Norway Oilfield Equipment Rental Services Market Size, Share | 2031

Segments - Norway Oilfield Equipment Rental Services Market by Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Others) and Applications (Onshore and Offshore), and Country - Norway Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

The Norway Oilfield Equipment Rental Services Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing demand for crude oil and natural gas.

The oilfield equipment and services industry refers to all products and services associated with the oil & gas exploration and production process, such as the upstream sector of the energy industry. The equipment rental industry provides tools, equipment, and machinery for set period of time to users. Companies are engaged in the manufacturing, repair, and maintenance of equipment used in oil extraction and transportation.

Norway Oilfield Equipment Rental Services Market Outlook

The range of products and services under the oilfield equipment and services includes technology-based services that are vital for successful field operations. Services includes locating energy sources, energy data management, drilling and formation evaluation, and geological sciences.

Norway Oilfield Equipment Rental Services Market Trends, Drivers, Restraints, and Opportunities:

Increasing technological advancements in oilfield equipment is expected to propel the market growth.
Rising investments in exploration & production (E&P) is anticipated to drive the growth of the market.
The change in the supply and demand dynamics is anticipated to increase the number of oil wells, boosting the Norway oil field equipment rental services market.
Growing drilling activity and increasing unconventional hydrocarbon production are expected to boost the market growth.
Technological advancements in the deepwater and ultra-deepwater drilling activities in the country is expected to create lucrative opportunities for the major market players during forecast period.
High initial cost for installment and maintenance of oilfield equipment rental services can restrain the market growth.
Volatile oil and gas prices are leading to the uncertainty among oil & gas operators, hindering the market growth.
Key manufacturers are increasing focusing on reducing the overall manufacturing cost of these equipment, creating lucrative opportunities for the Norway oilfield equipment rental services market.
The COVID-19 pandemic negatively impacted the oilfield equipment rental services market. The pandemic has been a major challenge for suppliers, disturbing the supply chain for the oilfield equipment rental services providers.

Scope of Norway Oilfield Equipment Rental Services Market Report

The report on the Norway oilfield equipment rental services market research report includes an assessment of the market, trends, segments, and regional markets.

Attributes	Details
Report Title	Norway Oilfield Equipment Rental Services Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Others) and Applications (Onshore and Offshore)
Geographical Zone	Norway
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Transocean Ltd, Seadrill Ltd, Schlumberger Limited, Baker Hughes Company, and Weatherford International PLC.

Norway Oilfield Equipment Rental Services Market Segment Insights

Drilling rigs as accounts a considerable market share

Based on the equipment, the market is segmented into drilling rigs, completion and workover rigs, drilling equipment, logging equipment, and others. The drilling rigs segment is expected to account for a considerable market share. After the oil price crisis in 2014, the rig count declined significantly during 2014-2016 in both onshore and offshore.

The period of 2017-2018 was characterized by the recovery in the oil price, which resulted in recovery in onshore rig count. The volatility in oil prices combined with high CAPEX requirements for offshore projects, the offshore drilling activity did not recover until 2019.

Norway is increasing its drilling activity every year, driving the market growth. Increasing crude oil prices and investment in the oil & gas industry is anticipated to grow significantly and bring several projects on board, spurring the Norway oil field equipment rental services market.

Norway Oilfield Equipment Rental Services Market Equipment

Onshore segment to account a major market share

In terms of applications, the Norway oilfield equipment rental services market is segmented into onshore and offshore. The onshore segment is anticipated to account for a major market share during the forecast period.

Rising demand for rental equipment is expected to drive the onshore segment. The presence of huge onshore shale reserves in Norway is expected to boost the demand for onshore oilfields.

Segments

The market Norway oilfield equipment rental services has been segmented on the basis of

Equipment

Drilling Rigs
Completion and Workover Rigs
Drilling Equipment
Logging Equipment
Others

Applications

Onshore
Offshore

Country

Norway

Key Players

Transocean Ltd
Seadrill Ltd
Schlumberger Limited
Baker Hughes Company
Weatherford International PLC

Competitive Landscape

Key players operating in Norway oilfield equipment rental services the market includes Transocean Ltd, Seadrill Ltd, Schlumberger Limited, Baker Hughes Company, and Weatherford International PLC.

Companies are engaging in partnerships, acquisitions, and partnerships to expand their market share.

Norway Oilfield Equipment Rental Services Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Oilfield Equipment Rental Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Oilfield Equipment Rental Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Oilfield Equipment Rental Services Market - Supply Chain
  4.5. Global Oilfield Equipment Rental Services Market Forecast
     4.5.1. Oilfield Equipment Rental Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Oilfield Equipment Rental Services Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Oilfield Equipment Rental Services Market Absolute $ Opportunity
5. Global Oilfield Equipment Rental Services Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Oilfield Equipment Rental Services Market Size and Volume Forecast by Applications
     5.3.1. Onshore
     5.3.2. Offshore
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Oilfield Equipment Rental Services Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Oilfield Equipment Rental Services Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Oilfield Equipment Rental Services Demand Share Forecast, 2019-2026
7. North America Oilfield Equipment Rental Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Oilfield Equipment Rental Services Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Oilfield Equipment Rental Services Market Size and Volume Forecast by Applications
     7.4.1. Onshore
     7.4.2. Offshore
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Oilfield Equipment Rental Services Demand Share Forecast, 2019-2026
8. Latin America Oilfield Equipment Rental Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Oilfield Equipment Rental Services Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Oilfield Equipment Rental Services Market Size and Volume Forecast by Applications
     8.4.1. Onshore
     8.4.2. Offshore
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Oilfield Equipment Rental Services Demand Share Forecast, 2019-2026
9. Europe Oilfield Equipment Rental Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Oilfield Equipment Rental Services Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Oilfield Equipment Rental Services Market Size and Volume Forecast by Applications
     9.4.1. Onshore
     9.4.2. Offshore
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Oilfield Equipment Rental Services Demand Share Forecast, 2019-2026
10. Asia Pacific Oilfield Equipment Rental Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Oilfield Equipment Rental Services Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Oilfield Equipment Rental Services Market Size and Volume Forecast by Applications
     10.4.1. Onshore
     10.4.2. Offshore
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Oilfield Equipment Rental Services Demand Share Forecast, 2019-2026
11. Middle East & Africa Oilfield Equipment Rental Services Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Oilfield Equipment Rental Services Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Oilfield Equipment Rental Services Market Size and Volume Forecast by Applications
     11.4.1. Onshore
     11.4.2. Offshore
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Oilfield Equipment Rental Services Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Oilfield Equipment Rental Services Market: Market Share Analysis
  12.2. Oilfield Equipment Rental Services Distributors and Customers
  12.3. Oilfield Equipment Rental Services Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Transocean Ltd
     12.4.2. Seadrill Ltd
     12.4.3. Schlumberger Limited
     12.4.4. Baker Hughes Company
     12.4.5. Weatherford International PLC