Asia-Pacific Drilling Rig Market is Dominated by Rotatory Drilling Until 2028.
Asia-Pacific drilling
rig market is expected to grow as companies are moving towards IoT and measurement-while-drilling
systems with the rapid growing oil & consumption rate in the region.
According to
TechSci Research report, “Asia-Pacific Drilling Rig
Market - By Country, Competition, Forecast & Opportunities, 2028”. Asia-Pacific drilling rig market is expected to grow in
the forecast period, due to the growing acceptance of IoT in the oilfield and
increasing energy demand. Additionally, setting up a rig and
digging a deep well is expensive, so corporations are reluctant to waste time
and money on an ineffective location. Hence, geologists look for oil by
investigating surface rock formations, magnetic fields, and even minor
fluctuations in gravity. 3-D seismic imaging is one of the most significant
advancements in oil exploration. This is based on the premise that sound
bounces off and travels differently through different materials. An energy
source, such as a vibrator truck sends sound waves deep into the earth in this
procedure. Geophones are special devices positioned on the surface that receive
noises that bounce back and relay the data to recorder trucks. Further,
engineers and geophysicists examine the recorded sound waves to determine the types
of rock formations. This allows them to create 3-D representations of what is
beneath the surface. Although this modern technology reduces the number of
holes bored and results in more productive wells, even though foolproof.
Therefore, seismic imaging technique is expected to boost developments in the
Drilling Rigs in Asia-Pacific region.
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Asia-Pacific Drilling Rig Market is
segmented based on location, type, drilling method, operational depth, and
country. Based on location, the market is divided into onshore and offshore.
Onshore (Land) held the dominating market share of approximately 70% in 2022 in
the Asia-Pacific drilling rigs market.
Asia-Pacific has one of the largest onshore oil and gas fields
and reserves. In the region, there are
more land rigs than offshore rigs, and for the years 2023–2028 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, there is other well intervention techniques and technologies
available, in which well intervention and work-over activities have less impact
on the demand for drilling rigs.
Based
on type, the market is segmented into land rigs, jackup, drill ships, and semi-submersible.
Based on drilling method, the market is
divided into cable drilling, rotary drilling, dual wall reverse - circulating
drilling, electro drilling, and directional drilling.
Based
on technology, rotary drilling is the dominant segment in Asia-Pacific drilling
rigs market as a dependable technology utilised in the offshore oil and gas
sector. Drilling technology rotates a 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. Based on operational depth, the market is
divided into shallow, deep water, and ultra
deep water. Based on
region, the market is divided into China, Japan, India, South Korea, Australia,
Vietnam, Indonesia, Singapore, Philippines, and Malaysia.
Key market
players in the Asia-Pacific Drilling Rig Market include:
- Schlumberger Ltd
- Weatherford International PLC
- Halliburton Company
- Baker Hughes Company
- Scientific Drilling International Inc.
(SDI)
- China Oilfield Services Limited
- Nabors Industries Ltd
- National Oilwell Varco Inc.
- PHX Energy Services Corp.
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“Due to increased
exploration and production costs and anticipated increases in energy
consumption, the market is healthy and is trend-analysed. Additionally, the Asia-Pacific
Drilling Rigs Market is expected to develop due to rising need for power and
heat during the forecast period and many more factors will drive the market.
The number of activities in the area has increased as a result of several offshore
drilling projects in Australia, Malaysia, and Indonesia, further promoting the
demand for oilfield services. Therefore, it is anticipated that increased
development of unconventional resources, new investments in the oil and gas
sector, and the stability of crude oil prices will boost demand for drilling
rigs in the Asia-Pacific region. For instance, china is implementing
regulations to raise the share of gas and decrease the share of coal in the
overall energy mix due to air pollution and environmental concerns. Therefore,
it is anticipated that China will lead the demand for oilfield services in the
Asia-Pacific with growing exploration and production activities supported by
government efforts.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management
consulting firm.
Asia-Pacific
Drilling Rig Market 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 Country, Competition, Forecast and Opportunities, 2028 has evaluated
the future growth potential of Asia-Pacific Drilling Rig Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended 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 present in the Asia-Pacific Drilling Rig Market.
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