The oilfield equipment rental market was valued at USD 24.13 billion in 2023 and is expected to grow to USD 31.22 billion by 2030, supported by a compound annual growth rate (CAGR) of 3.8% from 2024 to 2030. This expansion is largely fuelled by increased investments in global oil and gas exploration and production (E&P), driven by surging demand for crude oil and natural gas and the consequent ramp-up in drilling activity

  • North America—particularly the U.S.—emerges as the dominant region in this landscape, with the U.S. projected to grow at the same 3.8% CAGR during the forecast period
  • By application, the onshore segment held a commanding 69.5% of global rental revenue in 2023, while by equipment type, drilling equipment comprised 48.2% of revenue share
  • Renting is increasingly favoured over purchasing due to advantages such as greater flexibility, lower upfront capital outlay, and reduced maintenance responsibilities
  • Rapid technological advancements in oilfield tools—such as horizontal and deep drilling capabilities, along with RFID-enabled components—are enabling cost-effective exploration of unconventional and ultra-deep resources like shale gas, tight oil, and heavy oil
  • Offshore rental demand is also rising, thanks to expanding deepwater and ultra-deepwater activity in regions including Brazil, Norway, the U.K., and the U.S. Gulf of Mexico, powered by improved subsea technologies

Key Market Trends & Insights

  • Growing preference for rentals: Operators are increasingly choosing rental options to benefit from lower capital expenditure and shift maintenance burden to providers
  • Technology-driven demand: Advanced drilling methods—such as horizontal and deep drilling, along with RFID-based systems—are enabling access to more complex reserves, boosting demand for high-tech rental equipment
  • Offshore expansion: As deepwater and ultra-deepwater drilling grows in various global regions, it drives demand for cutting-edge subsea rental equipment
  • Fishing operations segment growth: The need to retrieve stuck tools and equipment in increasingly complex shale drilling operations, especially in challenging wells like those in the U.S. Gulf of Mexico, is anticipated to grow at a notable CAGR of 4.4% from 2024 to 2030

Market Size & Forecast

  • 2023: USD 24.13 billion
  • 2030 (projected): USD 31.22 billion
  • CAGR (2024–2030): 3.8%
  • North America continues to hold the largest share, anchored by active shale development, particularly in the U.S. and Canada

 

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Key Companies & Market Share Insight (Broader Context)

While the primary focus has been on market dynamics and forecasts, other sources provide context around key players in the equipment rental ecosystem:

The market is somewhat fragmented, with major players including Transocean, Seadrill, Schlumberger, Baker Hughes, and Weatherford

  • Additional naming of leading firms across equipment types and regions includes Basic Energy Services, Bestway Oilfields & Gas Equipment, Circle T Service & Rental, Ensign Energy Services, Halliburton, John Energy, Parker Drilling, Seventy-Seven Energy, Superior Energy Services, TechnipFMC, and Weatherford International
  • Another report lists Schlumberger, Halliburton, Superior Energy Services, Oil States International, TechnipFMC, Weatherford, Parker Drilling, Patterson-UTI, Basic Energy Services, Key Energy Services, John Energy, Circle T, Ensign Energy, and Bestway Oilfields among key players

 

Key Companies List

Here is a consolidated list of key companies and service providers involved in oilfield equipment rental:

  • Transocean Ltd
  • Seadrill Ltd
  • Schlumberger Limited
  • Baker Hughes Company
  • Weatherford International PLC
  • Basic Energy Services Inc.
  • Bestway Oilfields & Gas Equipment LLC
  • Circle T Service & Rental Ltd.
  • Ensign Energy Services Inc.
  • Halliburton Company
  • John Energy Ltd.
  • Parker Drilling Company
  • Seventy-Seven Energy Inc.
  • Superior Energy Services Inc.
  • TechnipFMC PLC
  • Oil States International Inc.
  • Patterson-UTI Energy
  • Key Energy Services

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Conclusion

The oilfield equipment rental market is poised for steady growth, expanding from USD 24.13 billion in 2023 to USD 31.22 billion by 2030 at a CAGR of 3.8%. Rising demand for oil and gas, particularly in shale and ultra-deepwater environments, and the continuous pursuit of operational efficiency are driving the shift toward rental solutions. Technological advancements such as horizontal drilling and subsea innovations further fuel market momentum. Onshore applications and drilling equipment continue to dominate, but fishing operations and offshore expansions are emerging as significant growth segments. With a wide landscape of service providers—from global giants like Schlumberger and Baker Hughes to specialized regional players—the market remains competitive and dynamic. In the years ahead, rental flexibility, capital-efficiency, and advanced equipment capabilities will remain the key levers shaping the industry's evolution.

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