Research and Markets - Global Oilfield Equipment Rental Market - Analysis, Technologies & Forecasts to 2021 - Key Vendors are Ensign Energy Services, Halliburton, Precision Drilling, Schlumberger & Weatherford
The global oilfield equipment rental market to grow at a CAGR of 4.76% during the period 2017-2021.
The report, Global Oilfield Equipment Rental Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is emerging offshore opportunities. The offshore oil and gas industry has faced numerous challenges that include high operational costs that have been exacerbated by lower global oil prices. Since 2015, low global oil prices have forced the international oil companies (IOCs) to decrease their investments in offshore development.
According to the report, one of the major drivers for this market is development of unconventional oil and gas resources/hydrocarbon exploration. Though the major hydrocarbon-rich regions in the world were identified in the early 20th century, the E&P companies are now focusing on unconventional areas for exploration and production purposes. These unconventional resources are the oil and gas bearing reservoirs that cannot be extracted economically.