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Oilfield auxiliary equipment is machinery used to supplement the operations at oilfields. Due to declining oil reserves, the availability of petrochemical products is reduced, making it difficult for companies to mine for the products. In such circumstances, the oilfield auxiliary rental equipment market is expected to propel, as investors prefer avoiding large long-term infrastructure investments in the oilfield sector.
Based on the equipment, the market is classified into drilling equipment, pressure and flow control equipment, fishing equipment, and others. The drilling segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, due to the rise in deep and unconventional hydrocarbon reservoirs. The rise in the mining of shale reservoirs leads to the intense demand for the drilling segment.
Based on the application, the global market is classified into onshore and offshore. The onshore segment accounted for the major share in the market. The rise in demand for rental equipment from Asia Pacific and the Middle East region improves the attractiveness of the onshore segment. The presence of onshore reserves in the North America and Asia Pacific regions further boosts the demand for the onshore segment.
The petrochemical industry is focusing on unconventional and deep hydrocarbon reservoirs. The oil and gas companies use advanced software to perform actions in unconventional and deep reservoir conditions. This technological advancement leads to the development of further cost-effective innovations in the field for drilling or pressure and flows control operations considering modern challenges of horizontal drilling and hydraulic fracturing of the oil rig.
The key restraint for this market is the demand for customized oilfield auxiliary rental equipment in the market, which can be attributed to a diverse range of challenges faced by companies due to the depleting natural reservoirs. Inadequate innovation and financial constraints, coupled with the development of alternative energy sources, have stagnated the market growth.
Key Market Driver -
Technological advancements to combat new challenges with rise in unconventional and deep hydrocarbon reservoirs
Key Market Restraint -
Demand for customized and budget-friendly equipment
Some of the major companies in the oilfield auxiliary rental equipment market are Superior Energy Services, Schlumberger, Oil States International, Weatherford, Akastor ASA, Key Energy Services, Hoover Oil Field Supply Co, Baker Hughes, Occidental, Shell Global, bp, Hunting, Repsol, China National Petroleum Corporation, Korea Gas Corporation, and Halliburton.
The global oilfield auxiliary rental equipment market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Middle East and Africa region accounted for the major share of the global market, as most of the GCC countries indulge in oilfield projects for their revenue-generation. Saudi Arabia, in particular, is the highest revenue-generating country for the oilfield auxiliary rental equipment market, and Bahrain, a rapidly growing market due to the maturing oilfields in the area.
The North America market is also increasing due to the increase in successes in the exploration of unconventional hydrocarbon reservoirs. Asia Pacific and Europe regions are comparatively growing slowly, yet steadily, in the market share, to meet their energy demands, due to the low probability of success rate in the exploration of oilfields.
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