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

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 55.92 Billion

CAGR (2023-2028)

6.02%

Fastest Growing Segment

Offshore

Largest Market

Asia Pacific


Market Overview

Global drilling rig market was valued at USD 55.92 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.02% through 2028. The market's expansion is dependent on a number of variables, such as 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.

Key Market Drivers

Oil and Gas Demand will help in Drilling Rig Market growth.

Oil and gas demand plays a pivotal role in propelling the global drilling rig market. The intricate connection between these commodities and drilling rig utilization underscores the market's sensitivity to fluctuations in energy requirements and prices. First and foremost, the demand for drilling rigs is intrinsically linked to the world's insatiable appetite for energy. As economies expand, industrialize, and populations burgeon, the need for oil and natural gas intensifies. This surge in energy demand necessitates increased exploration and production activities, driving the deployment of drilling rigs to extract these vital resources. Emerging economies, in particular, often undergo rapid growth, requiring more energy to power their industries, transportation systems, and homes. Consequently, they frequently rely on drilling rigs to access domestic energy reserves and reduce reliance on imports. Furthermore, oil prices exert an undeniable influence on drilling rig activity. Higher oil prices render previously uneconomical and challenging-to-reach oil reserves financially viable. This creates a substantial uptick in demand for drilling rigs, as oil companies rush to capitalize on favorable market conditions. Conversely, when oil prices plummet, the industry often experiences a slowdown as oil companies cut costs and curtail exploration efforts.

The global drilling rig market is also shaped by technological advancements. Innovations in drilling technologies, such as directional drilling and hydraulic fracturing, have revolutionized the industry. These innovations enhance efficiency, reduce operational expenses, and enable access to previously untappable reserves. As a result, the demand for modern drilling rigs equipped with state-of-the-art technologies soars. In conclusion, oil and gas demand remains the linchpin of the global drilling rig market. Economic growth, oil prices, technological progress, and the energy requirements of emerging economies collectively drive the utilization of drilling rigs. As the world grapples with evolving energy needs and transitions toward cleaner alternatives, monitoring the ebb and flow of oil and gas demand will continue to be a critical factor in assessing the health and prospects of the drilling rig market.

Exploration and Production Investment Have Played a Crucial Role in The Growth of The Drilling Rig Market

Exploration and production (E&P) investment is a cornerstone of the global drilling rig market, wielding substantial influence over its dynamics and growth trajectory. E&P investment serves as the lifeblood of the oil and gas industry, and its fluctuations are keenly observed by industry stakeholders, investors, and analysts. Firstly, E&P investment directly correlates with the demand for drilling rigs. When oil and gas companies allocate greater capital to exploration and production activities, they inevitably contract more drilling rigs. These rigs are essential tools for accessing subsurface reservoirs, enabling the extraction of valuable hydrocarbons. As oil and gas prices rise, companies are more inclined to invest in drilling projects, thereby boosting demand for rigs. Conversely, during periods of economic uncertainty or depressed energy prices, companies may scale back their E&P investments, leading to a reduction in drilling rig activity.

Furthermore, advancements in drilling technology and reservoir knowledge can also drive E&P investment. When new technologies and techniques emerge, offering the potential to unlock previously inaccessible reserves or improve production rates, oil and gas companies are incentivized to increase their E&P budgets. Modern drilling rigs equipped with cutting-edge technology play a pivotal role in these efforts, as they can significantly enhance operational efficiency and success rates. The geographical distribution of E&P investment also affects the global drilling rig market. Investments are often directed toward regions with proven or potential energy reserves. This allocation can create regional variations in drilling rig demand, with hotspots experiencing increased activity while other areas may see reduced utilization.

Additionally, E&P investment is influenced by geopolitical factors, regulatory environments, and global energy demand. Geopolitical stability, attractive fiscal terms, and supportive regulatory frameworks can encourage investment in certain regions. Simultaneously, fluctuations in energy demand, driven by economic growth or shifts in consumer behavior, impact the overall appetite for E&P activities. In conclusion, exploration and production investment is a fundamental driver of the global drilling rig market. Its ebb and flow are intricately tied to oil and gas prices, technological advancements, regional considerations, and broader economic and political factors. As the energy industry navigates evolving challenges and transitions, monitoring E&P investment trends remains vital for understanding the health and future prospects of the drilling rig market.

