Oil and gas companies have seen increasing drilling, production, and service activities in the Middle East in the past decade. The rise in unconventional production is the key factor behind this change. Most of the fields in this region are mature and may require high capital expenditures required to upgrade ageing equipment and to increase production life cycle of the asset. To remain in competition, companies need to increase their profits via decreased operational and capital expenditures. This can be done through oil field rental services, thus making the region an attractive market for service providers and investment companies.
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. 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.
The future is also bright, with many companies having record of increasing profitability over the years. Mordor Intelligence predicts that the future of many mature assets will lie in the hands of smaller independents as majors and larger independent companies will look to transition assets to fund their global developments.
What the Report Offers
1) Market Definition for the specified topic along with identification of key drivers and restraints for the market.
2) Market analysis for the oil field equipment rental services Market, with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4) Extensively researched competitive landscape section with profiles of major companies along with their share of markets.
5) Identification and analysis of the Macro and Micro factors that affect the oil field equipment rental services market on both global and regional scale.
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.