The next sector to recover from the oil price crash

In June, The Wall Street Journal, used data from HIS Energy to estimate that roughly 70 percent of the fracking equipment across the shale industry had been idled due to financial constraints. Also, about 60 percent of U.S. field workers needed to frack shale wells have been handed pink slips since the pricing crisis began two years ago. Many of those workers have moved on to jobs in other industries over the past two years, clearing the job market of experienced hires.

"It's scary to think what a drag and what a headwind finding experienced labor is going to be this time around," Roe Patterson, CEO of Basic Energy Services, a Texas-based well completion company, told the WSJ.

Patterson also emphasized that the state of equipment deteriorates due to wear and tear over time, even when its not in use.

"Pop the hood on your car and let it sit for a year," he suggested. "I guarantee the car won't be in the same condition."

As Hordes of heavy drilling equipment exit the energy industry to be repurposed, the woes of oil and gas equipment manufacturers will continue as the industry finds its footing in a recovered market. Once profits from existing drilling projects begin to show in oil and gas companies' books, new sites will be brought into production, spurring further equipment purchases.

Though the energy equipment industry may see a delayed boom as idled equipment stored in warehouses slowly returns to duty, firms will have to turn to their old sources to replace their now-sold assets. Better late than never.