Latin American Oilfield Equipment Rental Market

The oilfield equipment rental market in Latin America was valued at $2,368 million in 2014, and is expected to reach $3,090 million by 2019, at a CAGR of 5.5% from 2014 to 2019.

Browse through the TOC of Latin American Oilfield Equipment Rental Market for an analysis of industry trends and segments, with the help of various tables and figures.

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The growth of the Latin American oilfield equipment rental market is mainly attributed to the rising drilling activity. The drilling activities have increased considerably over the recent years. In 2012, the oil extracted from different regions of the globe accounted for 88.8 million barrels per day, which was about 2 million barrels greater in comparison to 2010. Still, with regards to such increase in production the demand for oil exceeded its supply, as power consumption increased substantially across all regions.

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In Latin America, the offshore drilling activities in the Papa-Terra (Brazil) region, is anticipated to progress at a rapid pace. As of 2013, there are approximately 410 active drilling rigs in Latin America. This has significantly contributed to the rise in demand for oilfield equipment rental market. In 2014, Brazil was the largest contributor of the Latin American oilfield equipment rental market with a share of 42.6% in 2014, followed by Venezuela with a share of 23.2% in 2014.