BURNABY, Canada, May 7, 2015 /PRNewswire/ --
Rise in crude oil prices to propel oil and gas exploration and production activities during 2017-20 fueling growth of oil field equipment rental market
According to a recently published TechSci Research report "Saudi Arabia Oil Field Equipment Rental Market Forecast & Opportunities, 2020", the market for oil field equipment rental in Saudi Arabia is projected to grow at a CAGR ~11.7% until 2020. Recent drop in the petroleum prices have considerably lowered the operational rig count across the globe. However, Saudi Arabia in an attempt to maintain its share in the oil market and considering the decline in crude oil prices to be a short term phenomenon, has decided to maintain its current production rate and carry on with its oil and gas exploration and production activities as planned. This is expected to continue boosting the demand for potential oil field equipment rental services in the country.
The country's rig count is expected to witness a continuing growth through 2020 on account of anticipated increase in exploring shale reserves and investments made by the national oil company Saudi Aramco. The eastern region of the country accounts for a lion's share in Saudi Arabia's oil field equipment rental market, and the region's dominance is expected to continue over the next five years. Drilling equipment rental segment accounts for majority of equipment rental revenues, followed by production equipment rental segment.
"Saudi Arabia's oil field equipment rental market is expected to grow owing to high investments made by the national oil and gas company Saudi Aramco in the development of the shale reserves in the country. Increase in the number of rigs would be the driving factor for oil field equipment rental market over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Oil Field Equipment Rental Market Forecast & Opportunities, 2020" has evaluated the future growth potential of oil field equipment rental services market in the country and provides statistics and information on market structure, industry behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers to make sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in oil field equipment rental market in Saudi Arabia.
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SOURCE TechSci Research