Market Size of Europe Oilfield Equipment Rental Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Oilfield Equipment Rental Services Market Analysis
The Europe Oilfield Equipment Rental Services Market is expected to register a CAGR of over 3% during the forecast period.
- Over the medium term, Factors, such as increasing exploration and production activities due to increasing crude oil and natural gas demand, are likely to drive the European oilfield equipment rental services market during the forecast period.
- On the other hand, volatile oil and gas prices are leading to uncertainty among oil and gas operators, which is likely to restrain the growth of the Europe oilfield equipment rental services market in the coming years.
- However, advancements in deepwater and ultra-deepwater drilling activities in the region, like Norway and the United Kingdom, are expected to create ample opportunity for the market players in the coming years.
- Norway is expected to dominate the market, owing to the increased exploration activity in the country, to compensate for declining fields elsewhere.
Europe Oilfield Equipment Rental Services Industry Segmentation
Oilfield Equipment is used to extract crude oil or natural gas at a large scale from the ground. This equipment is often rented from specialized companies to minimize CAPEX and risk.
The Europe Oilfield Equipment Rental Services Market is segmented by equipment and geography. By equipment, the market is segmented into drilling rigs, completion and workover rigs, drilling equipment, logging equipment, and other equipment. The report also covers the market size and forecasts for the oilfield equipment rental services market in major countries across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Equipment | |
| Drilling Rigs | |
| Completion and Workover Rigs | |
| Drilling Equipment | |
| Logging Equipment | |
| Other Equipment |
| Geography | |
| United Kingdom | |
| Norway | |
| Rest of Europe |
Europe Oilfield Equipment Rental Services Market Size Summary
The Europe Oilfield Equipment Rental Services Market is poised for growth, driven by increasing exploration and production activities fueled by rising demand for crude oil and natural gas. Despite the challenges posed by volatile oil and gas prices, which create uncertainty for operators, advancements in deepwater and ultra-deepwater drilling, particularly in Norway and the United Kingdom, are expected to offer significant opportunities. Norway is anticipated to lead the market due to heightened exploration activities aimed at offsetting declining fields in other regions. The stabilization of crude oil prices post-2022 is expected to rejuvenate the drilling rigs market, with substantial investments in offshore field developments, making Europe a key player in the offshore drilling sector.
Norway's dominance in the market is further reinforced by its strategic shift towards the Barents Sea for exploration, following setbacks in the Lofoten islands. This shift is expected to enhance natural gas production, complementing the country's recent significant discoveries, including the Johan Sverdrup field. The Norwegian Petroleum Directorate's estimates of substantial undiscovered resources underscore the potential for continued growth. The market is characterized by a mix of small and large players, with companies like Transocean LTD, Seadrill Ord Shs, and Schlumberger NV playing pivotal roles. Recent contracts awarded to these companies highlight ongoing activities and investments in the region, ensuring a dynamic and competitive market landscape.
Europe Oilfield Equipment Rental Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Equipment
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2.1.1 Drilling Rigs
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2.1.2 Completion and Workover Rigs
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2.1.3 Drilling Equipment
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2.1.4 Logging Equipment
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2.1.5 Other Equipment
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2.2 Geography
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2.2.1 United Kingdom
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2.2.2 Norway
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2.2.3 Rest of Europe
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Europe Oilfield Equipment Rental Services Market Size FAQs
What is the current Europe Oilfield Equipment Rental Services Market size?
The Europe Oilfield Equipment Rental Services Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Europe Oilfield Equipment Rental Services Market?
Transocean LTD, Seadrill Ord Shs, Schlumberger NV, Baker Hughes Co and Weatherford International plc are the major companies operating in the Europe Oilfield Equipment Rental Services Market.
