Drilling Rigs Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Drilling Rigs Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2021 | Semiconductor & Electronics

Report Digest


Global Drilling Rigs Market: Snapshot

Oil and gas industry is facing a massive crunch these days. The companies in these segment are looking for the new wells to cater to the growing demand for fuel for the propulsion and other ignition applications. This demand for oil and gas, the companies are calling for better, strong and long lasting drills and are constructing new drilling rigs. Based on this elevated sales of the drilling rigs, the global drilling rigs market is expected to witness a substantial growth in the coming years. These rigs can drill virtually to the heart of the earth to extract oil. This is another factor that is boosting the growth of global drilling rigs market these days.

How Technological Developments are Helping Drilling Rigs Market to Grow?

Oil and gas industry is implementing several technologies that can escalate the excavation of and natural gas and cater to the growing demand for the oil and other petroleum products. Below are some points stating significance of technology in the drilling rigs market.

  • Data Science and its Significance: Data is the new oil. This the most spoke phrase these days. It controls almost every business. Oil and gas industry is no different and is using this technology for its betterment. The data allows the drilling rigs market players to deploy drills according to the location for optimum results.
  • IoT and Automation: IoT has penetrated into almost every business these days. In global drilling rigs market, the technology allows to maintain the health of equipment present on the rigs. This helps the businesses to reduce the maintenance cost and improving the profit quotient. Hence, IoT also plays a crucial role in the growth of global drilling rigs market.

Around the world, there are seven different types of drilling rigs that are currently in use for offshore operations. Drilling rigs are available in a number of sizes that range from single person operated to those capable of making holes several thousands of meters below the earth’s surface. Not only can this, drilling rigs test sub-surface material for a know-how of physical properties of a drill site.

Drilling in oil and gas industry involves creating holes in the earth’s surface as a preparation to oil and gas exploration activities. Drilling rigs are used in offshore exploration in deep water, shallow water, and ultra-deep water. Semi-submersible rigs are used in deepwater areas, jackup rigs are used in shallow water region, and drillships are used in ultra-deep water regions in offshore explorations.

Jackup rigs are offshore rigs equipped with legs that can be descended to the seabed in order to form a foundation to support the drilling platform. Typically, jackup rigs can operate in water ranging from 350 to 450 feet deep. Drillships rigs are usually used in deepwater applications. They are usually self-propelled and are in the shape of conventional ships. Semi-submersible rigs are submerged in water by means of a water ballast system in such a manner that the lower hull portion is beneath the water surface during drilling operations.

The growth of drilling rigs market in mainly dependent on increasing oil and gas exploration activities worldwide. In the recent past, the discovery of oil and gas reserves in remote locations along with technological advancements in exploratory equipment have made drilling activities more feasible and cost-effective.

Global Drilling Rigs Market: Overview

Drilling rigs are mechanical devices used to create holes in ground. They are giant structure and are mainly used during drilling oil wells, water wells, and natural gas wells. The equipment can be mounted on trailers, trucks, and can be installed on land as well for onshore drilling. The report on the global drilling rigs market highlights the prevalent opportunities worldwide and the factors that could restraint its growth.

The report has been compiled to provide a holistic overview of the global drilling rigs market and covers aspects such as segmentation, key trends and opportunities, investment feasibility, and vendor landscape.

Global Drilling Rigs Market: Trends and Opportunities

Due to the increasing drilling activities worldwide, the demand for drilling rigs has significantly risen especially in offshore regions. As onshore drilling activities have reached maturity, no alternatives are left aside from explore offshore reserved, owing to which the enterprises operating in the drilling rigs market are focusing on the latter. Therefore, on account of having huge offshore crude oil reserves, European countries such as Spain and Norway have gained prominence in the global drilling rigs market.  

According to the Oil and Gas Journal, a larger portion of crude oil reserves in Norway is located in the offshore region of the Norwegian Continental Shelf. The region is further divided into North Sea, Barents Sea, and Norwegian Sea. Among these, North Sea accounts for a major share in the overall oil production in Norway, besides Norwegian Sea. The market therefore witnesses huge opportunities to gain from in Europe, which makes it one of the most lucrative regions to explore by leading players.

Global Drilling Rigs Market: Key Segments

The global drilling rigs market can be majorly segmented into land rigs and marine rigs. The marine rigs segment can be further classified into bottom supported rigs and floating rigs. As several explorations are carried out using marine drilling rigs, their demand is evidently higher in the market. Marine drills are also used in production activities, which is fuelling their demand around the world. The rising exploration of crude oil in offshore regions will therefore help in the segment’s expansion in the coming years.

By type, the global drilling rigs market can be segmented into rotary rigs, A-frame rigs, large mud rotary drill rigs, tracked rigs, truck mounted drill rigs, and portable minuteman rigs. The market is further segmented based on power into hydraulic, electric, steam, and mechanical drilling. The report provides a round-up of the segments that would prove most lucrative for the enterprises operating in the global drilling rigs market. It also identifies key restraints, which could limit the scope of expansion for market players across the aforementioned segments.

Global Drilling Rigs Market: Vendor Landscape

Some of the most prominent enterprises operating in the global drilling rigs market include Simco Drilling Equipment Inc, Bauer Maschinen GmbH, Weatherford International Ltd., Dando Drilling International, Baker Hughes Inc, Maersk Drilling, Haliburton Company, Schlumberger Ltd, Schramm Inc, and Nabors Drilling.

The report delves into studying the various strategies adopted by the companies profiled and the impact of the same on the overall market operations. It conducts SWOT analysis to present insights into the strengths and weaknesses of the leading market players. The analysis also helps the report foretell opportunities and threats that these companies may face over the course of the forecast period. 

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?