LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global oilfield equipment rental market report. This research report also lists 10 other prominent vendors that are expected to impact the market during the forecast period.
The global oilfield equipment rental market relies heavily on the state of the global oil industry and the related crude oil prices. The primary use of oilfield equipment is concentrated in the upstream oil and gas segment. The recent rout in the global crude prices, leading to a reduction in drilling activities, is expected to have a significant impact on the demand for oilfield equipment.
Competitive vendor landscape
According to the report, the recent collapse of the global oil market, driven by historical imbalances in the demand-supply dynamics, has pushed the profitability of upstream activities to the brink, thereby drying up a significant portion of investments in drilling operations for new resources.
“The strategies adopted by market players include mergers and acquisitions, entering joint ventures, contracts, agreements, as well as partnerships. These strategies help them to succeed in the market,” says Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio.
The market players involved in the global oilfield equipment rental market adopt multiple strategies to gain a competitive advantage over the other players in the market. Competitors at the regional level are also engaged in strong research and development to develop innovative products and technologies to cater to the changing market dynamics.
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Top five oilfield equipment rental market vendors
Ensign Energy Services
Ensign Energy Services is a global enterprise involved in oilfield services. The company is equipped with leading technologies that facilitate innovations. It is a leader in oilfield services in countries like Canada and the US.
Halliburton is one of the world's largest service companies engaged in the exploration, development, and production of oil and natural gas. The company serves the major oil and natural gas companies worldwide in the upstream area. The company operates through two business divisions: completion and production, which delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, completion services, and drilling and evaluation, which offers wellbore placement solutions.
Precision Drilling provides onshore drilling and completion and production services to E&P companies in the oil and natural gas industry. The company has grown to become one of the largest oilfield service providers in North America. The business segmentation of the company involves two segments — contract drilling services segment and completion and production services segment.
Schlumberger is one of the world’s largest oilfield services companies with various business units. The company provides a wide range of services that include seismic surveys, formation evaluation, drilling technologies, and equipment. It also provides reservoir evaluation, and development and management services; and are developing new technologies for reservoir optimization.
Weatherford provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. It is one of the world's largest international oil and natural gas service companies. The company operates in four segments: North America, Latin America, Europe/West Africa/FSU, and the Middle East/North Africa/Asia.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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