Norway Oilfield Equipment Rental Services Market Insights and Business Scenario 2021-2026

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Jan 12, 2021 (Market Insight Reports) — The Market Insights Reports has added a new statistical data to its repository titled as, Norway Oilfield Equipment Rental Services Market. It provides the industry overview with market growth analysis with a historical & futuristic perspective for the following parameters; cost, revenue, demands, and supply data (as applicable). Furthermore, the report also sheds light on recent developments and technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries.

The Norwegian oilfield equipment rental services market is expected to register a CAGR of over 3% during the forecast period of 2020-2025.

Factors, such as the increasing exploration and production activities due to rising crude oil and natural gas demand, are likely to drive the market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the Norwegian oilfield equipment rental services market in the coming years.

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Top Key Playersin the Norway Oilfield Equipment Rental Services Market are: Transocean Ltd, Seadrill Ltd, Schlumberger Limited, Baker Hughes Company, Weatherford International PLC and Others.

Key Market Trends:

Drilling Rigs to Dominate the Market

– After the oil price crisis in 2014, the rig count, both onshore and offshore, declined significantly during 2014-2016. However, the period of 2017-2018 was characterized by the recovery in the oil price, resulting in significant recovery in onshore rig count. The offshore activity generally has longer lead times. Also, given the volatility in oil prices, combined with high CAPEX requirements for offshore projects, the offshore drilling activity did not recover until 2019.

– The offshore operators have committed to significant investments in field developments. As of 2018, Norway was a leader in the offshore drilling market in terms of a number of planned and under-pipeline projects in Europe.

– Amid the reducing reserves in the North Sea, drilling activity is on ever high given the attempts to find more oil and gas in deeper waters. Norway is increasing its drilling activity every year in search of more oil and gas, thus, acting as a major driver for this market.

– As the crude oil prices are increasing, investment in the oil and gas industry is expected to grow significantly and bring several projects online, thereby, driving the Norwegian oil field equipment rental services market.

Upstream Sector to Drive the Market

– Norway is expected to maintain its dominance in the European region during the forecast period. The increased pressure on oil and gas companies to do more with limited money and become more cost-efficient has been driving the market.

– Norway’s oil and gas industry is now back on its feet. Oil companies increased their spending for the first time in 2018, since 2014. As of December 31, 2018, there were 85 discoveries where the licensees have yet to submit a PDO to the government. The total investment required to develop the whole portfolio is estimated to be in the order of NOK 400 billion in 2018.

– In 2019, Norway drilled more wells than ever, i.e., around 130 wells, out of which 55 were for exploratory drilling in a bid to find new oil and gas fields to compensate the country’s declining oil and gas production. The number of drilled wells rose to 16% compared to 2018.

– The new market conditions forced the industry to cut costs and improve operational efficiency, which, in turn, made several unprofitable projects feasible. This trend is expected to increase the demand for oilfield equipment rental services in the country.

Highlights of TOC:

Market Overview: It starts with product overview and scope of the Norway Oilfield Equipment Rental Services market and later gives consumption and production growth rate comparisons by application and product respectively. It also includes a glimpse of the regional study and Oilfield Equipment Rental Services market size analysis for the review period 2015-2025.

Company Profiles: Each company profiled in the report is assessed for its market growth keeping in view vital factors such as price, Oilfield Equipment Rental Services market gross margin, revenue, production, markets served, main business, product specifications, applications, and introduction, areas served, and production sites.

Manufacturing Cost Analysis: It includes industrial chain analysis, manufacturing process analysis, the proportion of manufacturing cost structure, and the analysis of key raw materials.

Market Dynamics: Readers are provided with a comprehensive analysis of Oilfield Equipment Rental Services market challenges, influence factors, drivers, opportunities, and trends.

Market Forecast: Here, the Oilfield Equipment Rental Services report provides consumption forecast by application, price, revenue, and production forecast by product, consumption forecast by region, production forecast by region, and production and revenue forecast.

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Note: All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc.MarketInsightsReports provides Norway and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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The MarketWatch News Department was not involved in the creation of this content.