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

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

United States Oilfield Equipment Rental Market is anticipated to grow at a good pace in the forecast period, 2024-2028. Longer laterals, minimal liner and casing, improved drilling rates, multi-pad drilling, and advances in surface operations, among other technological developments, are expected to drive the market through 2028. Additionally, real-time systems play a key role because there are few ways to monitor activities in unconventional regions; as a result, multilateral technologies are favored for heavy oil applications, propelling the market in the nation. Over the upcoming years, it is projected that all of these factors will strengthen the US oilfield equipment rental market. For instance,U.S. crude oil production was 11.7 million b/d in 2022 and 12.4 million b/d in 2023, which would surpass the record high set in 2019.

Primary oilfield equipment such a hoisting system, a derrick or draw works, and a driving group are used to construct oilfield drilling rigs. A drill string, return lines, pits, a top drive, and a circulating system of pumps are also included in oilfield equipment. Furthermore, well control components are included in oilfield equipment.

Growing Demand for Drilling Rigs

The offshore operators have made major field development investments, in terms of the volume of planned and pipelined projects. While there are fewer projects in the North American and South American markets, they are nonetheless situated in deepwater and ultra-deepwater. Consequently, despite having fewer projects, the United States is anticipated to hold a sizable market share for offshore drilling rig equipment rental.

The shale reservoir has a lower permeability than oil and gas wells in conventional fields, and 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 favour 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.

Rise in Deep-Water Projects to offer Robust Opportunities

Over the course of the projected period, an increasing number of deep-water and ultra-deepwater drilling projects will present profitable opportunities for this industry. Since crude oil prices have stabilized, additional efforts have been undertaken, increasing the profit margin for drilling and production businesses. Even though the price of oil and gas has plateaued and dropped by 50% in the most recent years, deepwater development expenditure growth has been exceeding in the past three to four years. Many deepwater projects qualify as so-called "mega projects" because their capital expenditures (CAPEX) frequently exceed USD5 billion. It is challenging to deliver workable financial results in these conditions, especially for major operators and contractors with extensive project management processes and capacities.

The roughly 12 deepwater US Gulf discoveries made in 2021 may rise in the following year, and a few areas that have been patiently enduring price volatility for years may finally receive the green light. The US Gulf presently produces 1.769 million b/d of oil, according to the most recent Platts Analytics estimates. Early in 2022, the output is likely to rise by up to 125,000 b/d and reach 2 million b/d by the end of the year. The three main projects in the Gulf that were in service in 2022 were the Vito field by Shell, Mad Dog Phase 2 by BP, and the three fields managed by Murphy Oil, Khaleesi, Mormont, and Samurai.

Deepwater output is anticipated to increase by more than 60%, from 6% to 8% of total upstream production, between 2022 and 2030. With ultra-deepwater production growing at the fastest rate, by 2024 more than half of all deepwater production will be made at depths of 5,000 feet or deeper.

Increasing production & exploration activities in the oil & gas industry

One of the businesses with a high capital requirement is oil and gas production, which necessitates expensive machinery and highly skilled labor. When a company locates the oil or gas reserves, plans are made for drilling. Numerous oil and gas companies get into agreements with specialized drilling companies and pay for the labor of the crew in addition to the rig's daily rates. The length of the process can be influenced by the drilling depth, rock hardness, weather, and distance from the site. By delivering real-time information and trends, data tracking via smart technology can aid in drilling efficiency and well performance. Although every drilling rig has the same fundamental components, the drilling techniques differ based on the type of oil or gas and the local geology.


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Recent Developments:

  • In July 2019, i3 Energy plc awarded Baker Hughes, a GE Company (BHGE), a contract for its drilling operation at Liberator. In accordance with the conditions of the contract, BHGE is responsible for providing wellhead, directional drilling, drilling fluids, mudlogging, and activities for evaluating the formation.
  • Oilfield service provider TechnipFMC and oil giant Chevron signed a five-year surface technologies framing agreement in November 2018. TechnipFMC will provide surface wellhead equipment and services in the United States and Canada under the contract.
  • Despite predicted record cash flows and a recovery of interest in the resource industries, which are both highly favorable trends for O&G M&A, capital restraint and an unstable economic environment will likely hinder M&A in 2023. According to a study, 27% of CEOs believe that high and stable energy prices will be necessary to keep the momentum of M&A going in 2023.
  • At its new training center in Louisiana, Halliburton began utilizing a sizable, coiled tubing intervention system in May 2021. The system is made up of a Halliburton V135HP coiled tubing injector, a reel that can hold 36,000 feet of 2-3/8-inch coiled tubing, and a tension lift frame with a 750-ton capacity. The biggest, strongest, and most durable components ever employed in battle are these.

