Drilling Rigs Market – Increasing oil and gas exploration activities boost the market 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: Snapshot

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.

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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.  

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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.

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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.

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