 

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Key Market Challenges

Volatility in Oil and Gas Prices

The global drilling rig market faces a persistent and influential challenge in the form of volatility in oil and gas prices. This market is inextricably linked to the fluctuations in energy commodity prices, and these price swings have far-reaching implications. When oil and gas prices soar, drilling rig activity typically spikes in response. Higher prices make previously uneconomical reserves more attractive, prompting increased exploration and production efforts. Consequently, drilling rig utilization rates tend to rise, and operators may even command higher rental rates. However, this optimism can be short-lived, as volatile prices can just as swiftly decline, leading to a cycle of boom and bust. In times of price slumps, oil and gas companies often cut back their exploration and drilling budgets, resulting in a decrease in rig demand.

This price volatility also has implications for rig operators. They must grapple with the unpredictability of their revenue streams, making long-term planning and investments challenging. Additionally, operators may find it difficult to secure financing for new rig construction or upgrades during periods of price instability. Furthermore, the oil and gas industry's vulnerability to external factors, such as geopolitical tensions and global economic trends, exacerbates the challenges posed by price volatility. Political conflicts and sanctions can disrupt supply chains and limit access to key drilling regions, further complicating market dynamics. In conclusion, the global drilling rig market is profoundly influenced by the roller-coaster ride of oil and gas prices. This volatility creates an environment of uncertainty, affecting not only the demand for drilling rigs but also the financial stability of operators in the sector. Navigating these fluctuations requires a keen understanding of market dynamics and a strategic approach to risk management.

Environmental and Regulatory Pressures

Environmental and regulatory pressures pose a formidable challenge to the global drilling rig market. As the world grapples with escalating environmental concerns and strives for sustainability, the oil and gas industry face mounting constraints and costs. Stringent environmental regulations demand substantial investments in emissions reduction technologies and pollution control measures. Drilling rigs, integral to hydrocarbon extraction, are directly impacted by these regulations, which often necessitate costly upgrades to meet emission standards. This increased operational expenditure can erode profit margins and reduce the economic viability of drilling projects. Water usage and management also weigh heavily on drilling rig operations. Hydraulic fracturing (fracking), a common method in oil and gas extraction, is particularly water intensive. Regulations, both local and global, increasingly scrutinize water sourcing, consumption, and disposal. This can limit access to water sources and impose expensive treatment and recycling requirements, further burdening drilling operations.

Safety and spill prevention regulations are growing stricter to mitigate environmental risks. Operators are compelled to invest in robust safety protocols, training, and emergency response capabilities. These investments add complexity and costs to drilling activities. Environmental impact assessments (EIAs) are another hurdle. Regulations mandate comprehensive EIAs for drilling projects, potentially resulting in project delays and escalating costs. Demonstrating minimal environmental impact is essential for securing necessary approvals, adding another layer of complexity to the permitting process. Environmental concerns also spur public opposition and protests against drilling operations. Such opposition can lead to reputational damage, legal battles, and even project cancellations, hindering the ability to secure contracts and funding.

Moreover, as carbon pricing and taxes gain traction, the drilling rig market faces increased operating costs, further denting profitability. The global energy transition towards cleaner alternatives compounds these challenges, potentially reducing long-term demand for drilling rigs used primarily for hydrocarbon exploration. In this shifting landscape, regulatory uncertainty adds to the industry's woes, making long-term planning and investments challenging. To thrive amidst these challenges, drilling rig companies must embrace cleaner technologies, reduce their environmental footprint, and consider diversifying into sectors less influenced by regulatory pressures. While these obstacles are substantial, they also serve as a catalyst for innovation, potentially driving the development of more environmentally sustainable drilling practices in the future.

