Oilfield is a region with abundance of crude oil. Specialized machinery is required to perform extraction of crude oil by drilling a well into the subsurface. Various equipment are used to complete the task of drilling an oil well. These equipment are used for specific operations. A wide range of oilfield equipment is available in the market.
Upstream oil & gas operations such as drilling, cementing, well completion, well logging, and well intervention require various set of equipment. Operating companies carry out drilling and production operations. On the other hand, service companies provide necessary services to operating companies. These services include technical manpower, consultancy, and oilfield equipment. Purchasing oilfield equipment can prove to be capital intensive for an operating company. Managing the handling part while shifting from one oilfield location to other can also be time consuming and expensive proposition. Thus, most operating oil companies prefer to hire the oilfield equipment on rent. After the completion of the desired job, the set of equipment can be returned to the owner company.
Oilfield equipment can be broadly categorized into drilling equipment, pressure and flow control equipment, pumps & valves, and other equipment. Drilling equipment include drilling rigs, drill pipe and other tubes, drill bits, downhole drilling equipment, wireline tools, and stimulation tools. Pressure and flow control equipment comprise Blowout Preventers (BOP), valves and choke manifold, and others. Pumps & valves equipment include artificial lift systems and mud pumps. Other equipment are well intervention equipment, well completion equipment, fishing equipment, and geophysical or well logging equipment.
Increase in demand for fossil fuels is the major driver of the oilfield equipment rental market. Products obtained from refining of crude oil such as gasoline, diesel, petrochemicals, and plastics are used in a wide range of applications. Oil exploration companies are shifting their focus toward unconventional reserves such as shale oil, CBM, oil sands, and heavy crude. This shift of focus is another driver of the oilfield equipment rental market, as unconventional reserves require specialized operations with specialized equipment.
Advancement of technology in oil & gas drilling operations such as horizontal drilling and directional drilling require special set of equipment such as whipstock, mud motor, UBHO equipment. This is augmenting the oilfield equipment rental market.
Increase in usage of renewable energy is the major restraint of the oilfield equipment rental market. Renewable energy is being adopted worldwide, as it is emission- and pollution-free energy. Natural gas, associated with hydrocarbons obtained from subsurface, is also one of the major energy sources. Rise in usage of natural gas offers immense opportunities to the oilfield equipment rental market.
In terms of region, North America is expected to account for significant share of the oilfield equipment rental market owing to the presence of various players in the region. Of late, the region has been one of the key exporters of fossil fuels. Middle East & Africa may prove to be a lucrative market for oil field equipment rental. It is known for its oil wealth. Many oilfield are being developed in the region. This is creating opportunities for the oilfield equipment rental market. Latin America is likely to hold significant market share in the near future due to the existing oil reserves. Thus, the region is projected to offer lucrative opportunities to the oilfield equipment rental market. Asia Pacific and Europe do not possess major oilfields. However, the market in these regions is expected to experience growth owing to the development in the manufacturing industry.
Prominent players operating in the oilfield equipment rental market are Schlumberger Limited, Tasman, Halliburton, Bois BV, B&B Oilfield Equipment, Weatherford, John Energy Ltd., Black Diamond Group, Great Plains Oilfield Rental, Stallion Oilfield Holdings, INC., and Precision Drilling Corporation.
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.