With the worlds insatiable need for energy, the role of the oil field rental services is now more important than ever. The market is now finding its feet as a fastest growing market, given the ever increasing energy demand, increasing shale activity and offshore exploration activities.
As in case with the other oil and gas industry segments, North America leads the oil field rentals market too, given the huge drilling activity in the region. As a result most of the companies operate in this region. 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 countries. 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 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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