NEW YORK, Feb. 3, 2023 /PRNewswire/ — The rig market is fragmented due to the presence of numerous international and regional players. The market is characterized by the presence of numerous industry suppliers offering various services to the oil and gas industry. These suppliers either operate their own rigs or offer rigs for rent. According to Technavio, the drilling rig market is expected to grow by $15.36 billion from 2022 to 2027 at a CAGR of 6.16%. The report includes historical market data from 2017 to 2021. In 2017, the market was valued at $54.62 billion. Request the latest PDF sample report
The Drilling Rig Market Report contains key information and factual data, qualitative and quantitative study of the market in terms of market drivers and constraints, and future prospects.
The growth of the land market will be significant during the forecast period. The growth of shale drilling, directional drilling, multilateral drilling and acid drilling has led to an increase in demand for high-tech and powerful drilling rigs, driving the development of this segment. In addition, the availability of land drilling rigs of various sizes and capacities will drive the growth of this segment.
North America will account for 37% of market growth during the forecast period. The United States and Canada are among the world’s largest producers of oil and natural gas. Oil and gas production in these countries has increased significantly due to the intensification of unconventional exploration and production activities. Moreover, increased government support for offshore oil and gas projects is driving the growth of the drilling rig market in North America.
AP Moller Maersk AS, Archer Ltd., China Oilfield Services Ltd., Eni Spa, Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Loews Corp., Nabors Industries Ltd., Noble Corp., NOV Inc., Parker Drilling Co. ., Patterson UTI Energy Inc., PR Marriott Drilling Ltd., Precision Drilling Corp., Schlumberger Ltd., Seadrill Ltd., Stena AB, Transocean Ltd., Valaris Plc и Weatherford International Plc.
Detailed information on factors that will accelerate the growth of the drilling rig market from 2023 to 2027.
Accurately estimate the size of the drilling rig market and the contribution of key markets to the parent market.
Asia Pacific, North America, Europe, Middle East and Africa, and South America Drilling Rig Market Industry Growth
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The offshore decommissioning market is forecast to grow at a CAGR of 7.32% per annum from 2022 to 2027. The market volume is expected to increase by USD 2,565.2 million. Developed oil and gas fields and aging platforms are driving market growth to a large extent, although factors such as high costs associated with offshore decommissioning projects may hinder market growth.
The offshore rig market is expected to grow at a CAGR of 3.16% per annum from 2022 to 2027. The market volume is expected to increase by USD 2,821.26 million. While factors such as the uncertainty associated with low crude oil prices may hinder the growth of the market, increased investment in oil and gas exploration and production has significantly accelerated the growth of the market.
AP Moller Maersk AS, Archer Ltd., China Oilfield Services Ltd., Eni Spa, Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Loews Corp., Nabors Industries Ltd., Noble Corp., NOV Inc., Parker Drilling Co. ., Patterson UTI Energy Inc., PR Marriott Drilling Ltd., Precision Drilling Corp., Schlumberger Ltd., Seadrill Ltd., Stena AB, Transocean Ltd., Valaris Plc и Weatherford International Plc.
Analysis of the parent market, drivers and barriers to market growth, analysis of fast-growing and slow-growing segments, analysis of the impact of COVID-19 and recovery, and future consumer dynamics, and analysis of the state of the market during the forecast period.
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Post time: Feb-14-2023