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April 24, 2020, 4:05 a.m. EDT

Understanding COVID-19's impact on the Oilfield Equipment Rental Services Market Global Briefing and Analysis Report 2020- Transocean Ltd, Seadrill Ltd, Valaris PLC, Noble Corporation PLC, Weatherford International PLC

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Apr 24, 2020 Xherald -- The oilfield equipment rental services market is expected to grow at a CAGR of over 5.10% during the forecast period 2020-2025. Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand, is likely to drive the oilfield equipment rental services market during the forecast period. However, volatile oil and gas prices is leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the oilfield equipment rental services market in the coming years.

The Latest report about the Oilfield Equipment Rental Services market provides a detailed evaluation of the business vertical in question, alongside a brief overview of the industry segments. An exceptionally workable estimation of the present industry scenario has been delivered in the study, and the Oilfield Equipment Rental Services market size with regards to the revenue and volume have also been mentioned. In general, the research report is a compilation of key data with regards to the competitive landscape of this vertical and the multiple regions where the business has successfully established its position.

- The drilling rigs segment is likely to dominate the market during the forecast period, due to the increasing exploration and production activities.
- Advancements in the deepwater and ultra-deepwater drilling activities in the region like Brazil, Norway, United Kingdom is expected to create amble opportunity for the market players in the coming years.
- North America is expected to be the largest market for the oilfield rental services market with major demand expected to be coming from countries like United States, Canada, etc.

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Market Segmentation-

The Global Oilfield Equipment Rental Services market report chiefly includes following manufacturers-

Transocean Ltd, Seadrill Ltd, Valaris PLC, Noble Corporation PLC, Weatherford International PLC, Superior Energy Services Inc., Schlumberger Limited, Baker Hughes Company, Oil States International Inc., KLX Energy Services, Key Energy Services Inc., Patterson-UTI Energy Inc., Nabors Industries Ltd.

Drilling Rigs to Dominate the Market

- After the oil price crisis in 2014, during 2014-16, the rig count, both onshore and offshore, declined significantly. But the period of 2017-2018 was characterized by the recovery in the oil price, resulting in significant recovery in onshore rig count. The offshore activity generally has longer lead times. Also, given the volatility in oil prices, combined with high CAPEX requirements for offshore projects, the offshore drilling activity did not recover until 2019.
- In 2019, the oil prices registered a decline, which has adversely affected onshore drilling. During the forecast period, the oil prices are expected to recover but at a slower growth rate. Hence, the conventional onshore drilling activity is expected to register a relatively slower growth.
- But countries, such as Argentina, Canada, Australia, and China, among others, are investing in the exploration and production of shale oil and gas reserves. The shale reservoir has lower permeability, and hence, the wells have a much lower drainage area than the oil and gas wells in conventional fields. As a result, the wells drilled in the shale reservoir generally have a production life of fewer than five years as opposed to wells in conventional fields, which have a production life of more than a decade. Also, in order to improve the drainage area, the shale operators now prefer horizontal and directional wells. Due to these reasons, the investments in the shale oil and gas exploration are expected to have a significant impact on the onshore drilling activity.

Major Highlights of Oilfield Equipment Rental Services Market report:

-Oilfield Equipment Rental Services Market Overview

-Market Competition by Manufacturers

-Industrial Chain, Sourcing Strategy and Downstream Buyers

-Marketing Strategy Analysis, Distributors/Traders

-Market Effect Factors Analysis

-Global Oilfield Equipment Rental Services Market Forecast (2019-2025)

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Competitive Landscape:

The oilfield equipment rental services market is partially fragmented. Some of key players in this market include Transocean Ltd, Seadrill Ltd, Schlumberger Limited, Baker Hughes Company, and Weatherford International PLC.
- Some of the major players involved in the market include Babcock International Group PLC, Fluor Corporation, GE Hitachi Nuclear Services, WS Atkins Plc, AECOM, Bechtel Group, Inc., and Westinghouse Electric Company.

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