According to a report from MarketsandMarkets, the oilfield equipment rental market is expected to grow from an estimated $16.99 billion in 2017 to $20.55 billion by 2022, at a CAGR of 3.87%. The global market is set to witness growth due to technological advancement in oilfield equipment and an increase in global investments in exploration and production.

The drilling segment will dominate the market during the forecast period. Extensive shale mining is being carried out in North America and technological advancement in drilling equipment used in such unconventional shale reserves is expected to drive the drilling equipment segment.

With regards to the application segment, the onshore segment is expected to be the largest market in 2017. Rising demand for rental equipment from China, Southeast Asia and the Middle East would drive the onshore segment. The presence of huge onshore shale reserves in the U.S. and Australia is likely to boost the demand for onshore oilfields.

North America is expected to dominate the market, given growing unconventional hydrocarbon production in the region. The region is the new swing producer in global oil markets owing to the boom in production from both shale operations and deepwater exploration and production in the Gulf of Mexico. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies.