Oilfield Equipment Rental Market is projected to Reach US$ 27.82 Billion by 2030, at a CAGR of 3.87% during the forecast period 2022-2030, Contrive Datum Insights

Contrive Datum Insights Pvt Ltd
Contrive Datum Insights Pvt Ltd

According to a market research study published by Contrive Datum Insights, the market for oilfield equipment rental is anticipated to be driven by North America

Farmington, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The global Oilfield Equipment Rental Market was valued at USD 20.55 Billion in 2022 and is projected to reach USD 27.82 Billion by 2030, growing at a CAGR of 3.87% from 2023 to 2030. The business of renting oilfield equipment has risen exponentially over the past decade. The oil and gas sector is one of the world's most lucrative, if not the most lucrative. This is because the global demand for petroleum products is increasing. This page will describe in detail everything you need to know about this industry, including the sorts of equipment that can be hired, their uses, and their locations.

Request Sample Copy of Report “Oilfield Equipment Rental Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.

Oilfield equipment rental refers to the process of renting a variety of tools used for drilling, exploration, and production (E&P). It is a technique for onsite operations to address periods of high demand without committing to long-term contracts.

Oilfield Equipment Rental Market Recent Developments:

  • In May 2016, Parker Drilling Company got a contract to run and fix up three rigs that belonged to customers as part of the Sakhalin-1 Project.

  • In April 2016, Schlumberger acquired coiled tubing drilling and coiled tubing units. This will strengthen its coiled tubing portfolio in markets of U.S. and Saudi Arabia.

  • In February 2016, Oil States Industries, Inc. opened a plant in the U.K. The 240,000-square-foot building is used for engineering, project management, sales, and administrative tasks.

Oilfield Equipment Rental Market Segmentation Analysis:

Drilling equipment is used to create or enlarge holes in the earth's surface so that oil and gas can be extracted. Conventional, horizontal, directional, and offshore drilling rigs are distinct types of rigs. The apparatus is used to maintain safe pressure in oil and gas wells. People also refer to this as "downhole well control equipment." During drilling operations, they maintain the safety and performance of the surface casing, tubing-casing annuli, and tubing-casing annuli. To catch fish, fishing equipment is required. It has numerous tools, including hooks, lines, sinkers, floats, and baits. Some fishermen utilize nets, traps, and harpoons as well. A fishing rod is the most popular piece of fishing equipment.

People rent a substantial amount of onshore oilfield equipment in order to drill wells and extract the crude oil. It aids in increasing the manufacturing rate by improving fluid flow. Using rented onshore oilfield equipment has a lesser impact on the environment throughout the drilling operation. Offshore, Global Oilfield Equipment Rental is utilized for drilling and extracting oil and gas from wells. Offshore drilling is a method for extracting oil and gas reserves from the ocean floor. Deep water is the primary reason offshore drilling rigs are utilised as opposed to onshore ones.

Regional Outlook:

The market for oilfield equipment rental is anticipated to be driven by North America, which produces the most unconventional hydrocarbons of any area. As a result of the increase in oil output from shale operations and deep-water exploration and production in the Gulf of Mexico, this region is currently the global oil market's swing producer. As large oil corporations invest more money on capital projects, exploration and production in the region should also increase. All of these factors are likely to drive the North American oilfield equipment rental market.

Buy this Premium Research Report@

Scope of Report:

Report Attributes


Growth Rate

3.87% from 2023 to 2030

Market Size in 2022

USD 20.55 Billion

Revenue Forecast by 2030

USD 27.82 Billion

By Equipment

Drilling Equipment, Pressure & Flow Control Equipment, Fishing Equipment, Other Equipment

By Application

Onshore, Offshore

By Companies

Halliburton Company (US), Schlumberger Limited (US), Weatherford InternationalPLC (Switzerland), Superior Energy ServicesInc. (US), Oil States InternationalInc. (US), Parker Drilling Company (US), and Others

Base Year


Historical Year

2017 to 2021

Forecast Year

2023 to 2030

Market Drivers:

Oil and gas corporations have begun to concentrate their exploration efforts on unconventional and deep hydrocarbon reservoirs, such as shale gas, coal bed methane (CBM), tight gas, and heavy oil. The petroleum business currently possesses high-tech IT-based tools and software that can operate in a variety of unconventional and deep reservoir environments. This enables the use of advanced technology for difficult jobs. For instance, a sophisticated Radio Frequency Identification (RFID) circulation sub facilitates the drilling and cleaning of holes.

