Global Offshore Rental Equipment Market: Snapshot
The world offshore rental equipment market is envisioned to take advantage of the strong investments by top offshore oil and gas service companies in the wake of the rising want for price competitive solutions. The rental equipment find application mostly in the drilling activities, which require expensive machinery for their execution. The spiraling oil and gas prices have forced contractors to optimize their extraction activities. This has opened the door of lucrative market opportunities for the offshore rental equipment providers. Rental equipment have been proved to be effective in efficient inventory management and significant capital saving.
On the basis of product type and various other sub-segments, the global offshore rental equipment market can be comfortably divided for the players to gauge the different areas of bankable business prospects.This comprehensive report offered in the energy and mining category spans competitive analysis over the major growth and restraining factors, competitive scenario, future outlook, and Porter’s five forces model. Buyers of the report can use this guide to make a confident and enduring progress in the offshore rental equipment sector.
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Global Offshore Rental Equipment Market: Trends and Opportunities
The surging investments in ultra-deep offshore areas and incrementing demand for energy are regarded as the two chief factors driving the growth of the world offshore rental equipment market. Another factor that could play a significant role in the global market growth is the common trend of renting equipment as opposed to purchasing them for drilling contracting.Economies such as the U.K. and Norway have mandatorily asked the exploration businesses to adhere to the safety regulations penned down by their governments. In this regard, they are required to follow specific safety parameters. Rental equipment providers have leveraged this act by the governments and designed devices that are already in compliance with the safety standards.
Since customization of the rental equipment incurs additional cost, industry players could face minimal restraints in the form of high initial capital expenditure. Howbeit, there are a broad variety of rental equipment available in the market, viz. test plugs, cup testers, hevi-wate, rotary subs, and drill collar which are categorized under drilling equipment. There are also pressure and flow equipment and pressure and control equipment, where the later includes sub-segments such as manifolds, valves, and blow out preventers (BOP).
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Global Offshore Rental Equipment Market: Geographical Study
Staying along the lines of consistent growth of the international offshore rental equipment market, Latin America will look to make a supreme contribution to the industry. The region is expected to account for a larger share on the back of the aggravating activities in offshore production. The deep drilling tasks performed in the Gulf of Mexico and elevating exploration and production of shale gas are foretold to help the U.S. market take a leading position. The growing demand for energy efficiency is anticipated to offer a strong boost to the North America market.Foreseen as the robust markets for offshore rental equipment, Australia and China could provide impetus to the Asia Pacific region owing to the heavy investments made by exploration firms. An impressive number of rental equipment providers have made business in Asia Pacific while riding on opportunities birthed from the strict parameters for operation.