Global Offshore Rental Equipment Market: Overview
The rental equipment primarily finds use in the drilling activities and these activities need costly machineries for carrying out extraction activities. This factor is likely to widen the scope of growth of the global offshore rental equipment market over the tenure of assessment. Rise in the price of oil and gas has compelled contractors to make the most use of these extraction activities. Rental equipment has emerged as an efficient means for the effective management of inventory and considerable savings of capital, which is likely to foster growth of the global offshore rental equipment market in the years to come.
The rise in demand for energy and augmented invested in ultra-deep offshore areas are considered as two of the significant factors driving the demand for offshore rental equipment market in the near future. Furthermore, the trend of renting equipment instead of purchasing one is expected to augur well for the market over the tenure of assessment.
Application, equipment type, and region are the three important parameters based on which the global offshore rental equipment market has been categorized.
Global Offshore Rental Equipment Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global offshore rental equipment market is mentioned below:
- In February 2019, UAE-based oil and gas drilling and production services provider ADES International Holding PLC acquired Algeria-based four contracted onshore rigs from Weatherford International plc. This strategic move is expected to be transformational for the group and will substantially improve its visibility, size, and exposure to activities of onshore oil and gas industry. This move is also likely to widen the presence of ADES in Algeria.
Some of the prominent entities in the global offshore rental equipment market comprise the below-mentioned:
- Weatherford International plc.
- Ferguson Group LLC
- Ensign Energy Services, Inc.
- Norwegian Offshore Rental AS
- Superior Energy Services, Inc.
- Bois Equipment Rentals BV
Global Offshore Rental Equipment Market: Key Trends
The global offshore rental equipment market is characterized by the presence of the following restraints, drivers, and opportunities.
Growing Prominence of Offshore Activities to Drive Demand in the Market
The global offshore rental equipment market is estimated to be driven by the growing importance of offshore activities. As compared to onshore oil and gas activities, production, drilling, and exploration activities in the offshore environment need various technical and environmental considerations.
Irrespective of the difficult challenges posed by the conditions prevailing in the offshore environment, progress has been made in production and exploration activities in harsh regions like Sakhalin Island, Caspian Sea, Bohai Sea, Cook Inlet, and the Grand Banks. Economically viable solutions have been created for production in these areas of the world.
The drilling activities in the offshore areas have multiplied over the years and companies are increasingly emphasizing on the development of untapped reserves in Latin America and West Africa. The zeal to tap these untapped reserves is likely to support growth of the global offshore rental equipment market over the period of assessment.
Global Offshore Rental Equipment Market: Geographical Analysis
The global offshore rental equipment market is likely to be dominated by North America and is estimated to continue with its regional dominance over the period of assessment. Such dominance of the region is attributed to the augmented production of unconventional hydrocarbon in North America. The region has emerged as a swing producer due to the booming production from both deepwater explorations and shale operations. Furthermore, production of oil and gas from the Gulf of Mexico is another factor that is estimated to influence the regional market considerably.
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