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

  • Published: Sep 2021
  • Pages: 125
  • SKU: IRTNTR40382

Enjoy complimentary customisation on priority with our Enterprise License!

Get me the latest version! (includes COVID-19 impact)
Safe and Secure SSL Encrypted

  • Single User:

    Quick and easy buy and download option

  • Enterprise:

    Flexible option - Complimentary customization included

2500 USD

The drilling rig market share is expected to increase by USD 14.73 billion from 2020 to 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 drilling rig market segmentations 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 During the Forecast Period?

Drilling Rig Market Size

Download the Free Report Sample to Unlock the Drilling Rig Market Size for the Forecast Period and Other Important Statistics


Drilling Rig Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. 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.

Key Drilling Rig Market Driver

One of the key factors driving the drilling rig market growth is the increase in oil and gas demand due to the rising demand for and consumption of energy globally. The consumption of oil and gas will increase during the forecast period due to rising industrialization and urbanization in developing countries such as India and China. As developing countries are urbanizing rapidly, they are also witnessing substantial growth in the demand for energy. The rising consumption of fuel and electricity worldwide has led to high demand for oil and natural gas. According to the US EIA, global liquid fuel consumption increased from 99.97 mbpd in 2018 to 100.71 mbpd in 2019. In addition, the global consumption of liquid fuel is expected to reach 103.04 mbpd by 2021. Subsequently, oil and gas E&P companies are increasing their drilling activities to boost the production of oil and gas to meet the increasing demand. Due to this, the active rig count is increasing globally. Therefore, the rise in the global demand for oil and gas will fuel oil and gas drilling activities. This, in turn, will drive the growth of the global drilling rig market during the forecast period.

Key Drilling Rig Market Trend

Another key factor driving drilling rig market growth is the growing demand for new-generation automated drilling rigs. Oil and gas E&P operations are prone to hazards. Thus, rig operators are finding ways to ensure the safety of the workers and increasing the efficacy of operations, along with reducing the costs of extracting crude oil and natural gas. Such instances can be reduced with technological advances such as automation. The new-generation automated drilling units minimize the human intervention at distant and dangerous drilling locations and minimize the chances of human errors, both in onshore and offshore oilfields. In addition, automated drilling rigs can also construct complex boreholes and extended-reach wells in onshore oilfields. The new-generation automated drilling rigs can significantly boost oil and gas production and reduce the operational costs for E&P companies. Owing to this, the demand for new-generation automated drilling rigs is increasing, which will contribute to the growth of the global drilling rig market during the forecast period.

Key Drilling Rig Market Challenge

Environment concerns associated with oil and gas E&P activities is one of the key challenges hindering the drilling rig market growth. Oil and gas are used as fuel in vehicles, for space heating in buildings, and in the manufacturing of products such as plastics and fertilizers. Although oil and gas products make life easier, oil and gas E&P activities have an adverse impact on the environment. Oil and gas drilling activities cause serious damage to the environment, in various ways, including oil spills, air and water pollution due to toxic chemical emissions, and climate change because of methane emissions. The drilling process in oil and gas E&P activities uses drilling fluids to cool and lubricate the drill bits and pipes. These fluids release toxic chemicals into the water, which can have an adverse impact on the surrounding environment. Therefore, environmental concerns have an adverse impact on oil and gas E&P activities. It could lead to the enforcement of stringent regulations, which can affect drilling projects and hamper the growth of the global drilling rig market.

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.

Parent Market Analysis

Technavio categorizes the global drilling rig market as a part of the global oilfield equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the drilling rig market during the forecast period.

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 growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

  • Archer Ltd. - The company operates a fleet of AC-powered land drilling rigs in Latin America.

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.

Drilling Rig Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the drilling rig market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Drilling Rig Market?

Drilling Rig Market Market segmentation by region

For more insights on the market share of various regions Request for a FREE sample now!

