The global market for drilling rigs has been expanding alongside the growth of the growth of the field of geosciences. Drilling rigs of various sizes and types are currently available in the market, and each of them is capable of penetrating thousands of meters beneath earth’s surface. Besides this, drilling rigs also help in conducting an on-surface inspection of drilling sites and in defining the approach towards digging holes on the earth’s surface. A report by TMR Research builds on the key dynamics of the global market for drilling rigs. The title of the report is “Drilling Rigs Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025”.
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The development of the oil and gas industry has been the primary reason behind the growth of the global drilling rigs market. The exploration of oil and gas is preceded by the digging of deep holes on the surface of the site of mining, and to do this, drilling rigs are absolutely necessary. Offshore exploration activities also require the use of drilling rigs of different types, sizes, and capacities. It is expected that the demand within the global drilling rigs market would escalate alongside the discovery of new reserves for oil and gas exploration.
Based on geography, the demand for drilling rigs has been the highest across the Middle East and Africa. The presence of several sites for oil and gas exploration in the Middle East and Africa is behind the growth of the regional market.
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Some of the key players in the global drilling rigs market are Weatherford International Ltd., Schlumberger Ltd, and Simco Drilling Equipment Inc.