Drilling Rig Market by Product Type, End-Users, and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030

Description

Persistence Market Research offers an extensive report on the worldwide market for Drilling Rig. The report provides a thorough analysis of essential market dynamics, trends, challenges, and opportunities, delivering detailed insights into the market's structure. With a focus on exclusivity, this report aims to provide valuable insights into the market structure, backed by data and statistics illustrating the anticipated growth path of the Drilling Rig market from 2023 to 2030.

The global Drilling Rig market is forecast to expand at a CAGR of 5.8% and thereby increase from a value of US$ 12.1 billion in 2023, to US$ 18 billion by the end of 2030.

Key Insights

Drilling Rig Market Size (2023E): US$ 12.1 Billion

Projected Market Value (2030F): US$ 18 Billion

Global Market Growth Rate (CAGR 2023 to 2030): 5.8%

Historical Market Growth Rate (CAGR 2018 to 2022): 4.6%

Drilling Rig Market - Report Scope

A drilling rig is a sophisticated machine used to extract minerals, oil, and natural gas from the Earth's crust. It comes in various types, like mobile, land-based, and offshore units, tailored to specific geological conditions.

These rigs employ advanced engineering to efficiently retrieve resources from underground reservoirs, crucial for powering industries worldwide. The global drilling rig market is driven by the escalating demand for energy resources, particularly oil and natural gas, due to industrialization and urbanization.

Technological advancements, including automation and sophisticated drilling techniques, enhance operational efficiency and cut extraction costs. The market is further propelled by increased exploration in untapped reserves, especially in emerging economies. As exploration and production activities rise, the demand for effective drilling platforms positions the global drilling rig market for sustained growth.

Market Growth Drivers for Drilling Rig:

The drilling rig market is spurred by the growing global demand for energy, particularly in industrializing economies. These rigs are essential for extracting oil and gas from the Earth's subsurface to meet rising energy needs. Ongoing advancements in drilling technologies enable the exploration of untapped reserves, contributing to market growth.

Automation and sophisticated technologies play a crucial role, streamlining operations for increased efficiency, safety, and cost-effectiveness. Intelligent drilling systems and real-time monitoring enhance precision and decision-making while minimizing environmental impact.

The adoption of these innovations drives overall efficiency, making a positive contribution to the expansion of the global drilling rig market.

Market Restraints:

Fluctuating oil prices and economic uncertainties are significant challenges for the drilling rig market. Dependency on oil and gas prices makes the sector susceptible to economic unpredictability, impacting investment decisions and project feasibility. Global events and geopolitical tensions contribute to oil price volatility, prompting caution in expenditure decisions and hindering long-term planning and industry expansion.

Environmental and regulatory challenges further impede the drilling rig market. Stricter regulations and heightened scrutiny of environmental impacts necessitate eco-friendly practices, adding complexities and costs to drilling. Balancing environmental sustainability with energy needs presents challenges, influencing decision-making and constraining the industry.

Market Opportunities:

Renewable energy exploration, especially geothermal drilling, is a significant opportunity for the drilling rig market in the global shift toward sustainable energy. Geothermal drilling extracts steam and electricity from the earth's heat, aligning with eco-friendly energy goals. Advancements in geothermal drilling technologies support the growth of drilling rigs for renewable energy initiatives, allowing the industry to contribute to green energy efforts.

Additionally, the increasing focus on offshore exploration and Deepwater drilling presents prospects for the drilling rig market. Specialized platforms are needed for these challenging conditions, creating opportunities for manufacturers and service providers. The growing demand for such rigs encourages investment and innovation in advanced Deepwater drilling technologies, paving the way for market expansion.

Key Questions Answered in Report::

What is the current size of the global Drilling Rig market in terms of value and volume?
Which market segments are growing the fastest?
Who are the key players in the Drilling Rig market?
What are the major challenges facing the Drilling Rig market, such as raw material pricing, environmental regulations, or technological disruptions?
What are the key opportunities for growth?

Competitive Intelligence and Business Strategy:

The drilling rig market is competitive, with major corporations offering diverse portfolios in equipment, technology, and services. Big players use collaborations and acquisitions to enhance operations and global presence. The industry emphasizes technological advancements for safety and sustainability. Alongside established giants, nimble, tech-focused businesses contribute with specialized services, showcasing adaptability to industry trends and needs. This mix of players creates a dynamic and competitive landscape in the drilling rig market.

