San Francisco, California, May 15, 2017: The growing demand for energy world over has led to a sustained increase in oil and gas drilling activities across the globe. This is a key factor supporting the rapid evolution of the drilling rigs market. A report by TMR Research, titled “Drilling Rigs Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” covers a detailed analysis of such factors and notable trends impacting the growth of the market. The research offers comprehensive insights into key drivers and restraints, recent developments in the oilfield services sector, and lucrative avenues.
The study estimates the market share and size of key segments such as land rigs and marine rigs and highlights the recent technological advancements influencing their demand. It takes a closer look at the emerging opportunities in the offshore drilling activities and evaluates the impact of the recent partnership and collaborations by leading players. The report takes a cursory look at some of the prominent onshore drilling activities in key regions and assesses their effect on regional competitive landscape.
The drilling rigs market is primarily driven by soaring demand for various drilling activities for natural gas, oil wells, and water wells. The growing demand for offshore drilling for recovery of oil and gas reserves in various regions, especially in Norway and Organization of the Petroleum Exporting Countries (OPEC) countries, has propelled the demand for drilling rigs. The increase in drilling activities for recovering shale reserves is also expected to boost the drilling rigs market. In addition, the rising application of land drilling rigs due to recovery of commodity prices in regions such North America, Saudi Arabia, and Asia Pacific has boosted the application of drilling rigs. The soaring rise in exploration of crude oil reserves in offshore regions is expected to create exciting opportunities for operators and manufacturers in the drilling rigs market.
The need for drilling efficiency and cost reduction has stimulated the demand for technological advancements in drilling rigs. The integration of advanced digital asset performance management system in drilling rigs and the advent of high-specification land rigs are anticipated to accentuate the drilling rigs market. The advent of portable drilling rigs is yet another innovation in the market, since they can be installed in areas where the use of conventional drilling rigs is difficult. Furthermore, the growth of the oilfield services sector in various regions and the incorporation of modern, automated technologies in rigs are expected to fuel the market in the coming years.
The increasing exploration activities near the Atlantic Ocean such as in the Norwegian Sea, the Barents Sea, and the North Sea are likely to open up lucrative avenues over the forecast period. The recycling of components from idle rigs in various countries of the North America is expected to augur well for the drilling rigs market.
Some of the key players operating in the drilling rigs market are Schramm, Inc., Schlumberger Limited, Halliburton Technology Center, Maersk Drilling, Baker Hughes, Dando Drilling International, Weatherford International Ltd., Nabors Industries Ltd., Bauer Maschinen GmbH, and Simco Drilling Equipment Inc.