Gcc Oilfield Auxiliary Rental Equipment Market Is Expected to Reach $35 Billion by 2020 - Allied Market Research

According to a new report by Allied Market Research, titled "GCC Oilfield Auxiliary Rental Equipment Market", the GCC oilfield auxiliary rental 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.

To view the report, visit the website at http://www.alliedmarketresearch.com/auxiliary-rental-equipment-market

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...