Key Companies Profiled
Halliburton Company
Schlumberger Limited
Baker Hughes
National Oilwell Varco, Inc.
Weatherford International
Nabors Industries Ltd.
Transocean Ltd.
Seadrill Limited

Diamond Offshore Drilling, Inc.

Helmerich & Payne, Inc.

China Oilfield Services Limited

Drilling Rig Market Research Segmentation:

The drilling rig market is split between onshore and offshore rigs, with onshore rigs expected to dominate due to accessibility and simplicity. Offshore rigs are projected to grow rapidly, particularly ultra-Deepwater rigs, driven by technological advancements. Shallow water rigs are preferred for their balance of accessibility and efficiency. Oil and gas exploration lead in end-use applications, while geothermal energy exploration is growing rapidly. The Middle East and Africa dominate due to abundant reserves, while South Asia and Oceania offer growth opportunities due to industrialization and rising energy demand.

By Type of Rig:
Onshore Drilling Rigs
Offshore Drilling Rigs
By Depth of Drilling:
Shallow Water Drilling Rigs
Deepwater Drilling Rigs

Ultra-Deepwater Drilling Rigs

By Region:
North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP33550

1. Executive Summary

1.1. Global Drilling Rig Market Snapshot, 2023 and 2030
1.2. Market Opportunity Assessment, 2023 - 2030, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Type of Rig Lifecycle Analysis
2.4. Drilling Rig Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of End-use Industrys
- 2.4.5. Profitability Analysis
2.5. Porter Five Force's Analysis
2.6. Geopolitical Tensions: Market Impact
2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
2.8. Forecast Factors - Relevance and Impact
2.9. Regulatory and Technology Landscape

3. Global Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
3.2. Market Size (US$ Mn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2013-2016
- 3.2.2. Current Market Size Forecast, 2018-2026
3.3. Global Drilling Rig Market Outlook: Type of Rig
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Type of Rig, 2018 - 2022
- 3.3.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
  - 3.3.3.1. Onshore Drilling Rigs
  - 3.3.3.2. Offshore Drilling Rigs
3.4. Market Attractiveness Analysis: Type of Rig
3.5. Global Drilling Rig Market Outlook: Depth of Drilling
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Depth of Drilling, 2018 - 2022
- 3.5.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
  - 3.5.3.1. Shallow Water Drilling Rigs
  - 3.5.3.2. Deepwater Drilling Rigs
  - 3.5.3.3. Ultra-Deepwater Drilling Rigs
3.6. Market Attractiveness Analysis: Depth of Drilling

4. Global Drilling Rig Market Outlook: Region

4.1. Key Highlights
4.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Region, 2018 - 2022
4.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Region, 2023 - 2030
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
4.4. Market Attractiveness Analysis: Region

5. North America Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

5.1. Key Highlights
5.2. Pricing Analysis
5.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 5.3.1. By Country
- 5.3.2. By Type of Rig
- 5.3.3. By Depth of Drilling
- 5.3.4. By End-use Industry
5.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 5.4.1. U.S.
- 5.4.2. Canada
5.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
- 5.5.1. Onshore Drilling Rigs
- 5.5.2. Offshore Drilling Rigs
5.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
- 5.6.1. Shallow Water Drilling Rigs
- 5.6.2. Deepwater Drilling Rigs
- 5.6.3. Ultra-Deepwater Drilling Rigs

6. Europe Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

6.1. Key Highlights
6.2. Pricing Analysis
6.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 6.3.1. By Country
- 6.3.2. By Type of Rig
- 6.3.3. By Depth of Drilling
- 6.3.4. By End-use Industry
6.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. T rkiye
- 6.4.8. Rest of Europe
6.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
- 6.5.1. Onshore Drilling Rigs
- 6.5.2. Offshore Drilling Rigs
6.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
- 6.6.1. Shallow Water Drilling Rigs
- 6.6.2. Deepwater Drilling Rigs
- 6.6.3. Ultra-Deepwater Drilling Rigs

7. East Asia Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 7.3.1. By Country
- 7.3.2. By Type of Rig
- 7.3.3. By Depth of Drilling
- 7.3.4. By End-use Industry
7.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
7.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
- 7.5.1. Onshore Drilling Rigs
- 7.5.2. Offshore Drilling Rigs
7.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
- 7.6.1. Shallow Water Drilling Rigs
- 7.6.2. Deepwater Drilling Rigs
- 7.6.3. Ultra-Deepwater Drilling Rigs

