The Norway oilfield equipment rental services market size is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. 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.
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.
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 the 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
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Details
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Report Title
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Norway oilfield equipment rental services market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Others) and Applications (Onshore and Offshore)
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Geographical Zone
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Norway
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Transocean Ltd, Seadrill Ltd, Schlumberger Limited, Baker Hughes Company, and Weatherford International PLC.
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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.

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
Segments Covered in the Report
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
Country
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.
