Global Offshore Rental Equipment Market was valued at USD XX million in 2019 and is expected to reach USD XX million by the end of 2027, growing at a CAGR of XX% in forecast period.
Global Offshore Rental Equipment Market
The demand in the energy sector is likely to expand at a higher pace in the forecast period. The oil and gas demand has the same fate therefore the exploration in this regard is increased. This exploration of oil and gas needs expensive technology and machinery to carry out the extraction and drilling. It is not feasible to buy these expensive machineries for short term purpose. Thus renting out these equipment becomes a suitable option which saves time as well as money.
The oil and gas companies are shifting their focus on unconventional resources such as shale gas, coal bed methane (CBM), tight gas and heavy oil.
The governments are also supporting renewable energy. The traditional equipment used are not fully equipped to fulfil the demands of modern needs. New technologies like horizontal drilling and hydraulic fracturing have played a vital role in the oil and gas formation. These are the prominent growth generators and the major drivers of the global offshore equipment market.
Manufactures like Weatherford International plc., Ferguson Group LLC and Ensign Energy Services, Inc are developing equipment that are operated at diverse conditions, different sites and weather conditions.
The drilling activities all over the offshore regions have increased over the years. Therefore the companies are investing more in this industry. The untapped reserves are grabbing the attention of the players and numerous countries are expanding their reserves. This factor is playing a pivotal role in the growth of the global offshore rental equipment market.
As the COVID-19 pandemic has severely affected most of the industries the growth of this industry also has undergone an immense crisis in 2020. The global market of the offshore rental equipment market also has gone through the investment crunch. This has restrained the growing industry.
As the new sites of reserves are explored, they need a modern approach and new technology, the oil and gas companies are demanding customized drilling equipment to meet global production standards. It restrains the offshore rental equipment market.
The offshore rental equipment market is segmented by equipment into drilling and pressure & flow control in which the drilling segment is expected to dominate with the XX% CAGR in the forecast period. Drilling equipment is useful in unconventional shale reserves which have expected to drive the drilling equipment segment.
The report covers the analysis of various factors that determine regional growth with reference to its economy, environment, technological advancements, societal patterns, and political circumstances of the particular region as well as a particular country. It also analyses the data of revenue, sales, and manufacturers of each region.
By region, North America will dominate the offshore rental equipment market, the increasing production of unconventional energy and Deepwater explorations and shale operations have increased remarkably in recent times and hence will bring potential growth resulted in numerous opportunities for the offshore rental equipment market.
The stringent government regulations and environmental norms have made the developed countries enforce strict safety measures that impact the growth of the offshore rental equipment market positively.
In Latin America, with the exploration of the untapped reserves in Latin America, the demand for offshore rental equipment demand has spurred. The exploration of the Gulf of Mexico and the production of oil and gas from there has emerged as an important driver for this market in the region.
Asia-Pacific is expected to meet considerable growth in the forecast year because of the increasing number of oil and gas projects in the region. India, China and Indonesia are expected to lead the market in the region.
The report includes analysis of the impact of COVID-19 lockdown on the revenue of market-leader, followers and disrupters. Since lockdown was implemented, different fields, regions and countries, impact of same is also different by region and segments. The report has covered short term and long tern impact of the market, which will help decision makers to prepare the outline for short term and long strategies for companies by regions.
The report has covered the analysis of different factors that affects the dynamics of market growth positively or negatively. It constitutes the trends, restraints, and drivers by region, end user, segments and technology that will give deep insights of the market and industry to the readers.
Global Offshore Rental Equipment Market 1
The report provides competitive landscape of the Global Offshore Rental Equipment Market with the company market structure and market share analysis of the key market players.
The objective of the report is to present a comprehensive analysis of the Global Offshore Rental Equipment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Offshore Rental Equipment Market dynamics, structure by analysing the market segments and project the Global Offshore Rental Equipment Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Raw material portfolio, growth strategies, and regional presence in the Global Offshore Rental Equipment Market makes the report investor’s guide.
Global Offshore Rental Equipment Market, by equipment
- Flow & Pressure
Global Offshore Rental Equipment Market, by Application
- Lifting Equipment
- Pumping Equipment
- Drilling Equipment
Global Offshore Rental Equipment Market, by End-use
- Oil and Gas Industry
- Marine Engineering
Global Offshore Rental Equipment Market, by Region
- North America
- MEA & Africa
- Latin America
Key Market Players operating in Global Offshore Rental Equipment Market
- Weatherford International plc.
- Ferguson Group LLC
- Ensign Energy Services, Inc.
- Norwegian Offshore Rental AS
- Superior Energy Services, Inc.
- Bois Equipment Rentals BV
- Tiger Offshore
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