Vendors to engage in M&As and collaborative activities to keep pace with the market competition.
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five vendors for the global oilfield equipment rental market in their latest research report. This report also lists 10 other prominent vendors who are expected to contribute to this market’s growth between 2017-2021.
Competitive vendor landscape
The global market for oilfield equipment rental is characterized by a few dominant players who adopt different strategies in an attempt to strengthen their foothold in the market space. Vendors in the market adopt multiple strategies to gain a competitive advantage over the other players. For instance, 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.
According to Sayani Roy, a lead analyst at Technavio for research on oil and gas, “Prominent vendors in the market are leveraging strategies such as joint ventures, contracts, agreements, and partnerships in an attempt to create brand awareness and increase their market shares.”
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Top five vendors in the oilfield equipment rental market space
Ensign Energy Services
Ensign Energy Services is a leader in oilfield services in countries like Canada and the US. The company is equipped with leading technologies that facilitate innovations. As of FY2015, Ensign Energy Services had a reported revenue of USD 1,390,978 thousand.
Key products: Heavyweight and regular drill pipes, Drill collars, Top drives, Rotating heads, and B.O.P equipment.
Halliburton
Haliburton engages 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.
Key products: Completion tools, Multiple-stage cementing systems, Surface circulating equipment, Halliburton circulating swages, and Halliburton circulating water bushings.
Precision Drilling
Precision Drilling provides onshore drilling and completion and production services to E&P companies in the oil and natural gas industry. The company operates through two business segments which include contract drilling services segment and completion and production services segment. The company is also involved in procurement and distribution of oilfield supplies and the manufacture and refurbishment of drilling and service rig equipment.
Key products: Solid control, Power generation, Horizontal tanks, Drilling fluid storage solutions, Drilling surface rental equipment, and Frac fluid storage solutions.
Schlumberger
Schlumberger 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. The company also provides reservoir evaluation, development, and management services.
Key products: High-pressure, critical service BOPs, Drill collars, Premium API and high-torque drill pipes, and Other oilfield tools and tubulars.
Weatherford
Weatherford is a provider of 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 over 100 countries and has manufacturing facilities and sales, service, and distribution locations in all the oil and natural gas producing regions in the world.
Key products: Drilling rental tools, Hydroclean advanced drill pipes, Hydroclean collars, and Hydroclean tubulars.
A more detailed analysis is available in the Technavio report, Global Oilfield Equipment Market 2017-2021. Technavio also customizes reports by other regions and specific segments upon request.
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