Significant surge in the demand for oil & gas in various end-use industries such as transportation, manufacturing, and power generation, improvement in oilfield exploration and production of technologies, increase in the number of unconventional and deep hydrocarbon reservoirs are expected to drive the growth of the global oilfield auxiliary rental equipment market. Based on equipment, the drilling equipment segment held the largest market share in 2020.
Portland, OR, June 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global oilfield auxiliary rental equipment market generated $28.3 billion in 2020, and is projected to reach $42.9 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the demand for oil & gas in various end-use industries such as transportation, manufacturing, and power generation, improvement in oilfield exploration and production of technologies, increase in the number of unconventional and deep hydrocarbon reservoirs are expected to drive the growth of the global oilfield auxiliary rental equipment market. On the other hand, rapid development of the electric vehicle industry is expected to hinder the growth to some extent. However, persistent technological advancements in oilfield auxiliary rental are expected to create ample opportunities for the industry.
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The outbreak of COVID-19 has had a negative impact on the growth of the global oilfield auxiliary rental equipment market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing and processing activities in the industries, which decreased the demand for oil & gas products from consumers.
This was due to the stringent restrictions imposed by the government so as to curb the spread of the virus during the pandemic.
However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global oilfield auxiliary rental equipment market based on equipment, application, and region.
Based on equipment, the drilling equipment segment held the largest market share in 2020, garnering more than three-fifths of the global market, and is projected to continue its dominant share in 2030. The report also analyses the segments include pressure and flow control equipment and others.
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Based on application, the onshore segment held the majority market share in 2020, holding nearly three-fifths of the global market. The offshore segment, on the other hand, is expected to cite the fastest CAGR of 4.3% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-third of the global market. The Asia-Pacific region, on the other hand, is predicted to exhibit the fastest CAGR of 4.5% during the forecast period.
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The key players analyzed in the global oilfield auxiliary rental equipment market report include Halliburton Company, Schlumberger Limited, Weatherford International Plc., Key Energy Services, Ensign Energy Services Inc., Parker Drilling Company, Superior Energy Services, Inc., Oil States International, TechnipFMC, and Odfjell Drilling.
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