According to TechSci Research report, Rotary Drilling Rig Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, the Global Rotary Drilling Rig market is anticipated to register a robust growth during the forecast period 2024-2028.
Rotary drilling rigs can be classified into land rigs and offshore rigs. The main characteristics of land rigs are portability and maximum operating depth. Land-based derricks are built so that the derrick can be easily moved and reused to dig new holes. Various components of the rig are mounted on skids so that the rig can be moved unit by unit and easily connected. Drilling an oil well is a complex task and the drilling industry requires manpower and a complex array of machinery and materials to drill oil/gas wells at depths greater than 6000 meters. However, while the drilling industry has witnessed advances in technology, the fact remains that successful drilling is the result of a great deal of team effort in addition to the use of complex machinery. Drilling Rig requires the use of qualified personnel, different types of equipment and different techniques.
Once the drilling project has started, two goals must be accomplished: To drill and complete a well according to its purpose in a safe manner (personal injury, technical problems) and completing the project at minimal cost. It is a technology that relies on continuous circular rotation of the bit to fracture rock and drill the borehole safely and efficiently while the drilling fluid circulates through the bit and up the borehole to the surface.
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Global Rotary Drilling Rig market is bifurcated on the basis of Location of Deployment and Application. Based on Location of Deployment, the market is bifurcated into Onshore and Offshore. During the projected period, Offshore segment is expected to be the dominating segment during the forecast period. Rotary drilling is an efficient technology used in the offshore oil and gas sector. This is a drilling technology that uses the continuous circular rotation of the bit to drill the rock. In contrast, the drilling fluid circulates down the wellbore through the bit to the surface, allowing the wellbore to be drilled safely and efficiently. The availability of abundant resources coupled with the increasing potential for extracting oil and gas from deepwater and ultra-deepwater areas is expected to bring great opportunities to the rotary drilling market.
On the basis of region, the market is bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa. During the projected period, North America region is expected to be the region with the largest market share during the forecast period. North America, with the highest natural gas production and second highest oil production in 2021, is expected to be one of the world’s largest oil and gas producers, driven primarily by oil and gas activity in the United States and Canada.
The region shall have nearly 586 rotary rigs as of 2021, with the United States being the largest market. The United States holds the largest rigs due to an increasing number of wells being drilled and fracked in shale and scarce reserves, supported by low break-even prices in the basin. Shale gas development in the region is also one of the biggest drivers of the rotary drilling market. According to the U.S. Energy Information Administration (EIA), U.S. shale gas production is estimated to be about 26 trillion cubic feet (Tcf) in 2020, accounting for about 78% of the country’s total dry natural gas production in 2020. increase. Furthermore, the EIA estimates that US shale gas and tight oil deposit production is likely to reach 33.94 Tcf by 2050.Canada, on the other hand, is expected to increase its share of tight gas and shale gas in natural gas production. According to the Canadian Energy Regulatory Agency, tight gas and shale gas together are expected to account for 80% of Canada’s natural gas production by 2035. Besides shale gas, the region has also seen a significant increase in offshore drilling activity. Therefore, in such a scenario, the North America is expected to dominate during the forecast period.
Key market players in the Global Rotary Drilling Rig market are:
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Inc
- Bauer AG
- Atlas Copco
- SANY Group Co. Ltd
- Schramm Inc.
- Sandvik Drilling
- Dando Drilling International Ltd
- Streicher Drilling Technology GmbH
- Beijing Sinovo International & Sinovo Heavy Industry Co. Ltd
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“During the forecast period, North America region is expected to dominate the market as the region contains large amounts of oil & gas production due to the number of wells. Offshore segment is expected to dominate the market in terms of location of deployment as deepwater drilling activities are on a rise and offshore production accounts for almost 30% of the global crude oil output.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Rotary Drilling Rig Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Location of Deployment (Onshore, Offshore), By Application (Oil & Gas, Mining, Others), By Region, Competition” has evaluated the future growth potential of Rotary Drilling Rig Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in Global Rotary Drilling Rig Market.
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