US Oilfield Equipment Rental Market to Cross $ 5.3 Billion by 2025
Rising demand for fossil fuels & increasing exploration
& production to drive United States oilfield equipment rental market
According
to TechSci Research report, “United States Oilfield Equipment Rental Market By Equipment Type, By
Application, By Region, Competition, Forecast & Opportunities, 2025”, the United States oilfield equipment rental market is forecast
to surpass $ 5.37 billion by 2025. Technological advancements in drilling
technologies such as longer laterals, minimal liner and casing, enhanced
drilling rates, multi-pad drilling, improvements in the surface operations,
among others, are anticipated to fuel the market through 2025. Additionally, absence
of possibilities to track activities in unconventional regions, real-time
systems play a significant role and therefore multilateral technologies are
preferred for heavy oil applications, thereby driving the market in the country.
All these factors are
anticipated to supplement United States oilfield equipment rental market over
the coming years.
In 2019, the US crude oil production stood at 12.23 million barrels per day, which was about
11% higher compared to daily crude production in 2018. The crude oil production
has increased significantly over the last five years due the production of oil
from tight rock formations developed using horizontal drilling & hydraulic
fracturing to extract hydrocarbons. As the production is increasing so are the
drilling activities, which in turn is expected to fuel the demand for drilling equipment
such as drilling rigs, drill pipes, drill collar, and drill bits, etc.
Browse 21 market data Figures spread
through 70 Pages and an in-depth TOC
on "United States Oilfield Equipment Rental Market”
https://www.techsciresearch.com/report/united-states-oilfield-equipment-rental-market/4526.html
The United States oilfield equipment rental market can
be segmented based on equipment type, application and region. In terms of
equipment type, the market can be segregated into drilling equipment, flow
& pressure equipment & others. Among these, the drilling equipment segment
is expected to dominate the market owing to increase in demand for oil &
gas in the coming years. In terms of application, the United
States oilfield equipment rental can be bifurcated into onshore and offshore segments.
Out of these, the onshore segment is expected to account for more than
two-thirds of the market share due to the existence of huge
onshore shale reserves in the country. Halliburton Company, Schlumberger
Limited, Chesapeake Energy Corporation, Weatherford International plc, Superior
Energy Services, Inc., Precision Drilling Corporation, Parker Drilling Company,
FMC Technologies, Inc., Oil States International, and Basic Energy Services,
Inc. are some of the leading players operating in United
States oilfield equipment rental market.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=4526
Customers can also request for 10% free customization on
this report.
Customized demand by the drillers coupled with the COVID–19
pandemic might hamper the growth of market during forecast period, especially
in 2020. Additionally, fluctuations in crude oil prices might act as a major
restraint for the US oilfield equipment rental market in the coming years. “United
States oilfield equipment rental market is expected to witness growth during
the forecast period, owing to the rising unconventional hydrocarbon production
in the country. Additionally, the country is witnessing boom in production from
both shale operations and deep-water exploration and production in the Gulf of
Mexico. Moreover, exploration and production activities in the country are also
expected to gain momentum owing to the increased capital spending by major oil
companies, which would translate in boosting oilfield equipment rental business
through 2025.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“United States Oilfield Equipment Rental Market By
Equipment Type, By Application, By Region, Competition, Forecast &
Opportunities, 2025” has evaluated the future growth potential of United
States oilfield equipment rental market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in United
States oilfield equipment rental market.
About TechSci Research
TechSci Research is a leading global
market research firm publishing premium market research reports. Serving 700
global clients with more than 600 premium market research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research-based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime Analysts and Consultants employing
innovative research solutions and tracking global and country specific high
growth markets helps TechSci clients to lead rather than follow market trends
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]