Market overview:
The oilfield equipment rental market is expected to grow as rental reduces upfront costs. Oilfield exploration activities require specialized machinery for drilling, exploration, extraction and other related activities. Equipment rental is considered profitable as it may not be useful after a while and is available for cheaper rentals. For efficient oil and gas extraction operation, various equipment such as pumps, valves, pipes, corded tools, blowout prevention devices (BOPs), artificial lift systems, bits, and mud pumps are essential.

Recent developments:
Schlumberger Ltd., believed to be the world's largest oilfield services company, is considering selling its Thomas Tools oil tool rental unit, Reuters reports. According to the report, the unit could be valued at more than $ 600 million.

Market Drivers and Restrains:
The demand for electricity generation from renewable sources is increasing in several developed countries. However, there are still emerging industries that depend on fossil fuels for their energy. This outlook keeps the demand for fossil fuels high. Products produced by crude refineries are in higher demand. For example, the demand for gasoline, plastics, diesel is still higher despite fluctuations in oil prices. The increasing demand for these products offers significant growth opportunities for the oilfield equipment rental service industry. The complexity of the drilling process has increased in recent years due to the depletion of existing reserves. The exploration of new reserves and the performance of essential operations such as cementing, completion of wells and intervention of wells require qualified operators and state-of-the-art technology. These factors have increased the demand for custom drilling equipment. Therefore, rental equipment providers are expected to stock advanced equipment used in complex techniques such as horizontal techniques. This has placed significant stress on the oilfield equipment rental service industry.

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https://www.marketdataforecast.com/market-reports/oil-and-gas-equipment-rental-market

Report is segmented as:
By Equipment:
• Drilling equipment
• Flow and pressure control equipment
• Fishing equipment
• Other equipment
By Application:
• Offshore
• Onshore

Geographical Segmentation:
North America is expected to dominate the global oilfield equipment rental market, given the growing production of unconventional hydrocarbons in the region. The region is the new supporting producer in world oil markets due to increased production from both shale operations and deepwater exploration and production in the Gulf of Mexico. E&P exercises in the area are likewise expected to get energy with higher capex by significant oil organizations. These variables are relied upon to drive the North American oilfield equipment rental market.

Impact of COVID-19 on Oil and Gas Equipment Rental Market:
COVID 19 has created a major economic shift around the world, where most industries are currently recovering. However, the oilfield equipment rental services industry has been severely affected by the disruption of production and supply chain services. Since several countries have imposed rules regarding movement restrictions, the delivery of equipment to operating companies has been difficult during the pandemic. Developed countries such as Europe and North America are large users of electric vehicles. The emergence of new technologies and continued demand for oil and gas have fueled the growth of the oil equipment rental services market despite the pandemic. However, the pandemic has lowered crude oil prices, seriously affecting the market value of equipment rental services.

Key market players:
Halliburton Company (US), Schlumberger Limited (US), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (US), Oil States International, Inc. (US), and Parker Drilling Company (US).