8. South Asia & Oceania Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 8.3.1. By Country
- 8.3.2. By Type of Rig
- 8.3.3. By Depth of Drilling
- 8.3.4. By End-use Industry
8.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
8.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
- 8.5.1. Onshore Drilling Rigs
- 8.5.2. Offshore Drilling Rigs
8.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
- 8.6.1. Shallow Water Drilling Rigs
- 8.6.2. Deepwater Drilling Rigs
- 8.6.3. Ultra-Deepwater Drilling Rigs

9. Latin America Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 9.3.1. By Country
- 9.3.2. By Type of Rig
- 9.3.3. By Depth of Drilling
- 9.3.4. By End-use Industry
9.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
- 9.5.1. Onshore Drilling Rigs
- 9.5.2. Offshore Drilling Rigs
9.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
- 9.6.1. Shallow Water Drilling Rigs
- 9.6.2. Deepwater Drilling Rigs
- 9.6.3. Ultra-Deepwater Drilling Rigs
9.7. Market Attractiveness Analysis

10. Middle East & Africa Drilling Rig Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 10.3.1. By Country
- 10.3.2. By Type of Rig
- 10.3.3. By Depth of Drilling
- 10.3.4. By End-use Industry
10.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
10.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type of Rig, 2023 - 2030
- 10.5.1. Onshore Drilling Rigs
- 10.5.2. Offshore Drilling Rigs
10.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Depth of Drilling, 2023 - 2030
- 10.6.1. Shallow Water Drilling Rigs
- 10.6.2. Deepwater Drilling Rigs
- 10.6.3. Ultra-Deepwater Drilling Rigs

11. Competition Landscape

11.1. Market Share Analysis, 2022
11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Offshore Drilling Rigs
- 11.2.3. Apparent Product Capacity
11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Schlumberger Limited
  - 11.3.1.1. Overview
  - 11.3.1.2. Segments and Product
  - 11.3.1.3. Key Financials
  - 11.3.1.4. Market Developments
  - 11.3.1.5. Market Strategy
- 11.3.2. Halliburton Company
  - 11.3.2.1. Overview
  - 11.3.2.2. Segments and Product
  - 11.3.2.3. Key Financials
  - 11.3.2.4. Market Developments
  - 11.3.2.5. Market Strategy
- 11.3.3. Baker Hughes
  - 11.3.3.1. Overview
  - 11.3.3.2. Segments and Product
  - 11.3.3.3. Key Financials
  - 11.3.3.4. Market Developments
  - 11.3.3.5. Market Strategy
- 11.3.4. National Oilwell Varco, Inc.
  - 11.3.4.1. Overview
  - 11.3.4.2. Segments and Product
  - 11.3.4.3. Key Financials
  - 11.3.4.4. Market Developments
  - 11.3.4.5. Market Strategy
- 11.3.5. Weatherford International
  - 11.3.5.1. Overview
  - 11.3.5.2. Segments and Product
  - 11.3.5.3. Key Financials
  - 11.3.5.4. Market Developments
  - 11.3.5.5. Market Strategy
- 11.3.6. Nabors Industries Ltd.
  - 11.3.6.1. Overview
  - 11.3.6.2. Segments and Product
  - 11.3.6.3. Key Financials
  - 11.3.6.4. Market Developments
  - 11.3.6.5. Market Strategy
- 11.3.7. Transocean Ltd.
  - 11.3.7.1. Overview
  - 11.3.7.2. Segments and Product
  - 11.3.7.3. Key Financials
  - 11.3.7.4. Market Developments
  - 11.3.7.5. Market Strategy
- 11.3.8. Seadrill Limited
  - 11.3.8.1. Overview
  - 11.3.8.2. Segments and Product
  - 11.3.8.3. Key Financials
  - 11.3.8.4. Market Developments
  - 11.3.8.5. Market Strategy
- 11.3.9. Diamond Offshore Drilling, Inc.
  - 11.3.9.1. Overview
  - 11.3.9.2. Segments and Product
  - 11.3.9.3. Key Financials
  - 11.3.9.4. Market Developments
  - 11.3.9.5. Market Strategy
- 11.3.10. Helmerich & Payne, Inc.
  - 11.3.10.1. Overview
  - 11.3.10.2. Segments and Product
  - 11.3.10.3. Key Financials
  - 11.3.10.4. Market Developments
  - 11.3.10.5. Market Strategy

12. Appendix

12.1. Research Methodology
12.2. Research Assumptions
12.3. Acronyms and Abbreviations