Europe oil field rental services market is soaring to new heights, driven by drilling activity in the North Sea and few other major countries. Amid the reducing reserves in the North Sea, drilling activity is on ever high given the attempts to find more oil and gas in deeper waters. Other countries like the Netherlands, Norway and the UK are increasing their drilling activity every year in search of more oil and gas thus acting as a major driver for this market. Reduced supplies from Russias Gazprom and conflicts over Ukraine oil and gas are forcing the nations to realize their oil and gas potential as soon as possible, thus increasing the drilling activity across Europe and increasing the demand for oil field rental services.
Global oil field rental services market is now finding its feet as a fastest growing market, given the ever increasing energy demand, increasing shale activity and offshore exploration activities. In the past few years, sensing potential market growth in some regions such as Asia-Pacific and Africa, operators started widening their operations to these regions. The market is expected to grow, as the number of wells being drilled is increasing as a result of increased search activities for coal seam gas and shale gas and lucrative oil and gas prices.
North America, Asia-Pacific, Europe and Africa are expected to witness growth in the coming years as a result of increased exploration activities and shale boom. The top companies share almost 70-80 per cent of the market. So, most of the companies in this segment are relatively small. The drilling rental equipment markets occupy the major part of the market because of their wide usage.
Particularly driven by the demand for oil in the developing world which is expected to overtake that in industrialized countries in the coming future, majorly because by strong demand from China, India and other developing nations across Asia which continue to see strong economic growth. And then there is shale revolution which transformed the U.S. energy sector and is sweeping the world.
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