Drilling Rig Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR40382
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The drilling rig market has the potential to grow by USD 14.73 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 5.26%.

This drilling rig market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (onshore and offshore) and geography (North America, MEA, Europe, APAC, and South America). The drilling rig market report also offers information on several market vendors, including Archer Ltd., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Patterson-UTI Energy Inc., Transocean Ltd., and Valaris Plc among others.

What will the Drilling Rig Market Size be in 2021?

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Drilling Rig Market: Key Drivers and Trends

The increase in oil and gas demand is notably driving the drilling rig market growth, although factors such as environment concerns associated with oil and gas drilling activities may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the drilling rig industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

This drilling rig market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Drilling Rig Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Archer Ltd.
  • Helmerich and Payne Inc.
  • KCA Deutag Alpha Ltd.
  • Nabors Industries Ltd.
  • Noble Corp. Plc
  • NOV Inc.
  • Patterson-UTI Energy Inc.
  • Transocean Ltd.
  • Valaris Plc

 

This statistical study of the drilling rig market encompasses successful business strategies deployed by the key vendors. The drilling rig market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The drilling rig market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Drilling Rig Market?

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37% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for drilling rigs in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Drilling Rig Market?

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The drilling rig market share growth by the onshore segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the drilling rig market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Drilling Rig Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive drilling rig market growth during the next five years
  • Precise estimation of the drilling rig market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the drilling rig industry across North America, MEA, Europe, APAC, and South America
  • A thorough 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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Drilling Rig Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 5.26%

Market growth 2021-2025

$ 14.73 billion

Market structure

Fragmented

YoY growth (%)

4.58

Regional analysis

North America, MEA, Europe, APAC, and South America

Performing market contribution

North America at 37%

Key consumer countries

US, Russian Federation, China, Saudi Arabia, and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Archer Ltd., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Patterson-UTI Energy Inc., Transocean Ltd., and Valaris Plc

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The drilling rig market growth will increase by $18.35 billion during 2019-2024.
The drilling rig market is expected to grow at a CAGR of 6.52% during 2019-2024.
Technavio has segmented the drilling rig market by application (Onshore and Offshore) and geographic (North America, MEA, Europe, APAC, and South America).
Archer Ltd., China Oilfield Services Ltd., Helmerich & Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., National Oilwell Varco Inc., Noble Corp. Plc, Patterson-UTI Energy Inc., Transocean Ltd., Valaris Plc are a few of the key vendors in the drilling rig market.
North America will register the highest growth rate of 37.71% among the other regions. Therefore, the drilling rig market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Russian Federation
  • China
  • Saudi Arabia
  • Canada
The key factors driving the drilling rig market growth are:
  • Growth in oil and gas demand
  • Growing demand for new-generation automated drilling rigs
The drilling rig market vendors should focus on grabbing business opportunities from the onshore segment as it accounted for the largest market share in the base year.
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