Key Market Trends

Rise of Shale Gas and Tight Oil

The ascent of shale gas and tight oil extraction has been a potent force propelling the global drilling rig market. This transformative trend has significantly reshaped the energy landscape, presenting both opportunities and challenges for the drilling rig industry. Shale gas and tight oil, extracted through hydraulic fracturing (fracking) techniques, have unlocked vast reservoirs of hydrocarbons previously considered uneconomical to exploit. This unconventional energy boom has led to a surge in demand for drilling rigs designed to navigate complex geological formations and access these resources. One of the key drivers of the drilling rig market in this context is the rapid expansion of shale plays, particularly in regions like the Permian Basin in the United States. Drilling rigs are essential for drilling horizontal wells and conducting fracking operations. The ability to efficiently extract hydrocarbons from shale formations requires advanced drilling technologies and specialized rigs, which are in high demand.

Moreover, the flexibility of drilling rigs to adapt to changing market conditions is vital. When oil and gas prices are favorable, drilling rig utilization rates rise as companies rush to capitalize on economic opportunities. Conversely, during periods of price volatility or downturns, rig operators may face decreased demand. The agility to scale operations up or down in response to market dynamics is a crucial factor in the drilling rig market's success. In essence, the rise of shale gas and tight oil has revitalized the drilling rig market by introducing a prolific source of hydrocarbon reserves. This trend has encouraged innovation in drilling technologies, increased demand for specialized rigs, and reshaped the geographical distribution of drilling activity. As the global energy landscape continues to evolve, the adaptability and efficiency of drilling rig operations will remain pivotal to sustaining this market's growth.

Renewable Energy Diversification

Renewable energy diversification is emerging as a compelling driver for the global drilling rig market, signaling a pivotal shift in the industry's focus and prospects. This trend reflects a growing recognition of the need for sustainable energy sources and the role of drilling technology in harnessing them. One significant facet of renewable energy diversification is the exploration and development of offshore wind energy resources. Offshore wind farms require specialized drilling techniques to secure the massive foundations that support wind turbines on the seabed. These operations necessitate the use of advanced drilling rigs equipped with precise positioning systems, anchoring capabilities, and expertise in working in challenging marine environments. As the demand for offshore wind energy projects surges worldwide, the need for drilling rigs tailored to these applications is on the rise.

Additionally, geothermal energy, another sustainable energy source, relies on drilling rigs for the construction of geothermal wells. These wells tap into the Earth's heat reservoirs to generate clean energy. As countries aim to increase their geothermal capacity, the drilling rig market is presented with opportunities to provide specialized rigs capable of drilling deep wells and managing the unique geological challenges associated with geothermal energy extraction. Furthermore, drilling technology plays a crucial role in the development of energy storage solutions, such as compressed air energy storage (CAES) and thermal energy storage (TES). These technologies require drilling for the creation of underground storage reservoirs or wells, which are essential components of efficient energy storage systems.

In conclusion, renewable energy diversification is fostering a paradigm shift in the global drilling rig market. While fossil fuel exploration remains a vital component of the industry, the expansion into renewable energy sectors, including offshore wind and geothermal, presents new growth avenues. As nations accelerate their transition to cleaner energy sources, drilling rig companies that adapt to these changing demands will be poised to thrive in a more sustainable and environmentally conscious energy landscape.

Segmental Insights

Location Insights

Onshore is the dominant segment in Global Drilling Rigs Market as In United States, 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.

Technology Insights

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.

 

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Regional Insights

The Asia Pacific has established itself as the leader in the Global Drilling Rig Market with a significant revenue share in 2022.  

The increasing demand for oil and gas in the region: The Asia Pacific region is one of the fastest-growing regions in the world, and the demand for oil and gas is expected to continue to grow in the coming years. The rise of unconventional oil and gas resources: The Asia Pacific region has a significant amount of unconventional oil and gas resources, such as shale gas and tight oil. These resources are becoming increasingly important, and they will require drilling rigs to be developed and used. The technological advancements in drilling rigs: Technological advancements, such as the use of AI and robotics, are making drilling rigs more efficient and productive. This is making drilling rigs more affordable and accessible to oil and gas companies in the Asia Pacific region.

