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(USGovernment-News.Com, August 31, 2015 ) Portland, OR -- According to a new report by Allied Market Research, titled "GCC Oilfield Auxiliary Rental Equipment Market", the GCC oilfield auxiliary equipment market is forecast to reach $35 Billion by 2020, growing at a CAGR of 9.4% during the period (2014 - 2020). The market would primarily be driven by an increased demand of energy sources and the need of cost optimization.
Oilfield auxiliary equipment are machines and instruments that are used to supplement the drilling process at oilfields. The auxiliary equipment consist of sewage systems, mud labs, lighting system, distribution panels, storage tanks, debris junk catchers, transportation system, heat exchangers, flaring systems, drilling instruments and others.
The oilfield auxiliary equipment industry in GCC countries, has witnessed tremendous growth in the past based on the rise in oil production. With a steep decline in the oil prices, the revenue derived from oil industry is anticipated to reduce notably. In such a scenario, the auxiliary oil equipment rental market is expected to receive a boost, as investors would tend to avoid huge long-term investments in infrastructure and oilfield machinery. Thus, the drop in oil prices would act as a driver for the auxiliary rental equipment market. Additionally, many oil-producing companies prefer renting auxiliary equipment for fulfilling their temporary or permanent operations.
Within the GCC region, Saudi Arabia is expected to be highest revenue-generating country for the oilfield auxiliary rental equipment market, valued at USD 11.08 billion in 2014. With a rise in the oil production since the past few years, the Saudi Arabian oilfield auxiliary rental equipment market has witnessed a notable growth and is expected to demonstrate a similar trend in the future. Bahrain would be the fastest growing market for the analysis period. Growth in Bahrain is supplemented by rapidly maturing oil fields due to years of extraction.
The oil & gas division contributes to approximately 73% of the total export earnings for the GCC region
Saudi Arabia is the largest revenue generating country which is expected to attain a market value of USD 16.92 billion by 2020, growing at a CAGR of 7.3% during 2014-2020
Bahrain would be the fastest growing market with an expected revenue of USD 45.5 million by 2020, growing at a CAGR of 26.7% during the forecast period
QATAR- The oil and gas sector accounts for approximately 55% of the country's total GDP (Gross Domestic Product). -Numerous international oil companies such as Shell, ExxonMobil, Total and others have largely invested resources, technology and expertise in various oil projects across the country
In order to understand the key trends in the market, leading players are profiled in the report which include Schlumberger, Weatherford International Inc., The Olayan Group, Key Energy Services Inc. and others. Numerous International Oil Companies (IOC) such as Occidental Petroleum, Total, Shell, BP, Partex, KoGas, Respol and CNPC have marked a presence in this region. These companies are in the process of facilitating expansions and increasing their capital investments with an objective to capture a large market share.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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