Global Oilfield Equipment Rental Market 2017-2021

Overview of the global oilfield equipment rental market  

Technavio’s market research report predicts that the global oilfield equipment rental market will grow at a CAGR of nearly 5% during the forecast period. Advances in the drilling technology are one of the primary drivers for market growth. Longer laterals, minimal liner and casing, enhanced drilling rates, and multi-pad drilling and improvements in the surface operations are some of the major technological advancements. These improvements also include a rise in the number and position of the fracturing stages and the shift to hybrid fluid systems. Moreover, the market also consists of innovative technologies that have assisted in monitoring detailed drilling activities during operations such as deepwater and ultra-water deepwater drilling activities. Furthermore, in the absence of possibilities to track the activities in unconventional regions, real-time systems play a significant role, and multilateral technologies are preferred for heavy oil applications. Such applications will drive the oilfield equipment rental market growth in the future.

In terms of geography, the Americas led the global oilfield equipment rental market during 2016 and is expected to continue the domination during the forecast period. The rising demand for oil and gas and the high possibility of major investments in the oil and gas sector during the forecast period drives the growth of the market in the region.