Recent Developments

  • In 2023, Transocean announced the acquisition of Valaris for USD 7.5 billion. This acquisition will create the world's largest offshore drilling contractor.
  • In 2022, China Oilfield Services Limited (COSL) launched the world's first self-propelled semi-submersible drilling rig, the COSL HYSY-186. This rig is designed to drill in deepwater and ultra-deepwater environments.
  • In 2021, Baker Hughes acquired a majority stake in the artificial intelligence (AI) company, EOS Risk Analytics. This acquisition will help Baker Hughes to develop new AI-powered drilling technologies.
  • In 2020, the US Department of Energy awarded USD 100 million to a consortium of companies to develop a new drilling technology that can reduce the environmental impact of drilling.

Key Market Players

  • Schlumberger
  • Halliburton
  • Transocean
  • Transocean
  • Diamond Offshore Drilling
  • Noble Corporation
  • Ensco plc
  • China Oilfield Services Limited (COSL)

 By Location

By Type

By Drilling Method

By Operational Depth

By Region
  • Onshore
  • Offshore
  • Land Rigs
  • Jackup
  • Drill Ships
  • Semi-Submersible
  • Others
  • Cable Drilling
  • Rotary Drilling
  • Dual Wall Reverse – Circulating Drilling
  • Electro Drilling
  • Shallow
  • Deep water
  • Ultra-Deep Water
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Drilling Rig Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Drilling Rig Market, By Location:

o   Onshore

o   Offshore

  • Drilling Rig Market, By Type:

o   Land Rigs

o   Jackup

o   Drill Ships

o   Semi-Submersible

o   Others

  • Drilling Rig Market, By Drilling Method:

o   Cable Drilling

o   Rotary Drilling

o   Dual Wall Reverse – Circulating Drilling

o   Electro Drilling

  • Drilling Rig Market, By Operational Depth:

o   Shallow

o   Deep water

o   Ultra-Deep Water

·         Drilling Rig Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Indonesia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  South Africa

§  Egypt

§  UAE

§  Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Drilling Rig Market.

Available Customizations:

Global Drilling Rig Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

·         Detailed analysis and profiling of additional market players (up to five).

Global Drilling Rig Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global Drilling Rig Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Location (Onshore, Offshore)

5.2.2.    By Type (Land Rigs, Jackup, Semi-Submersible, Drill Ships)

5.2.3.    By Drilling Method (Rotary Drilling, Dual Wall Reverse- Circulating Drilling, Cable Drilling, Directional Drilling, Electro Drilling)

5.2.4.    By Operational Depth (Shallow, Deep water, Ultra Deep Water)

5.2.5.    By Region

5.3.  By Company (2022)

5.4.  Market Map

6.    North America Drilling Rig Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Location

6.2.2.    By Type

6.2.3.    By Drilling Method

6.2.4.    By Operational Depth

6.2.5.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Drilling Rig Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Location

6.3.1.2.2.           By Type

6.3.1.2.3.           By Drilling Method

6.3.1.2.4.           By Operational Depth

6.3.2.    Canada Drilling Rig Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Location

6.3.2.2.2.           By Type

6.3.2.2.3.           By Drilling Method

6.3.2.2.4.           By Operational Depth

6.3.3.    Mexico Drilling Rig Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Location

6.3.3.2.2.           By Type

6.3.3.2.3.           By Drilling Method

6.3.3.2.4.           By Operational Depth

7.    Asia-Pacific Drilling Rig Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Location

7.2.2.    By Type

7.2.3.    By Drilling Method

7.2.4.    By Operational Depth

7.2.5.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Drilling Rig Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Location

7.3.1.2.2.           By Type

7.3.1.2.3.           By Drilling Method

7.3.1.2.4.           By Operational Depth

7.3.2.    India Drilling Rig Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Location

7.3.2.2.2.           By Type

7.3.2.2.3.           By Drilling Method

7.3.2.2.4.           By Operational Depth

7.3.3.    Japan Drilling Rig Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Location

7.3.3.2.2.           By Type

7.3.3.2.3.           By Drilling Method

7.3.3.2.4.           By Operational Depth

7.3.4.    South Korea Drilling Rig Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value 

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Location

7.3.4.2.2.           By Type

7.3.4.2.3.           By Drilling Method

7.3.4.2.4.           By Operational Depth

7.3.5.    Indonesia Drilling Rig Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Location

7.3.5.2.2.           By Type

7.3.5.2.3.           By Drilling Method

7.3.5.2.4.           By Operational Depth

8.    Europe Drilling Rig Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Location

8.2.2.    By Type

8.2.3.    By Drilling Method

8.2.4.    By Operational Depth

8.2.5.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Drilling Rig Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Location

