Drilling Rig Market by Type, Power Transmission, Drilling Fluid, System, Application

List of Tables

[190 Pages Report] The Drilling Rig Market size was estimated at USD 9.63 billion in 2023 and expected to reach USD 10.28 billion in 2024, at a CAGR 7.21% to reach USD 15.69 billion by 2030.

Global Drilling Rig Market

KEY MARKET STATISTICS
Base Year [2023]	USD 9.63 billion
Estimated Year [2024]	USD 10.28 billion
Forecast Year [2030]	USD 15.69 billion
CAGR (%)	7.21%

A drilling rig is an integrated machine used to drill oil, gas, water wells, or holes for piling and other construction purposes beneath the earth's surface. The rig has derricks, drill bits, drill string, mud pumps, mud tanks, and power generation equipment. Drilling rigs can be massive equipment structures or small enough to be moved manually by one person called augers. Most drilling operations are complex, and the drilling industry uses drilling rig machinery to drill an oil and gas well to greater depths. The ever-rising demand for crude oil from manufacturing, transportation, and residential industries has resulted in the expansion and exploration of oil & gas mines, leading to higher adoption of drilling rigs to drill the new wells. However, some operational limitations associated with huge drilling rigs and the hazardous environmental impacts of mining operations limit the scope of the drilling rig market. The rising investments and funding activities to boost the deepwater and ultra-deepwater projects further create a lucrative landscape for drilling rigs to operate at these desired locations.

Regional Insights

The drilling rigs market in the Americas is growing, with the rising drilling activities for coal for electricity and a high potential for oil exploration across the region. The U.S., Canada, Mexico, and Brazil have announced plans to push forward their new offshore exploration drilling activities despite the region's gradual transformation to net-zero greenhouse gas emissions. The market players in the region are consistently working on developing advanced automated drilling rigs connected with AI, ML, and IoT to enable better operations in well-drilling, fracking, and oil exploration activities. Asia-Pacific countries are observing increased public and private investments in enhancing their oil & gas production, further providing potential for utilizing drilling rigs. The region portrays a high need for well-drilling rigs, and regional companies are expanding their product portfolio to include high-performing products that meet the rising demand for offshore and well-drilling. Recent environmentally enforced closures and capacity cuts have consolidated the European oil & gas exploration industry, encouraging mining companies to cut costs and become environmentally friendly. These sustainability measures in the region have led the market players to expand the provision of energy-efficient drilling rigs. The Middle East region seeks to develop unconventional hydrocarbon/oil & gas production.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Drilling Rig Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Drilling Rig Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Drilling Rig Market, highlighting leading vendors and their innovative profiles. These include Aban Offshore Limited, Adnoc Drilling Company PJSC., Beaver Engineering Corporation, Bentec Gmbh Drilling & Oilfield Systems, Bharat Heavy Electricals Limited, CARE Industries Ltd., China Oilfield Services Limited, Diamond Offshore Drilling, Inc., Dragon Products, Ltd, Drillmec SpA by Megha Engineering & Infrastructures Limited, Ensign Energy Services Inc., Eurasia Drilling Company Limited, Halliburton Energy Services, Inc., Helmerich & Payne, Inc., Honghua Group Ltd., Huisman Equipment B.V., Jereh Group, KCA Deutag Group, KLR Industries Limited, Loadmaster Universal Rigs, Inc., Nabors Industries Limited, Noble Corporation PLC, NOV Inc., Pacific Drilling Co., Patterson-UTI Energy, Inc., Precision Drilling Corporation, Saipem S.p.A., SVE Drilling Tools Pvt. Ltd., Valaris Limited, and Wuxi Antian Engineering Technology Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Drilling Rig Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Drill Ship Rigs
- Jack-up Rigs
- Land Rigs
- Platform Rigs
- Semi-submersible Rigs
- Submersible Rigs
Power Transmission
- Electrical
- Mechanical
Drilling Fluid
- Air Drilling
- Oil-based Mud
- Water-based Mud
System
- Circulation System
- Hoisting System
- Power System
- Rotary System
- Well Control System/Blowout Prevention System
Application
- Offshore
- Onshore
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam
- Europe, Middle East & Africa
  - Denmark
  - Egypt
  - Finland
  - France
  - Germany
  - Israel
  - Italy
  - Netherlands
  - Nigeria
  - Norway
  - Poland
  - Qatar
  - Russia
  - Saudi Arabia
  - South Africa
  - Spain
  - Sweden
  - Switzerland
  - Turkey
  - United Arab Emirates
  - United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Drilling Rig Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Drilling Rig Market?

