Global Offshore Rental Equipment Market: Overview
The rental equipment is primarily used in the drilling activities and these activities require expensive machinery to conduct extraction activities. This factor is expected to expand the scope of growth in the global offshore rental equipment market over the evaluation period. The rise in oil and gas prices has forced contractors to make the most of these production activities. Rental equipment has proven to be an efficient means of effective inventory management and significant capital savings, which is likely to fuel the growth of the global offshore rental equipment market in the years to come.
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The surge in energy demand and increased investment in extremely deep offshore areas are seen as two of the major factors driving demand for offshore rental equipment in the near future. Additionally, the trend of renting equipment rather than buying one is expected to work well for the market over the duration of the valuation.
Application, equipment type, and region are the three major parameters that have been used to categorize the global Offshore Rental Equipment market.
Global Offshore Rental Equipment Market: Notable Developments
One of the developments which provides some insight into the market dynamics of the global Offshore Rental Equipment Market is listed below:
- In February 2019, the United Arab Emirates-based oil and gas drilling and production services company ADES International Holding PLC acquired four Algeria-based onshore drilling rigs from Weatherford International plc. This strategic move is expected to transform the group, significantly increasing its visibility, size and exposure to onshore oil and gas industry activities. This move should also expand ADES ‘presence in Algeria.
Some of the leading companies in the global offshore rental equipment market include the following:
- Weatherford International plc.
- Ferguson Group LLC
- Ensign Energy Services, Inc.
- Norwegian Offshore Rentals AS
- Superior Energy Services, Inc.
- Bois Equipment Rentals BV
Global Offshore Rental Equipment Market: Key Trends
The Worldwide Offshore Rental Equipment Market is characterized by the following restrictions, drivers, and opportunities.
Growing importance of offshore activities to increase demand in the market
The global market for offshore rental equipment is expected to be driven by the growing importance of offshore activities. Compared to onshore oil and gas activities, production, drilling and exploration activities in the offshore environment require different technical and environmental considerations.
Regardless of the difficult challenges posed by the conditions in the offshore environment, progress has been made in production and exploration activities in harsh regions such as Sakhalin Island, the Caspian Sea, Lake Bohai, Cook Inlet and the Grand Banks . Economically viable solutions have been created for production in these regions of the world.
Drilling activity in the offshore areas has multiplied over the years and companies are increasingly focusing on developing untapped reserves in Latin America and West Africa. The eagerness to develop these untapped reserves should support the growth of the global offshore rental equipment market during the evaluation period.
Global Offshore Rental Equipment Market: Geographical Analysis
The global offshore rental equipment market is likely to be dominated by North America and is expected to maintain its regional dominance over the period. This dominance of the region is attributed to the increased production of unconventional hydrocarbons in North America. The region has developed into a swing producer due to the booming production from both deep-sea exploration and slate operations. In addition, the production of oil and gas from the Gulf of Mexico is another factor that is expected to have a significant impact on the regional market.
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