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

The significant rise in E&P activities in unconventional oil and gas sources, such as oil sands and shale in the region, is the major factor responsible for the increase in the overall production of crude oil and gas in North America, which is also contributing to the demand for drilling rigs in countries such as US and Canada. 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.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 had a negative impact on the drilling rig market in North America. Due to the imposition of lockdowns and restrictions in the mass movement, the demand for crude oil reduced drastically in the first half of 2020. Moreover, oil and gas prices decreased, which impacted oil and companies in the region. Thus, the overall investment of E&P companies decreased in 2020. Investment in Canada's oil and gas sectors shrunk by 31% in 2020. Moreover, the manufacturing and supply chain of drilling rigs were disrupted due to lockdowns. However, post lifting of lockdowns, the manufacturing operation of drilling rigs has resumed, and oil and gas prices are also recovering since 2021. Moreover, the reducing number of COVID-19 cases and lifting of lockdowns will increase the mass movement and transportation, thereby increasing the demand for crude oil. This will help E&P companies to recover and increase investment in oil and gas projects. These factors are expected to recover the market in focus to recover during the forecast period.

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

Drilling Rig Market Segmentation

To gain further insights on the market contribution of various segments Request for a FREE sample

The drilling rig market share growth by the onshore will be significant during the forecast period. Onshore drilling rigs, also known as land drilling rigs, are available in different sizes and power capabilities based on their applications. The demand for drilling rigs for onshore applications is high as onshore oil and gas wells account for a major share in the production of oil and natural gas globally. In onshore oil and gas E&P operations, the operating cost of drilling activities is relatively lower than offshore oil and gas drilling activities, as the latter needs advanced technologies and equipment for drilling deeper wells in harsh environmental conditions.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. 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.


Drilling Rig Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 5.26%

Market growth 2021-2025

$ 14.73 billion

Market structure


YoY growth (%)


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

Key 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 recovery analysis 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.

Request for a FREE sample

What are the Key Data 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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis : Oilfield Equipment and Services

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Application

  • 5.1 Market segments
    • Exhibit 15: Application - Market share 2020-2025 (%)
  • 5.2 Comparison by Application
    • Exhibit 16: Comparison by Application
  • 5.3 Onshore - Market size and forecast 2020-2025
    • Exhibit 17: Onshore - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 18: Onshore - Year-over-year growth 2020-2025 (%)
  • 5.4 Offshore - Market size and forecast 2020-2025
    • Exhibit 19: Offshore - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 20: Offshore - Year-over-year growth 2020-2025 (%)
  • 5.5 Market opportunity by Application
    • Exhibit 21: Market opportunity by Application

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 23: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 24: Geographic comparison
  • 7.3 North America - Market size and forecast 2020-2025
    • Exhibit 25: North America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 26: North America - Year-over-year growth 2020-2025 (%)
  • 7.4 MEA - Market size and forecast 2020-2025
    • Exhibit 27: MEA - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 28: MEA - Year-over-year growth 2020-2025 (%)
  • 7.5 Europe - Market size and forecast 2020-2025
    • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
  • 7.6 APAC - Market size and forecast 2020-2025
    • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
  • 7.7 South America - Market size and forecast 2020-2025
    • Exhibit 33: South America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 35: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 36: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 37: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Vendor landscape
    • Exhibit 38: Vendor landscape
  • 9.2 Landscape disruption
    • Exhibit 39: Landscape disruption
    • Exhibit 40: Industry risks
  • 9.3 Competitive scenario

