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Strategic View of the North American Equipment Rental Market in the Oil and Gas Industry

  • September 2014
  • 59 pages
  • Frost & Sullivan
Report ID: 2370848

Summary

Table of Contents

Economic Efficiency and US Quest for Energy Independence Propels Growth

The North American region is a large consumer for the rental oil and gas industry. Technological advances, local energy policies, and environmental regulations ensure consistent growth in the oil and gas industry. This market insight covers the current state and future potential of the upstream, midstream, and downstream North American equipment rental market in the Oil and Gas industry. It presents the trends governing the value chain and their impact on the forecast period. The base year is 2013, while the forecast period is 2014 to 2018.

Key Findings
-Technological advancements and new legislation are driving the growth of the North American equipment rental market in the oil and gas industry.
-Technological advancements are expected to streamline operations and further enable cost reductions, driving the need for rental equipment.
-Local energy policies and environmental regulations are key to ensuring consistent growth in the oil and gas industry. Moreover, regulations play a critical role in influencing rental trends in the oil and gas value chain.
-Additionally, there is a general consensus that oil and gas prices are expected to drive increased spending by exploration and production (E&P) companies, thereby sustaining the demand for rental equipment.
-Developing unconventional liquid reserves and using enhanced oil recovery techniques for maturing wells are expected to boost supply.
-The North American petroleum and liquids’ production stood at million barrels per day in 2013, while the consumption for the same was million barrels per day during the same year.
-Production is projected to reach million barrels per day in 2018 at a compound annual growth rate (CAGR) of % between 2013 and 2018.
-On the other hand, consumption is projected to reach million barrels per day in 2018 at a CAGR of % from 2013 to 2018.
-The North American natural gas production stood at trillion cubic feet in 2013.
-With active involvement of the Environmental Protection Agency (EPA) in enforcing regulations, the demand for natural gas is expected to steadily increase in North America.
-Moreover, the regional natural gas consumption was trillion cubic feet in 2013 and is projected to reach trillion cubic feet in 2018 at a CAGR of % between 2013 and 2018.
-The rental market revenue in the upstream sector was estimated at $ million in 2013 at a growth rate of % as compared to 2012.
-Supply in North America continues to expand, thereby driving investments. However, the downstream sector is facing a decline in demand for refined products.
-The rental market revenue in the refinery sub-segment was estimated at $ million in 2013 at a growth rate of % as compared to 2012.
-Mature competitors in the rental oil and gas business have benefitted from new value chain strategies that have reduced operational costs, which is a clear competitive advantage.
-Additionally, niche competitors choose to prove their expertise in a core technology or a field.

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