DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "United States Oilfield Equipment Rental Market, Competition, Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
The United States Oilfield Equipment Rental Market is anticipated to grow at a good pace in the forecast period, 2024-2028.
The US oilfield equipment rental market is expected to experience growth driven by several technological developments and trends in the oil and gas industry. These developments and trends include longer lateral drilling, minimal liner and casing usage, improved drilling rates, multi-pad drilling, and advancements in surface operations. These factors are anticipated to strengthen the market in the coming years.
Real-time systems also play a crucial role in the market, especially in unconventional regions where monitoring activities can be challenging. Multilateral technologies are favored in heavy oil applications, further driving market growth. Additionally, the US crude oil production has been on the rise, reaching 11.7 million barrels per day (b/d) in 2022 and 12.4 million b/d in 2023, surpassing the record high set in 2019, which contributes to the demand for oilfield equipment rental.
The primary equipment used in oilfield drilling rigs includes hoisting systems, derricks or draw works, driving groups, drill strings, return lines, pits, top drives, and circulating systems of pumps. Well control components are also essential components of oilfield equipment.
The growing demand for drilling rigs is notable, particularly in offshore drilling projects. Despite fewer projects in North and South America, those that exist are often in deepwater and ultra-deepwater locations, contributing to the US market's significant share in offshore drilling rig equipment rental.
Shale reservoirs, characterized by lower permeability and shorter production life, have driven the preference for horizontal and directional wells. This focus on shale exploration significantly impacts onshore drilling activity.
Furthermore, the rise in deep-water and ultra-deepwater drilling projects offers robust opportunities in the industry. Even as oil prices have stabilized, deepwater development expenditure has continued to grow, with several deepwater projects qualifying as "mega projects." The US Gulf, in particular, has seen an increase in deepwater discoveries and projects, contributing to rising output and an increase in deepwater production's share of total upstream production.
Deepwater production is expected to increase substantially between 2022 and 2030, with ultra-deepwater production growing at the fastest rate. The shift towards deeper depths is a significant trend in the industry.
Lastly, increasing production and exploration activities in the oil and gas industry drive the demand for oilfield equipment rental. These activities require expensive machinery, specialized drilling crews, and the use of smart technology for real-time data tracking, which enhances drilling efficiency and well performance. The drilling techniques vary depending on factors such as drilling depth, rock hardness, weather conditions, and geological characteristics.
Overall, the US oilfield equipment rental market is poised for growth due to technological advancements and the ongoing demand for oil and gas exploration and production activities.
Company Profiles: Detailed analysis of the major companies present in the United States Oilfield Equipment Rental Market.
United States Oilfield Equipment Rental Market, By Equipment Type:
United States Oilfield Equipment Rental Market, By Application:
United States Oilfield Equipment Rental Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/aou9jd
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