Europe Oilfield Equipment Rental Services Market Size
| 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 |
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 Market Trends
This section covers the major market trends shaping the Europe Oilfield Equipment Rental Services market according to our research experts:
Drilling Rigs to Dominate the Market
- After the oil price crisis in 2020, during 2020-22, the rig count, both onshore and offshore, declined significantly. But the period after early 2022 with relatively stabilized crude oil prices is expected to drive the drilling rigs market in the region.
- The offshore operators have committed to significant investments in field developments. As of 2022, Europe was among the largest offshore drilling market in terms of a number of planned and under-pipeline projects.
- Amid the reduced reserves in the North Sea, drilling activity is ever-high, given the attempts to find more oil and gas in deeper waters.
- Other countries like the Netherlands, Norway and the United Kingdom are increasing their drilling activity every year in search of more oil and gas, thus acting as a major driver for this market.
- As crude oil prices increase, investment in the oil and gas industry is expected to grow significantly and bring several projects online, thereby driving the Europe Oilfield Equipment Rental Services Market.
Norway to Dominate the Market
- Norway is expected to maintain its dominance in the region in forecast period, the increased pressure on oil and gas companies to do more in limited money and become more cost-efficient has been driving the market.
- In recent years, the Norwegian oil and gas sector has witnessed major changes across the exploration, development, and production sector.
- The exploration sector is witnessing a major setback, after the biggest party in the country's parliament withdrew its support for exploration drilling around the Lofoten islands in the Arctic Circle. Around 1-3 billion barrel of crude oil is estimated to be present beneath the island. Upstream companies see drilling in the Lofoten islands as crucial for maintaining petroleum production levels, in the coming years.
- As a result, exploration activities in the region are expected to shift toward the Barents Sea. Around two-thirds of Norway's undiscovered resources, especially gas, are estimated to lie in the Barents Sea.
- Development of these resources is expected to significantly increase the natural gas production in the country which have already been steadily rising from 9.72 billion cubic feet per day in 2011 to 11.06 billion cubic feet per day in 2021.
- Norway has had several significant oil and gas discoveries in the past few years, including the giant Johan Sverdrup field. In June 2021, the Norwegian Ministry of Petroleum and Energy announced awards in the 25th licensing round in frontier areas, granting seven companies ownership interests in a total of four production licenses on the Norwegian Shelf. Three of the licenses are placed in the newly opened area in the Barents Sea, while one license is in the Norwegian Sea.
- In 2021, there were considerably higher exploration activities compared to the previous two years. Forty exploration wells were drilled, and 20 discoveries were made on the Norwegian continental shelf. The discoveries have a preliminary total estimate of 81 million standard cubic meters of recoverable oil equivalents. This gives an expected resource growth that is higher than in each of the previous three years.
- The Norwegian Petroleum Directorate has estimated that the undiscovered resources on the Norwegian shelf are at approximately 4 billion standard cubic meters of recoverable oil equivalents. This corresponds to around 47% of all the remaining resources on the shelf.
Europe Oilfield Equipment Rental Services Industry Overview
The European Oilfield Equipment Rental Services Market is partially fragmented, with a number of small and big players in the market. Some of the key players in this market include Transocean LTD, Seadrill Ord Shs, Schlumberger NV, Baker Hughes Co, and Weatherford International plc, among others (not in particular order).
Europe Oilfield Equipment Rental Services Market Leaders
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Transocean LTD
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Seadrill Ord Shs
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Schlumberger NV
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Baker Hughes Co
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Weatherford International plc
*Disclaimer: Major Players sorted in no particular order
Europe Oilfield Equipment Rental Services Market News
- September 2022: Transocean Ltd received drilling contracts for its semi-submersible drilling rig, the Transocean Norge. The contracts were awarded by OMV and Wintershall Dea for 17 wells off the Norwegian coast, of which 11 will be for Wintershall Dea and six for OMV.
- February 2022: Stena Drilling bagged two contracts from TotalEnergies SE and Petrobras, one each. The contracts are for hiring Stena Drilling's semi-submersible rigs, the Stena Don and Stena Spey, for 80 and 120 days, respectively. Stena Spey will be used in the United Kingdom Continental Shelf.
Europe Oilfield Equipment Rental Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Equipment
5.1.1 Drilling Rigs
5.1.2 Completion and Workover Rigs
5.1.3 Drilling Equipment
5.1.4 Logging Equipment
5.1.5 Other Equipment
5.2 Geography
5.2.1 United Kingdom
5.2.2 Norway
5.2.3 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Transocean LTD
6.3.2 Seadrill Ord Shs
6.3.3 Valaris Ltd
6.3.4 Noble Corporation PLC
6.3.5 Weatherford International plc
6.3.6 Superior Energy Services Inc.
6.3.7 Schlumberger NV
6.3.8 Baker Hughes Co
6.3.9 Oil States International, Inc.
6.3.10 Halliburton Company
6.3.11 Parker Drilling Co
6.3.12 TechnipFMC PLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 Research 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.
What years does this Europe Oilfield Equipment Rental Services Market cover?
The report covers the Europe Oilfield Equipment Rental Services Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Europe Oilfield Equipment Rental Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Oilfield Equipment Rental Services Industry Report
Statistics for the 2024 Europe Oilfield Equipment Rental Services market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Europe Oilfield Equipment Rental Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Europe Oilfield Equipment Rental Services Report Snapshots
