North America is expected to lead the market in the coming decade with more than 50 per cent of the market share, given the ongoing shale boom and increasing drilling activity both onshore and offshore across the country. As a result of this, most of the companies operate in this region.
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. Oil and gas extraction requires huge machinery and equipment. Many of the operators cannot afford to own all the equipment required for extraction. In that case, they would simply take the required equipment on rent or lease, thereby reducing the capital expenditures and operational costs.
The oil field rental services are a developing market driven primarily by the increasing drilling activity across the world. However demand for customized equipments and services from the operators and maintenance costs are pulling the market back a bit, though these maintenance costs are reduced to a considerable level in recent years.
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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