Land Drilling Rigs Market Emerging Trends, Revenue Analysis, and Global Demand
Global land
drilling rigs market is anticipated to witness an exponential
growth in the forecast period. Land drilling rigs are among the most important
tools in the drilling and exploration activities of oil and gas manufacturing.
Land rigs are particularly designed for drilling holes on onshore sites. Their
size differs based on the reservoir conditions or oil reserves and the true
vertical depth (TVD) of the oil to be drilled.
The factors that propel the growth of the
market include increasing demand for portable rigs, an absence of further
storage capacities for the crude oil in most of the oil-producing countries and
increasing oil and gas rates across the globe. On the other hand, there are
factors that may hamper the growth of the market including uncertainties
related to low crude oil prices and the high cost of development. Land drilling
rigs market is anticipated to expand at a significant CAGR in the upcoming
period as the scope, product types, and its applications are increasing across
the globe.
The key trends that will drive the growth of
the market in the forecast period are the introduction of new generation
automated drilling rigs. The advantages such as improvement in operational
efficiency, continuous repetition of tasks, and lesser prices in the mining of
crude oil will lead to the demand for new generation automated drilling rigs in
the market.
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Market could be explored by product
type, drives mode, application, sector, and geography. Market could be explored
by product type as Mobile and Conventional. Based on drives mode, the market
could span Electrical, Mechanical, and Compound. The key applications that
could be explored in the market include Construction and Building, Oil and Gas
industry and Metal and Mining Industry.
The “Oil and Gas industry” segment led
the market in 2017 and will continue to lead in the forecast period. The land
drilling rigs market could be explored based on the sector as Conventional rigs
and Mobile rigs. EMEA accounted for the major share of the market in 2017 and
will continue to lead in the forecast period. The factors that could be
attributed to the growth include increasing demand increased its drilling
activity and has the highest number of active rig in the region. EMEA is
followed by the North American region owing to strong drilling activity in the
region is supported by technical development in hydraulic fracturing and low
breakeven charges.
Some of the key players that fuel the
growth of the land drilling rigs market comprise Helmerich & Payne, Inc.,
Nabors Industries Ltd., Ensign Energy Services Inc, Eurasia Drilling Company
Limited, Patterson-UTI Energy, Inc., Precision Drilling Corp., Saipem SpA,
Schlumberger Limited, KCA Deutag, and Weatherford International Plc. The
leading companies are taking up partnerships, mergers and acquisitions, and joint
ventures in order to boost the inorganic growth of the industry.
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