based on equipment type, the market can be fragmented into drilling equipment, pressure & flow control equipment and others. The drilling equipment segment is expected to dominate the market owing to the increasing demand for oil and gas across the world and the operation of oilfield drilling in oilfields. Based on application, the market can be bifurcated into onshore and offshore. The onshore segment is expected to register the highest growth during the forecast period. This can be attributed to the existence of huge onshore shale reserves in the country and North America region.
Halliburton Company, Schlumberger Limited, Chesapeake Energy Corporation, Weatherford International plc, Superior Energy Services, Inc., Precision Drilling Corporation, Parker Drilling Company, FMC Technologies, Inc., Oil States International, Basic Energy Services, Inc. and others are some of the leading players operating in United States oilfield equipment rental market. For instance, in April 2016, Schlumberger acquired coiled tubing drilling and coiled tubing units. This strengthened the company’s coiled tubing portfolio in both the markets of U.S. and Saudi Arabia.
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“United States oilfield equipment rental market is expected to witness significant growth during the forecast period, owing to the growing unconventional hydrocarbon production in the country. The country is the new swing producer in global oil markets owing to the boom in production from both shale operations, deep-water exploration and production in the Gulf of Mexico. Moreover, exploration and production activities in the country are also expected to gain momentum with increased capital spending by major oil companies. Additionally, the presence of key players in the country such as Halliburton, Schlumberger, Weatherford International plc, Superior Energy Services, Inc., among others is further anticipated to fuel the market until 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Oilfield Equipment Rental Market By Equipment Type (Drilling Equipment, Pressure & Flow Control Equipment, Other Equipment), By Application (Onshore v/s Offshore), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of United States oilfield equipment rental market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States oilfield equipment rental market.