Drilling Rig Market|$ 18.35 billion growth expected during 2020-2024|17000+ Technavio Research Reports

NEW YORK, June 15, 2021 /PRNewswire/ -- The drilling rig market is set to grow by USD 18.35 billion, progressing at a CAGR of over 7% during 2020-2024. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

Technavio has announced its latest market research report titled Drilling Rig Market by Application and Geography - Forecast and Analysis 2020-2024 (PRNewsfoto/Technavio)

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Market Segmentation by Application:

Based on the segmentation by application, the market generated maximum revenue in the onshore segment in 2019. The market is driven by the growth in oil and gas demand. The growth of the market will be significant over the forecast period.

Market Segmentation by Geography:

North America held the largest market share of 38% in 2019. The growth of the market in North America can be attributed to the growing demand for new-generation automated drilling rigs over the forecast period. The US is a key market for drilling rigs in the North American region.

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Major Three Drilling Rig Market Participants:

China Oilfield Services Ltd.

China Oilfield Services Ltd. owns and operates several drilling rigs for onshore and offshore drilling. For offshore applications, the company operates and manages thirty-six jack-up rigs, twelve semi-submersible rigs, six modular rigs, and five modular rigs. For onshore applications, the company operates and manages two workover rigs and three land rigs.

Helmerich & Payne Inc.

Helmerich & Payne Inc. owns and operates land drilling rigs in North America, South America, and MEA; and offshore drilling rigs in the Gulf of Mexico.

Nabors Industries Ltd.

Nabors Industries Ltd. owns and operates a drilling rig fleet for land drilling, offshore drilling, and specialty drilling applications.

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Drilling Rig Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist drilling rig market growth during the next five years
  • Estimation of the drilling rig market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the drilling rig market
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of drilling rig market vendors

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Available Customization:

Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the drilling rig market report.

  • Further breakdown of the market segmentation in requested regions.
  • Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings

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