Market Segmentation

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. Based on Application, the market is divided into Onshore, offshore.

Market Players

Major market players in the United States Oilfield Equipment Rental Market are 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.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Value (USD Million) and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Equipment Type

Application

Region scope

West, Midwest, Northeast, South

Key companies profiled

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.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

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Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, the United States Oilfield Equipment Rental Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • United States Oilfield Equipment Rental Market,By Equipment Type:
    • Drilling Equipment
    • Pressure & Flow Control Equipment
    • Other Equipment
  • United States Oilfield Equipment Rental Market,By Application:

o   Onshore

o   Offshore         

  • United States Oilfield Equipment Rental Market, By Region:
    • West
    • Midwest
    • Northeast
    • South

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States Oilfield Equipment Rental Market.

Available Customizations:

Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

United States Oilfield Equipment Rental Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    United States Energy Outlook

6.    United States Rig Count Outlook

7.    United States Oilfield Equipment Rental Market Outlook

7.1. Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Equipment Type (Drilling Equipment, Pressure & Flow Control Equipment, Other Equipment)

7.2.2.    By Application (Onshore, Offshore)

7.2.3.    By Region

7.3. By Company (2022)

7.4. Market Map

8.    North-East United States Oilfield Equipment Rental Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Equipment Type

8.2.2.    By Application

9.    Mid-West United States Oilfield Equipment Rental Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Equipment Type

9.2.2.    By Application

10. West United States Oilfield Equipment Rental Market Outlook

10.1.            Market Size & Forecast

10.1.1. By Value

10.2.            Market Share & Forecast

10.2.1. By Equipment Type

10.2.2. By Application

11. South United States Oilfield Equipment Rental Market Outlook

11.1.            Market Size & Forecast

11.1.1. By Value

11.2.            Market Share & Forecast

11.2.1. By Equipment Type

11.2.2. By Application

12. Market Dynamics

12.1.           Drivers

12.2.           Challenges

13. Market Trends & Developments

14. United States Economic Profile

15. Company Profiles

15.1.            Schlumberger Limited

15.1.1. Business Overview

15.1.2. Key Revenue and Financials (If Available)

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services

15.2.            Halliburton Company

15.2.1. Business Overview

15.2.2. Key Revenue and Financials (If Available)

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services

15.3.            Chesapeake Energy Corporation

15.3.1. Business Overview

15.3.2. Key Revenue and Financials (If Available)

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services

15.4.            Weatherford International plc

15.4.1. Business Overview

15.4.2. Key Revenue and Financials (If Available)

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services

15.5.            Superior Energy Services, Inc

15.5.1. Business Overview

15.5.2. Key Revenue and Financials (If Available)

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services

15.6.            Precision Drilling Corporation

15.6.1. Business Overview

15.6.2. Key Revenue and Financials (If Available)

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services

15.7.            Parker Drilling Company

15.7.1. Business Overview

15.7.2. Key Revenue and Financials (If Available)

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services

15.8.            FMC Technologies, Inc.

15.8.1. Business Overview

15.8.2. Key Revenue and Financials (If Available)

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services

15.9.            Oil States International

15.9.1. Business Overview

15.9.2. Key Revenue and Financials (If Available)

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services

15.10.         Basic Energy Services, Inc

15.10.1.              Business Overview

15.10.2.              Key Revenue and Financials (If Available)

15.10.3.              Recent Developments

15.10.4.              Key Personnel

15.10.5.              Key Product/Services

16. Strategic Recommendations

About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The key players in the market include 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 many more.

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Primary oilfield equipment such a hoisting system, a derrick or draw works, and a driving group are used to construct oilfield drilling rigs. A drill string, return lines, pits, a top drive, and a circulating system of pumps are also included in oilfield equipment. Furthermore, well control components are included in oilfield equipment.

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The main drivers for the expansion of the United States Oilfield Equipment Rental market are the requirement for raw petroleum and flammable gas is supposed to expand investigation and creation tasks, which would almost certainly move the market over the figure period.

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Oil and gas operators' uneasiness as a result of fluctuating oil and gas prices is projected to impede the growth of the US oilfield equipment rental industry in the years to come.

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Parvati Sharma

Account Manager BD
Press Release

United States Oilfield Equipment Rental Market to be dominated by Drilling Equipment Segment through 2028

Jul, 2023

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

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