Drilling Rig Market to be dominated by Rotary drill Segment through 2028
Increase in natural gas production and increased
Offshore drilling activities to drive Global Drillings Rigs Market in the
forecast period, 2023-2028.
According to TechSci Research report, “Global Drilling Rig Market - By Region, Competition, Forecast &
Opportunities, 2028”, Global
Drilling Rig Market is anticipated to grow at a 6.02% CAGR in the forecast
period, 2024-2028. Market growth is dependent on a number of variables,
including increased upstream oil and gas investments, rising demand for oil and
gas, and a growing emphasis on unconventional oil and gas exploration and
production (E&P) activities. Onshore rigs are likely to dominate in
the rigs sector in Global due to major availability of hydrocarbon, as many of
rigs are situated on land and not in sea.
The expansion in
exploratory operations by the oil and gas corporations has been a key factor in
the rising demand for drilling rigs globally. For the drilling tasks that are
crucial for oil and gas firms, drilling rigs provide effective solutions. Modern
drilling rigs are being developed as a result of the quick advancements in
technology; they are lightweight, portable, and inexpensive. They can also be
transported to remote locations with ease. In the near future, these
advancements are anticipated to positively impact the worldwide drilling rigs
market.
One of the key nations
conducting offshore oil and gas exploration in the area is the US. Offshore oil
and gas developments in North America are also being propelled by government
assistance. Along the Atlantic, Arctic, and Pacific coasts, the US government
also intends to drill and explore practically all of its offshore oil and gas
resources, which will increase demand for drilling rigs in the area.
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Pages and an in-depth TOC on "Global Drilling Rig Market.”
Drilling Rig market can be
segmented by Location, Type, Drilling Method, Operational Depth and region.
Based
on Location, Onshore is the dominant segment in Global Drilling Rigs Market as In
Global, there are more land rigs than offshore rigs, and for the years
2023E–2028F, the need for drilling rigs for onshore operations is directly
impacted by the rise in demand for fossil fuels as well as onshore exploration
and production activities. However, because there is other well intervention
techniques and technologies available, well intervention and work-over
activities have less of an impact on the demand for drilling rigs.
Based
on Technology, rotary drilling is the dominant segment in Global Drilling Rigs
Market as a dependable technology utilised in the offshore oil and gas sector
is rotary drilling. Drilling technology rotates the bit continuously in a
circular motion to fracture rocks. The market for rotary drilling is
anticipated to benefit significantly from the ability to collect oil and gas
from deep-water and ultra-deepwater locations.
Major companies operating in the Global Drilling rig market
are:
- Schlumberger
- Halliburton
- Transocean
- Transocean
- Diamond
Offshore Drilling
- Noble
Corporation
- Ensco
plc
- China
Oilfield Services Limited (COSL)
Leading businesses are concentrating
on increasing their product ranges to preserve long-term market growth. Many
companies in the Global Drilling Rigs Market are represented in the country
through distributors or contractor teams.
Companies in the US produce
crude oil on both public and private lands as well as in offshore areas. These
businesses typically solely conduct business in the Global and are independent
producers. The other businesses, frequently referred to as major oil firms,
might employ hundreds or thousands of people and conduct business
internationally. Chevron and ExxonMobil are two prominent oil firms in the Global.
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“A
significant driver of the global drilling rig market is the world's ongoing
demand for oil and natural gas. These hydrocarbon resources remain fundamental
to the global energy mix, powering industries, transportation, and households.
As a result, the exploration and production of oil and gas reserves continue to
be of paramount importance. Emerging economies, in particular, are experiencing
rapid growth and industrialization, leading to increased energy consumption.
This, in turn, drives the demand for drilling rigs to access and extract these
valuable resources. Furthermore, the geographical distribution of drilling rig
activity is dynamic, as exploration endeavors extend to new frontiers and
unconventional reserves, such as shale gas and tight oil formations. Oil prices
play a pivotal role in this equation. Higher oil prices incentivize drilling
operations by making previously uneconomical reserves viable to extract.
Conversely, lower prices can lead to a slowdown in exploration and drilling
activities. The price of oil is influenced by various factors, including
geopolitical tensions, supply and demand dynamics, and global economic
conditions, all of which further emphasize the sensitivity of the drilling rig
market to these drivers. In essence, the global drilling rig market's fate is
closely intertwined with the world's insatiable appetite for oil and gas. As
energy demand continues to grow and the industry seeks to access more
challenging and unconventional reserves, drilling rigs remain indispensable, making
oil and gas demand a core driver of this market's dynamics.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Drilling Rig Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Location (Onshore,
Offshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, Others),
By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse -
Circulating Drilling, Electro Drilling, Directional Drilling), By Operational
Depth (Shallow, Deep water, Ultra Deep Water), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global drilling
rig market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global drilling rig market.
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