Offshore Rental Equipment Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2019 - 2029

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Offshore Rental Equipment Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2019 - 2029

Status : September, 2020 | Energy & Mining | PPT format

Report Digest


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.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.