3. What are the technology trends and regulatory frameworks in the Drilling Rig Market?

4. What is the market share of the leading vendors in the Drilling Rig Market?

5. Which modes and strategic moves are suitable for entering the Drilling Rig Market?

Product Code: MRR-691BB05F5229

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Drilling Rig Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising crude oil demand and expansion of oil & gas exploration & production
  - 5.1.1.2. Adoption of mobile drilling rigs for their cost-efficiency and time-saving capabilities
- 5.1.2. Restraints
  - 5.1.2.1. Operational limitations and limited mobility of drilling rigs
- 5.1.3. Opportunities
  - 5.1.3.1. Potential use of predictive maintenance-backed drilling rigs
  - 5.1.3.2. Investments in deepwater and ultra-deepwater projects
- 5.1.4. Challenges
  - 5.1.4.1. Environmental impact and safety concerns of drilling rigs
5.2. Market Segmentation Analysis
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework

6. Drilling Rig Market, by Type

6.1. Introduction
6.2. Drill Ship Rigs
6.3. Jack-up Rigs
6.4. Land Rigs
6.5. Platform Rigs
6.6. Semi-submersible Rigs
6.7. Submersible Rigs

7. Drilling Rig Market, by Power Transmission

7.1. Introduction
7.2. Electrical
7.3. Mechanical

8. Drilling Rig Market, by Drilling Fluid

8.1. Introduction
8.2. Air Drilling
8.3. Oil-based Mud
8.4. Water-based Mud

9. Drilling Rig Market, by System

9.1. Introduction
9.2. Circulation System
9.3. Hoisting System
9.4. Power System
9.5. Rotary System
9.6. Well Control System/Blowout Prevention System

10. Drilling Rig Market, by Application

10.1. Introduction
10.2. Offshore
10.3. Onshore

11. Americas Drilling Rig Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Drilling Rig Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Drilling Rig Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. FPNV Positioning Matrix
14.2. Market Share Analysis, By Key Player
14.3. Competitive Scenario Analysis, By Key Player
- 14.3.1. Merger & Acquisition
  - 14.3.1.1. Stampede Drilling entered into Agreement to Acquire of Drilling Rigs and Related Assets fro USD 21.5 million
- 14.3.2. New Product Launch & Enhancement
  - 14.3.2.1. Abu Dhabi-based ADNOC Drilling entered into agreement to acquire New Hybrid Power Land Drilling Rigs with Advanced Battery Technology
- 14.3.3. Award, Recognition, & Expansion
  - 14.3.3.1. Adnoc Drilling formed agreement to buy six hybrid power land rigs for USD 75 million

15. Competitive Portfolio

15.1. Key Company Profiles
- 15.1.1. Aban Offshore Limited
- 15.1.2. Adnoc Drilling Company PJSC.
- 15.1.3. Beaver Engineering Corporation
- 15.1.4. Bentec Gmbh Drilling & Oilfield Systems
- 15.1.5. Bharat Heavy Electricals Limited
- 15.1.6. CARE Industries Ltd.
- 15.1.7. China Oilfield Services Limited
- 15.1.8. Diamond Offshore Drilling, Inc.
- 15.1.9. Dragon Products, Ltd
- 15.1.10. Drillmec SpA by Megha Engineering & Infrastructures Limited
- 15.1.11. Ensign Energy Services Inc.
- 15.1.12. Eurasia Drilling Company Limited
- 15.1.13. Halliburton Energy Services, Inc.
- 15.1.14. Helmerich & Payne, Inc.
- 15.1.15. Honghua Group Ltd.
- 15.1.16. Huisman Equipment B.V.
- 15.1.17. Jereh Group
- 15.1.18. KCA Deutag Group
- 15.1.19. KLR Industries Limited
- 15.1.20. Loadmaster Universal Rigs, Inc.
- 15.1.21. Nabors Industries Limited
- 15.1.22. Noble Corporation PLC
- 15.1.23. NOV Inc.
- 15.1.24. Pacific Drilling Co.
- 15.1.25. Patterson-UTI Energy, Inc.
- 15.1.26. Precision Drilling Corporation
- 15.1.27. Saipem S.p.A.
- 15.1.28. SVE Drilling Tools Pvt. Ltd.
- 15.1.29. Valaris Limited
- 15.1.30. Wuxi Antian Engineering Technology Co., Ltd.
15.2. Key Product Portfolio

16. Appendix

16.1. Discussion Guide
16.2. License & Pricing