Market Restraints:

Exploring new reserves and depleting existing ones have necessitated the employment of innovative extraction techniques and sophisticated drilling. The need for specialized drilling equipment is driven by the increasing quantity and complexity of good requirements required to achieve global production objectives. A considerable quantity of high-quality rigs and other equipment will likely be supplied during the next five years. Most new, high-tech rigs will likely be utilized for horizontal drilling.

Market Opportunity:

Offshore oil and gas exploration, drilling, and production have distinct technological and environmental requirements than onshore oil and gas activities. The Grand Banks, the Bohai Sea, the Caspian Sea, Cook Inlet, and Sakhalin Island are sites where it is possible to work, despite the difficulty of working offshore due to the hostile environment, as a result of technological advancements in exploration and production. Over the past few years, drilling has slowed due to the global decline in oil prices. This has increased the strain on offshore drillers and providers of services.

Oilfield Equipment Rental Market Key Segments Covered:

Top Market Players:
Halliburton Company (US), Schlumberger Limited (US), Weatherford InternationalPLC (Switzerland), Superior Energy ServicesInc. (US), Oil States InternationalInc. (US), Parker Drilling Company (US), and Others.

By Equipment

  • Drilling Equipment

  • Pressure & Flow Control Equipment

  • Fishing Equipment

  • Other Equipment

By Application

  • Onshore

  • Offshore

Regions and Countries Covered

  • North America: (US, Canada, Mexico, Rest of North America)

  • Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

  • Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

  • The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

  • Latin America: (Brazil, Argentina, Rest of Latin America)

  • Rest Of the World

Check out more related studies published by Contrive Datum Insights:

  • Recovered Packaging Market – The Global Recovered Packaging Market Is Projected To Grow At A CAGR Of 6.5% From 2022 To 2030. Asia Pacific dominated the global market in terms of revenue share in 2019. The region is expected to continue its dominance over the forecast period due to high demand for corrugated cartons and wood packaging from various end-use industries such as food and beverage retail and protective packaging.

  • Gable Top Packaging Market- The global Gable Top Packaging Market is projected to grow at a CAGR of 3.4% during the forecast period 2022 to 2030. Asia Pacific is expected to emerge as a prominent region in the global gable top packaging market, accounting for the highest market revenue share. The growth of the Asia Pacific gable top packaging market can be attributed to the ever-growing food and beverage industry in the region. 

  • Packaging Robot MarketThe Packaging Robot market size was valued at USD 4,352.1 million in 2022 and is expected to reach USD 14,475 million by 2030, at a CAGR of 12.3% from 2022 to 2030. In terms of region, the market is dominated by Asia Pacific. China is likely to show as high deal value as high volume in the global Packaging Robots market before long. The influx of Chinese manufacturers is expected to intensify the competition in the global packaging robotics market in Asia Pacific in the near future.

  • Loose Fill Polystyrene Packaging MarketThe Global Loose Fill Polystyrene Packaging Market Is Estimated To Exhibit A CAGR Of 4.1% Over The Forecast Period. Asia Pacific held the dominant position in terms of revenue share in the global loose-fill polystyrene packaging market in 2017, accounting for a market share of 44.1%. End-use industries such as pharmaceuticals, cosmetics and personal care industries in the region are growing rapidly, driving the growth of the market in the region.

Customization of the Report: The report can be customized as per client needs or requirements. For any queries, you can contact us at anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials in various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

Social: Facebook / LinkedIn / Twitter

Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +
91 9834816757 | +1 2152974078

Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports