Oilfield Equipment Rental Market is projected to reach USD 20.55 Billion by 2022

According to the new market research report Oilfield Equipment Rental Market by Equipment (Drilling Equipment (Drill Pipe, Drill Collars, Hevi-Wate, and Subs), Pressure & Flow Control Equipment, and Fishing Equipment), Application (Onshore and Offshore), and Region – Global Forecasts to 2022, published by MarketsandMarkets™, The oilfield equipment rental market is expected to grow from an estimated USD 16.99 Billion in 2017 to USD 20.55 Billion by 2022, at a CAGR of 3.87%. The global oilfield equipment rental market is set to witness growth, due to technological advancement in oilfield equipment and increase in global investments in exploration and production.

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The drilling segment dominated the oilfield equipment rental market during the forecast period. Extensive shale mining is being carried out in North America and technological advancement in the drilling equipment used in such unconventional shale reserves is expected to drive the drilling equipment segment.

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In this report, the oilfield equipment rental market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. North America is expected to dominate the global oilfield equipment rental market during the forecast period, because of increasing shale

Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), and Superior Energy Services, Inc. (U.S.) are some of the leading oilfield equipment rental suppliers, which provide a complete range of equipment for onshore and offshore applications.