Energy Requirement to Propel the GCC Oilfield Auxiliary Rental Equipment Market
26 Feb 2015
Allied Market Research published a report titled “GCC Oilfield Auxiliary Rental Equipment Market.” The report GCC oilfield auxiliary rental equipment market would reach a mark of $35 Billion by 2020, with a CAGR of 9.4% during the period (2014 - 2020).
Growing need for cost efficiency and demands for energy sources is driving the GCC oilfield auxiliary rental equipment market. These are instrument that assist the drilling procedure at an oilfield. Aforementioned GCC oilfield auxiliary rental equipment include mud labs, sewage systems, distribution panels, lighting system, debris junk catchers, , storage tanks, heat exchangers, transportation system, drilling instruments, flaring systems and others.
The oilfield auxiliary equipment industry in GCC nations, has seen enormous development previously as a result of oil creation. With a lofty decrease in the oil costs, the income got from oil industry is foreseen to lessen quite. In such a situation, the auxiliary oil equipment rental business sector is required to get a help, as speculators would have a tendency to keep away from tremendous long haul interests in framework and oilfield hardware. Therefore, the drop in oil costs would propel the auxiliary rental equipment industry. Moreover, numerous oil-creating organizations favor leasing auxiliary equipment for assisting their brief or lasting operations.
Inside the GCC district, Saudi Arabia is relied upon to be most astounding income producing nation for the oilfield auxiliary rental equipment business sector, esteemed around US $11.08 billion in the year 2014. With an ascent in the oil creation since the previous few years, the Saudi Arabian oilfield auxiliary rental equipment business has seen an eminent development and is required to exhibit a comparative pattern later on. Bahrain would be the quickest developing business sector for the examination period. Development in Bahrain is supplemented by quickly developing oil fields because of years of extraction.
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.