ID: MRFR/E&P/1875-HCR | December 2022 | Region: Global | 160 pages
Impact of COVID-19 on the Global Oilfield-Equipment Rental Services Market
The outbreak of the COVID-19 pandemic has impacted the global oilfield-equipment rental services market adversely, owing to the lockdowns imposed in the majority of the countries worldwide since March 2020. The rising preference for the use of such equipment-rental services from the oil & gas industry is expected to stimulate market growth over the projected timeframe. Future investments in the oil & gas sector in emerging countries are expected to provide growth opportunities to the service providers of oilfield equipment. The demand for these products has been hampered temporarily in recent months owing to the shutting down of businesses globally. However, the requirement for oilfield-equipment rental services is anticipated to recover in the coming months and grow significantly in the long term.
Government authorities in several countries are focused on implementing supportive policies for relief against the COVID-19 pandemic, which is expected to provide support to various industries, including the oilfield-equipment rental services industry over the projected timeframe. The growing demand for advanced and energy-efficient products and technologies across industries is positively influencing the oilfield-equipment rental services market. Increasing project developments in the oil & gas sector are also expected to boost the demand for oilfield-equipment rental services.
Global Oil Production Forecast
According to the MRF analysis, the global market is expected to witness slow growth in the coming year, which is likely to affect the demand for oilfield-equipment rental services worldwide. Industry participants are likely to improve their service capabilities and strengthen their foothold with the stabilizing market scenario over the projected timeframe. The market is expected to recover in Q1 of 2021.
Source: International Energy Agency
Source: Primary Experts, Secondary Sources, and MRFR Analysis