The Europe oilfield equipment rental services market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 3% during 2023–2031. Growth of the market is attributed to rising exploration, production activities, and natural gas demand.
The equipment used to extract oil and gas from a reservoir is known as oilfield equipment. Oilfield operators rent or lease their equipment to save money on capital expenditures. Oilfield equipment leasing is a rapidly increasing sector due to rising energy demand. Oilfield equipment rental is the service of renting equipment for the extraction and drilling of oilfields for a certain length of time.
Drilling wells into the ground and extracting crude oil need sophisticated technology in oilfields. Drilling, pressure and flow equipment, pumps and valves, tubes, drill bits, wireline tools, blowout preventers (BOP), artificial lift systems, and mud pumps are some of the main oilfield equipment available for hire. In compared to typical oilfield equipment purchases, renting is thought to be more cost-effective since it requires less acquisition and maintenance.
The Covid-19 pandemic affected the demand and supply of Europe oilfield equipment rental services market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing demand for crude oil and natural gas for energy and electricity needs are estimated to fuel the market during the forecast period.
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Fluctuating oil and gas prices have created uncertainty among oil and gas operators are estimated to hamper the market growth.
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Lack of skilled labor act as major challenge that can restrict the market expansion in the coming years.
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Technological advancements in the deep water and ultra-deep water drilling activities are anticipated to create lucrative opportunities for the market players.
Scope of Europe Oilfield Equipment Rental Services Market Report
The report on the Europe oilfield equipment rental services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Oil field Equipment Rental Services Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Other Equipment)
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Geographical Scope
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United Kingdom, Norway, Denmark, and Rest of Europe
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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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Weatherford International PLC, Baker Hughes Company, Transocean Ltd, Schlumberger Limited, and Seadrill Ltd.
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Europe Oilfield Equipment Rental Services Market Segment Insights
The drilling rigs segment is projected to hold a major market share
On the basis of equipment, the Europe oilfield equipment rental services market is divided into drilling rigs, completion and workover rigs, drilling equipment, logging equipment, and other equipment. The drilling rigs segment is expected to represent a key share of the market during the forecast period. A drilling rig is an integrated system that drills wells in the earth's subsurface.
Drilling rigs can range in size from enormous buildings containing equipment required to drill water wells, oil wells, and natural gas extraction wells to small augers that can be manipulated manually by one person. Due to the oil price crisis in 2014, the number of rigs, both onshore and offshore, decreased dramatically between 2014 and 2016.
However, the period 2017-2018 was marked by a recovery in oil prices, which resulted in a large increase in onshore rig count. Drilling activity is at an all-time high in the North Sea, despite the fact that reserves are dwindling. The goal is to locate additional oil and gas in deeper seas.
Norway is anticipated to dominate the market
On the basis of geography, the Europe oilfield equipment rental services market is classified as United Kingdom, Norway, Denmark, and Rest of Europe. The market of Norway is anticipated to expand at a high CAGR during the forecast period. Norway's oil and gas industry has regained its footing. For the first time since 2014, oil firms raised their investment in 2018. There were 85 finds as of December 31, 2018, for which the licensees have yet to submit a PDO to the government.
In 2018, total investment necessary to develop the whole portfolio is projected to be over NOK 400 billion. Norway dug more wells than ever in 2019, with about 130 wells sunk, 55 of which were exploratory wells to compensate for the country's falling oil and gas output. In comparison to 2018, the number of drilled wells increased by 16 percent.
Segments
The Europe oilfield equipment rental services market has been segmented on the basis of
Equipment
- Drilling Rigs
- Completion and Workover Rigs
- Drilling Equipment
- Logging Equipment
- Other Equipment
Geography
- United Kingdom Norway
- Denmark
- Rest of Europe
Key Players
- Weatherford International PLC
- Baker Hughes Company
- Transocean Ltd
- Schlumberger Limited
- Seadrill Ltd
Competitive Landscape
Key players competing in the Europe oilfield equipment rental services market include Weatherford International PLC, Baker Hughes Company, Transocean Ltd, Schlumberger Limited, and Seadrill Ltd.
Some of these players are using several business strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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