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 41: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 42: Market positioning of vendors
  • 10.3 Archer Ltd.
  • 10.4 China Oilfield Services Ltd.
    • Exhibit 47: China Oilfield Services Ltd.   - Overview
    • Exhibit 48: China Oilfield Services Ltd.   - Business segments
    • Exhibit 49: China Oilfield Services Ltd.   - Key offerings
    • Exhibit 50: China Oilfield Services Ltd.   - Segment focus
  • 10.5 Helmerich and Payne Inc.
    • Exhibit 51: Helmerich and Payne Inc. - Overview
    • Exhibit 52: Helmerich and Payne Inc. - Business segments
    • Exhibit 53: Helmerich and Payne Inc. - Key offerings
    • Exhibit 54: Helmerich and Payne Inc. - Segment focus
  • 10.6 KCA Deutag Alpha Ltd.
    • Exhibit 55: KCA Deutag Alpha Ltd. - Overview
    • Exhibit 56: KCA Deutag Alpha Ltd. - Business segments
    • Exhibit 57: KCA Deutag Alpha Ltd.- Key news
    • Exhibit 58: KCA Deutag Alpha Ltd. - Key offerings
    • Exhibit 59: KCA Deutag Alpha Ltd. - Segment focus
  • 10.7 Nabors Industries Ltd.
    • Exhibit 60: Nabors Industries Ltd. - Overview
    • Exhibit 61: Nabors Industries Ltd. - Business segments
    • Exhibit 62: Nabors Industries Ltd.- Key news
    • Exhibit 63: Nabors Industries Ltd. - Key offerings
    • Exhibit 64: Nabors Industries Ltd. - Segment focus
  • 10.8 Noble Corp. Plc
    • Exhibit 65: Noble Corp. Plc - Overview
    • Exhibit 66: Noble Corp. Plc - Business segments
    • Exhibit 67: Noble Corp. Plc.- Key news
    • Exhibit 68: Noble Corp. Plc - Key offerings
  • 10.9 NOV Inc.
    • Exhibit 69: NOV Inc. - Overview
    • Exhibit 70: NOV Inc. - Business segments
    • Exhibit 71: NOV Inc.- Key news
    • Exhibit 72: NOV Inc. - Key offerings
    • Exhibit 73: NOV Inc. - Segment focus
  • 10.10 Patterson-UTI Energy Inc.
    • Exhibit 74: Patterson-UTI Energy Inc. - Overview
    • Exhibit 75: Patterson-UTI Energy Inc. - Business segments
    • Exhibit 76: Patterson-UTI Energy Inc.- Key news
    • Exhibit 77: Patterson-UTI Energy Inc. - Key offerings
    • Exhibit 78: Patterson-UTI Energy Inc. - Segment focus
  • 10.11 Transocean Ltd.
    • Exhibit 79: Transocean Ltd. - Overview
    • Exhibit 80: Transocean Ltd. - Business segments
    • Exhibit 81: Transocean Ltd. - Key offerings
  • 10.12 Valaris Plc
    • Exhibit 82: Valaris Plc - Overview
    • Exhibit 83: Valaris Plc - Business segments
    • Exhibit 84: Valaris Plc - Key offerings
    • Exhibit 85: Valaris Plc - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 86: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 87: Research Methodology
    • Exhibit 88: Validation techniques employed for market sizing
    • Exhibit 89: Information sources
  • 11.4 List of abbreviations
    • Exhibit 90: List of abbreviations

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.


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


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



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


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
Interested in this report?
Get your sample now!
Drilling Rig market growth will increase by $18.35 billion during 2020-2024.
The drilling rig market is expected to grow at a CAGR of 6.52% during 2020-2024.
Technavio has segmented the drilling rig market by application (Onshore, Offshore, Onshore, Offshore, Europe, APAC, and South America) 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:
  • Increase 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.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
  • Off-the-shelf research reports
  • Reports can be tailored to meet the customer's needs
  • Trusted by more than 100 fortune 500 organizations
  • Information about the market's key drivers, trends, and challenges
  • Parent market analysis
  • Every week, 50,000 people visit our subscription platform
  • Detailed vendors report with competitive landscape
  • Covid-19 impact and recovery analysis
  • Data on revenue-generating market segments
  • Details on the market shares of various regions
  • Five-force market analysis

Certified ISO 9001 : 2015

We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.

We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.

Safe and Secure SSL Encrypted

  • Single User:

    Quick and easy buy and download option

  • Enterprise:

    Flexible option - Complimentary customization included

2500 USD

Technavio Get the report (PDF) sent to your email within minutes.

Subscribe & Save

Get lifetime access to our
Technavio Insights

Customized Report as per your Business Needs

  • Our analysts will work directly with you and understand your needs
  • Get data on specified regions or segments, competitor and Vendors
  • Data will be formatted and presented as per your requirements
  • We offer $1000 worth of FREE customization at the time of purchase

Let us help you make report more suited to your requirements.

  • Get a competitive breakdown as per your niche industry
  • Customize the data with various metrics that meet your business prerequisite
  • Understand Revenue Sources, Customers and many more
  • Details on Market Share
  • These customizations are done in a short amount of time by our analysts and industry experts
Enquire Before Buying
17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>