Oilfield is a region with abundance of crude oil. Specialized machinery is required to perform extraction of crude oil by drilling a well into the subsurface. Various equipment are used to complete the task of drilling an oil well. These equipment are used for specific operations. A wide range of oilfield equipment is available in the market.
Upstream oil & gas operations such as drilling, cementing, well completion, well logging, and well intervention require various set of equipment. Operating companies carry out drilling and production operations. On the other hand, service companies provide necessary services to operating companies. These services include technical manpower, consultancy, and oilfield equipment. Purchasing oilfield equipment can prove to be capital intensive for an operating company. Managing the handling part while shifting from one oilfield location to other can also be time consuming and expensive proposition. Thus, most operating oil companies prefer to hire the oilfield equipment on rent.
Oilfield equipment can be broadly categorized into drilling equipment, pressure and flow control equipment, pumps & valves, and other equipment. Drilling equipment include drilling rigs, drill pipe and other tubes, drill bits, downhole drilling equipment, wireline tools, and stimulation tools. Pressure and flow control equipment comprise Blowout Preventers (BOP), valves and choke manifold, and others. Pumps & valves equipment include artificial lift systems and mud pumps. Other equipment are well intervention equipment, well completion equipment, fishing equipment, and geophysical or well logging equipment.
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Increase in demand for fossil fuels is the major driver of the oilfield equipment rental market. Products obtained from refining of crude oil such as gasoline, diesel, petrochemicals, and plastics are used in a wide range of applications. Oil exploration companies are shifting their focus toward unconventional reserves such as shale oil, CBM, oil sands, and heavy crude. This shift of focus is another driver of the oilfield equipment rental market, as unconventional reserves require specialized operations with specialized equipment.
Advancement of technology in oil & gas drilling operations such as horizontal drilling and directional drilling require special set of equipment such as whipstock, mud motor, UBHO equipment. This is augmenting the oilfield equipment rental market. Increase in usage of renewable energy is the major restraint of the oilfield equipment rental market. Renewable energy is being adopted worldwide, as it is emission- and pollution-free energy. Natural gas, associated with hydrocarbons obtained from subsurface, is also one of the major energy sources. Rise in usage of natural gas offers immense opportunities to the oilfield equipment rental market.
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In terms of region, North America is expected to account for significant share of the oilfield equipment rental market owing to the presence of various players in the region. Of late, the region has been one of the key exporters of fossil fuels. Middle East & Africa may prove to be a lucrative market for oil field equipment rental. It is known for its oil wealth. Many oilfield are being developed in the region. This is creating opportunities for the oilfield equipment rental market. Latin America is likely to hold significant market share in the near future due to the existing oil reserves. Thus, the region is projected to offer lucrative opportunities to the oilfield equipment rental market. Asia Pacific and Europe do not possess major oilfields. However, the market in these regions is expected to experience growth owing to the development in the manufacturing industry.