United States Oilfield Equipment Rental Market to be dominated by Drilling Equipment Segment through 2028
Increasing oil & gas
investments and growing number of deep-water projects are the major factors
propelling the United States Oilfield Equipment Rental Market growth during the
forecast period
According to TechSci Research
report, “United States Oilfield Equipment Rental Market - By Region,
Competition Forecast & Opportunities, 2028,” the United States
Oilfield Equipment Rental Market is expected to register robust growth during
the forecast period, 2024-2028. The demand for crude oil and natural gas is
expected to increase exploration and production activities, which will likely
propel the country’s oilfield equipment rental market during the forecast
period.
The oil and gas industry in the
United States is projected to provide a huge impetus to the oilfield equipment
rental market on account of widespread investments lined up in oil and gas
projects for the coming years. Between 2018 and 2025, 97 upcoming oil and gas
projects in the nation are projected to cost around USD76 billion. Such robust
growth in terms of new projects is projected to create a demand for oilfield
equipment rental services in the United States.
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The United States Oilfield
Equipment Rental Market is segmented based on Equipment Type, Application,
Region and Competitive Landscape. Based on Equipment Type, the market is
segmented into Drilling Equipment, Pressure & Flow Control Equipment, and
Other Equipment.
United States Oilfield Equipment
Rental Market is dominated by Drilling Equipment segment. Following the 2014
oil price crisis, both onshore and offshore rig counts drastically decreased
between 2014 and 2016. However, the time between 2017 and 2018 was marked by a
recovery in the price of oil, which had a considerable impact on the number of
onshore rigs. The lead timeframes for offshore activities are typically longer.
Offshore drilling activities did not resume until 2019 as a result of the
volatile oil prices and high CAPEX requirements for offshore projects.
2019 saw a fall in oil prices,
which had a negative impact on onshore drilling. Oil prices are anticipated to
increase during the projected period, although more slowly. As a result, it is
anticipated that traditional onshore drilling will increase somewhat more
slowly. Since the shale reservoir has a lower permeability than oil and gas
wells in conventional fields, it has a significantly smaller drainage area. In
contrast to wells in conventional fields, which typically have a production
life of more than ten years, wells dug in the shale reservoir typically have a
production life of less than five years. Additionally, the shale operators now
favor horizontal and directional wells in order to enhance the drainage area.
These factors indicate that the onshore drilling activity will be significantly
impacted by investments in shale oil and gas exploration.
Based on application, the market
is divided into onshore and offshore segments. The increasing investment in
offshore locations is set to boost the market growth. The offshore segment is
predicted to expand at the fastest rate during the forecast period due to
increased investment in subsea oil and gas assets. Several oil field businesses
are making significant investments in offshore assets in order to increase the
productivity of their wells, the performance of their reservoirs, and the whole
life cycle of the well. The need for more dependable and flexible equipment and
services in the onshore location fuels the growth of this sector.
Key market players in the United
States Oilfield Equipment Rental Market: -
- 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.
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"The United States Oilfield
Equipment Rental Market is anticipated to grow throughout the anticipated
period. The future US oilfield equipment rental industry may also be
significantly constrained by changes in crude oil prices. Growth in the United
States oilfield equipment rental market is anticipated during the projected
period as a result of the country's expanding unconventional hydrocarbon
production. In addition, production from shale operations and deep-water
exploration are contributing to the market growth. Additionally, the country's
exploration and production activities are anticipated to pick up steam in light
of the major oil firms' increasing capital expenditure, which would result in
an expansion in the oilfield equipment rental industry through 2028, and rising
oil and gas consumption in the United States.,” 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, Offshore),
By Region, Competition Forecast and Opportunities, 2028,” has
evaluated the future growth potential of the 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 the United States Oilfield
Equipment Rental Market.
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