Global Offshore Rental Equipment Market: Snapshot
The world offshore rental equipment market is envisioned to take advantage of the strong investments by top offshore oil and gas service companies in the wake of the rising want for price competitive solutions. The rental equipment find application mostly in the drilling activities, which require expensive machinery for their execution. The spiraling oil and gas prices have forced contractors to optimize their extraction activities. This has opened the door of lucrative market opportunities for the offshore rental equipment providers. Rental equipment have been proved to be effective in efficient inventory management and significant capital saving.
On the basis of product type and various other sub-segments, the global offshore rental equipment market can be comfortably divided for the players to gauge the different areas of bankable business prospects.
This comprehensive report offered in the energy and mining category spans competitive analysis over the major growth and restraining factors, competitive scenario, future outlook, and Porter’s five forces model. Buyers of the report can use this guide to make a confident and enduring progress in the offshore rental equipment sector.
Global Offshore Rental Equipment Market: Trends and Opportunities
The surging investments in ultra-deep offshore areas and incrementing demand for energy are regarded as the two chief factors driving the growth of the world offshore rental equipment market. Another factor that could play a significant role in the global market growth is the common trend of renting equipment as opposed to purchasing them for drilling contracting.
Economies such as the U.K. and Norway have mandatorily asked the exploration businesses to adhere to the safety regulations penned down by their governments. In this regard, they are required to follow specific safety parameters. Rental equipment providers have leveraged this act by the governments and designed devices that are already in compliance with the safety standards.
Since customization of the rental equipment incurs additional cost, industry players could face minimal restraints in the form of high initial capital expenditure. Howbeit, there are a broad variety of rental equipment available in the market, viz. test plugs, cup testers, hevi-wate, rotary subs, and drill collar which are categorized under drilling equipment. There are also pressure and flow equipment and pressure and control equipment, where the later includes sub-segments such as manifolds, valves, and blow out preventers (BOP).
Global Offshore Rental Equipment Market: Geographical Study
Staying along the lines of consistent growth of the international offshore rental equipment market, Latin America will look to make a supreme contribution to the industry. The region is expected to account for a larger share on the back of the aggravating activities in offshore production. The deep drilling tasks performed in the Gulf of Mexico and elevating exploration and production of shale gas are foretold to help the U.S. market take a leading position. The growing demand for energy efficiency is anticipated to offer a strong boost to the North America market.
Foreseen as the robust markets for offshore rental equipment, Australia and China could provide impetus to the Asia Pacific region owing to the heavy investments made by exploration firms. An impressive number of rental equipment providers have made business in Asia Pacific while riding on opportunities birthed from the strict parameters for operation.
West Africa is another potential geography that is envisaged to strengthen the global offshore rental equipment market in the presence of enormous offshore reserves and planned expansion projects.
Global Offshore Rental Equipment Market: Major Companies
The report has explored the key players in the international offshore rental equipment market while profiling them to study their recent developments, mergers and acquisitions, and future plans. Some of the prominent companies likely to make a mark are Weatherford International, Ferguson Group, Norwegian Offshore Rental AS, and Aquaterra Energy.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.