Drilling Rig Market Share, Projections and Future Opportunities Recorded For The Period Until 2023 to 2035

Research Nester’s recent market research analysis on “Drilling Rig Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global drilling rig market in terms of market segmentation by type, depth, and by region.

 

 

The global drilling rig market is estimated to grow majorly on account of the rising use of drilling rigs for the extraction of more oil and gas and sufficing the rising demand for it in the emerging economy. When the oil and gas demand rise, companies often ramp up exploration and production activities. This increased activity typically leads to greater demand for drilling rigs to explore new fields, develop existing reserves, or increase extraction rates. Global gas demand is predicted to increase by 140 billion cubic metres (bcm) between 2021 and 2025. Furthermore, global oil demand is predicted to rise by 1.9 million barrels per day in 2023.

 

 

On the other hand, the new technology integrated in drilling rigs is also expected to drive the market growth. One of the key concerns about drilling the deposits was environmental threats. However, modern drilling rigs have somewhat eliminated these concerns. Moreover, Advanced drilling rigs outfitted with specialized equipment such as risers, subsea systems, and blowout preventers are effective in exploring and extracting hydrocarbons from delicate environmental zones. Furthermore, real-time data monitoring, automated systems, and advanced drilling technologies like downhole sensors and rotary steerable systems are combined into modern technology.

 

Some of the major growth factors and challenges that are associated with the growth of the global drilling rig market are:

 

 

 

The rising concern associated with environmental hazards and the prices of the energy industry keeps on fluctuating are some of the major factors anticipated to hamper the global market size of drilling rig. Oil and gas exploitation endangers animals. Drilling operations may interfere with animal communication, breeding, and nesting due to loud noises, human movement, and vehicle traffic. These negative impact on the environment have resulted in the formation of strict rules and regulation that restricts the drilling of reserves. On the other hand, the rising demand for renewable energy resources is also expected to impede the market growth.

 

 

By type, the global drilling rig market is segmented into drill ships and jack-up rigs. The jack-up rigs segment is to garner the maximum revenue by the end of 2035 by growing at a notable CAGR over the forecast period. The growth of the segment is due to the rising demand for jack-up rigs in the world. Leading jack-up fleet operators predict global demand for modern jack fleets to exceed 95% in the coming quarters. Moreover, the most demand is from the middle east and Africa. Furthermore, the drilling rig market is also segmented by depth. Out of two depths, the shallow and deep water segments, the deep water segment will dominate the market growth. Deepwater reserves comprise around 100 billion barrels of reserves globally or nearly 10% of total reserves. The higher number of deep water reserves will growth the demand for drillships thus contributing to the market growth.

 

By region, the North America drilling rig market is to generate the highest revenue by the end of 2035. The demand for oil and gas is continuously rising in the region, the major share is attributed to the transportation sector, and it is expected to drive the market growth. Moreover, North America has a huge share of global oil reserves which further drives the need for drilling rigs. According to the recent statistics by Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 study, proven reserves of natural gas in the United States reached a new high of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020.

 

This report also provides the existing competitive scenario of some of the key players of the global drilling rig market which includes company profiling of Maersk A/S, Archer Ltd., China Oilfield Services Ltd., Eni S.p.A, Helmerich and Payne Inc., KCA Deutag, Loews Corporation, Nabors Industries Ltd., Transocean Ltd., Valaris Plc, and Weatherford International Plc

 

 

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