Europe Oil field Equipment Rental Services Market

Europe Oilfield Equipment Rental Services Market by Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Other Equipment) and Geography (United Kingdom, Norway, Denmark, and Rest of Europe) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: CM-1189
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 1
  • No. Of Pages: 155
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The Europe oilfield equipment rental services market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. Growth of the market is attributed to rising exploration, production activities, and natural gas demand.

Europe Oilfield Equipment Rental Services Market Key Takeaways

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

  • Increasing demand for crude oil and natural gas for energy and electricity needs are estimated to fuel the market during the forecast period.
  • Fluctuating oil and gas prices have created uncertainty among oil and gas operators are estimated to hamper the market growth.
  • Lack of skilled labor act as major challenge that can restrict the market expansion in the coming years.
  • Technological advancements in the deep water and ultra-deep water drilling activities are anticipated to create lucrative opportunities for the market players.

Scope of the 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.

Attributes

Details

Report Title

Oil field Equipment Rental Services Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Equipment (Drilling Rigs, Completion and Workover Rigs, Drilling Equipment, Logging Equipment, and Other Equipment)

Geographical Scope

United Kingdom, Norway, Denmark, and Rest of Europe

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Weatherford International PLC, Baker Hughes Company, Transocean Ltd, Schlumberger Limited, and Seadrill Ltd.


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.

Europe Oilfield Equipment Rental Services Market By Equipment

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.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Oil field 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. Oil field 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. Oil field Equipment Rental Services Market - Supply Chain
  4.5. Global Oil field Equipment Rental Services Market Forecast
     4.5.1. Oil field Equipment Rental Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Oil field Equipment Rental Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Oil field Equipment Rental Services Market Absolute $ Opportunity
5. Global Oil field Equipment Rental Services Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Oil field Equipment Rental Services Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Oil field Equipment Rental Services Demand Share Forecast, 2019-2026
6. North America Oil field Equipment Rental Services Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Oil field Equipment Rental Services Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Oil field Equipment Rental Services Demand Share Forecast, 2019-2026
7. Latin America Oil field 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
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Oil field Equipment Rental Services Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Oil field Equipment Rental Services Demand Share Forecast, 2019-2026
8. Europe Oil field 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. Europe Average Pricing Analysis
  8.2. Europe Oil field Equipment Rental Services Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Oil field Equipment Rental Services Demand Share Forecast, 2019-2026
9. Asia Pacific Oil field 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. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Oil field Equipment Rental Services Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Oil field Equipment Rental Services Demand Share Forecast, 2019-2026
10. Middle East & Africa Oil field 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. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Oil field Equipment Rental Services Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Oil field Equipment Rental Services Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Oil field Equipment Rental Services Market: Market Share Analysis
  11.2. Oil field Equipment Rental Services Distributors and Customers
  11.3. Oil field Equipment Rental Services Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Weatherford International PLC Baker Hughes Company Transocean Ltd Schlumberger Limited Seadrill Ltd
Segments Covered in the Report
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

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.

Europe Oilfield Equipment Rental Services Market By Key Players

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