8.3.1.2.2.           By Type

8.3.1.2.3.           By Drilling Method

8.3.1.2.4.           By Operational Depth

8.3.2.    United Kingdom Drilling Rig Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Location

8.3.2.2.2.           By Type

8.3.2.2.3.           By Drilling Method

8.3.2.2.4.           By Operational Depth

8.3.3.    France Drilling Rig Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Location

8.3.3.2.2.           By Type

8.3.3.2.3.           By Drilling Method

8.3.3.2.4.           By Operational Depth

8.3.4.    Russia Drilling Rig Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Location

8.3.4.2.2.           By Type

8.3.4.2.3.           By Drilling Method

8.3.4.2.4.           By Operational Depth

8.3.5.    Spain Drilling Rig Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Location

8.3.5.2.2.           By Type

8.3.5.2.3.           By Drilling Method

8.3.5.2.4.           By Operational Depth

9.    South America Drilling Rig Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Location

9.2.2.    By Type

9.2.3.    By Drilling Method

9.2.4.    By Operational Depth

9.2.5.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Drilling Rig Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Location

9.3.1.2.2.           By Type

9.3.1.2.3.           By Drilling Method

9.3.1.2.4.           By Operational Depth

9.3.2.    Argentina Drilling Rig Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Location

9.3.2.2.2.           By Type

9.3.2.2.3.           By Drilling Method

9.3.2.2.4.           By Operational Depth

10. Middle East & Africa Drilling Rig Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Location

10.2.2. By Type

10.2.3. By Drilling Method

10.2.4. By Operational Depth

10.2.5. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Drilling Rig Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Location

10.3.1.2.2.         By Type

10.3.1.2.3.         By Drilling Method

10.3.1.2.4.         By Operational Depth

10.3.2. South Africa Drilling Rig Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Location

10.3.2.2.2.         By Type

10.3.2.2.3.         By Drilling Method

10.3.2.2.4.         By Operational Depth

10.3.3. UAE Drilling Rig Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Location

10.3.3.2.2.         By Type

10.3.3.2.3.         By Drilling Method

10.3.3.2.4.         By Operational Depth

10.3.4. Israel Drilling Rig Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value 

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Location

10.3.4.2.2.         By Type

10.3.4.2.3.         By Drilling Method

10.3.4.2.4.         By Operational Depth

10.3.5. Egypt Drilling Rig Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value 

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Location

10.3.5.2.2.         By Type

10.3.5.2.3.         By Drilling Method

10.3.5.2.4.         By Operational Depth

11. Market Dynamics

11.1.             Drivers

11.2.             Challenge

12. Market Trends & Developments

13. Company Profiles

13.1.             Schlumberger

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.              Halliburton

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             Baker Hughes

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             Transocean

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Valaris

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             Diamond Offshore Drilling

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             Nobel Corporation

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             Ensco Plc

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

14. Strategic Recommendations

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Figures and Tables

Frequently asked questions

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The market size of the Global Drilling Rig Market was USD 56.92 Billion in 2022.

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Onshore is the dominant segment in Global Drilling Rigs Market, 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.

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Adverse Environmental Impact, Reduction in Oil & Gas Capex are the major challenges for market growth.

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Increasing Consumption of Oil & Gas in Countries, and rising Oilfield Services are the major factors propelling the market growth.

Related Reports

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Parvati Sharma

Account Manager BD
Press Release

Drilling Rig Market to be dominated by Rotary drill Segment through 2028

Nov, 2023

Increase in natural gas production and increased Offshore drilling activities to drive Global Drillings Rigs Market in the forecast period, 2023-2028.

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