According to a new report from Research and Markets, the global oilfield equipment rental market is projected to grow at a CAGR of 3.87% from 2017 to 2022 and to reach a market size of $20.55 billion by 2022.

Increasing technological advancements in oilfield equipment, rising global investments in exploration and production (E&P), growing drilling activity and increasing unconventional hydrocarbon production in North America would drive the oilfield equipment rental market in the forecast period.

The report segments the oilfield equipment rental market based on equipment into drilling equipment, pressure and flow control equipment, fishing equipment and other equipment. Drilling equipment dominated the equipment segment due to a rise in drilling activities in North America, the Middle East and Africa to meet the energy demand. This considerable increase in drilling activity is expected to create demand for associated drilling equipment such as drill bits, drill pipe and casings.

Based on application, the oilfield equipment rental market is segmented into onshore and offshore segments. Onshore is the largest segment for the oilfield equipment rental market. The presence of huge onshore shale reserves in the U.S. and Australia is likely to boost the demand for onshore oilfields.

In the report, the oilfield equipment rental market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East and Africa. North America is expected to dominate the global oilfield equipment rental market during the forecast period because of increasing shale players in the U.S.

Customized demands by drillers and uncertain regulatory framework is expected to slow down the demand for the oilfield equipment rental market during the forecast period. However, the oilfield rental equipment market has potential in refracturing activities in the U.S. and emerging offshore opportunities.