PUBLISHER: The Business Research Company | PRODUCT CODE: 1731022
PUBLISHER: The Business Research Company | PRODUCT CODE: 1731022
A rig and oil field refer to the infrastructure and land areas used for extracting crude oil and natural gas from beneath the Earth's surface. These sites include drilling rigs, pipelines, and processing units, which are essential for exploring, extracting, and transporting hydrocarbons for industrial and commercial purposes.
The main types within the rig and oil field sector are oil upstream and oil downstream. Oil Upstream involves activities related to the exploration and extraction of crude oil and natural gas from underground reservoirs. Drilling operations are divided into onshore and offshore types, catering to various applications such as residential, commercial, industrial, and others.
The rig and oil field market research report is one of a series of new reports from The Business Research Company that provides rig and oil field market statistics, including the rig and oil field industry's global market size, regional shares, competitors with a rig and oil field market share, detailed rig and oil field market segments, market trends and opportunities, and any further data you may need to thrive in the rig and oil field industry. This rig and oil field market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The rig and oil field market size has grown strongly in recent years. It will grow from $68.66 billion in 2024 to $73.57 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to rising energy demand, the increased use of AI and automation, a growing focus on carbon capture and storage (CCS), rising crude oil prices, expanding offshore and onshore exploration, and increased investments in oilfield infrastructure.
The rig and oil field market size is expected to see strong growth in the next few years. It will grow to $96.08 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period is driven by factors such as the increasing exploration of deepwater and ultra-deepwater reserves, growing investments in integrating renewable energy, geopolitical tensions impacting oil supply, rising government support for fossil fuel exploration, and higher capital expenditure by oil and gas companies. Key trends during this period include advancements in drilling technologies, automation in drilling processes, the adoption of digital oilfield technologies, a shift towards more sustainable drilling practices, the development of smart drilling techniques, and the integration of IoT in oilfield operations.
The growing demand for energy is expected to drive the growth of the rig and oil field market in the coming years. Energy needs refer to the amount of energy required to support essential activities, functions, and economic development within a society or system. As the global population grows and industries continue to evolve, the need for energy increases. Oil rigs and oil fields play a vital role in meeting these demands by extracting and producing crude oil and natural gas, which are then refined into fuel and other energy products. For example, in July 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, reported a 4% increase in global electricity demand in 2024, compared to a 2.5% growth rate in 2023. Thus, the rising energy demand is fueling the growth of the rig and oil field market.
Leading companies in the rig and oil field market are focusing on innovative technologies, such as Gen-X technology, to enhance automation, improve operational efficiency, and reduce human intervention in drilling operations. Gen-X technology is a highly automated drilling system that minimizes human involvement, increases operational efficiency, and enhances safety and productivity in oil and gas drilling. For instance, in August 2024, MEIL (Megha Engineering and Infrastructures Limited), an India-based construction engineering company, introduced the C3BR1 NG 2000-5, a fully automated 2000 HP capacity oil drilling rig. This advanced rig, equipped with Gen-X technology, is designed to drill up to 6,000 meters in high-pressure and high-temperature environments, offering improved efficiency, safety, and cost-effectiveness compared to traditional rigs. It features a blowout preventer capable of handling extreme pressure (5,000 PSA) and is the first of its kind to be inducted into ONGC's fleet, with full automation to reduce human intervention and downtime, boosting productivity and safety.
In September 2024, Noble Corporation plc, a UK-based oil and gas company, acquired Diamond Offshore Limited for $1.6 billion. This acquisition is intended to strengthen Noble Corporation's offshore drilling capabilities by expanding its fleet, increasing its capabilities, and enhancing its market presence. Diamond Offshore Limited, based in the US, specializes in providing offshore drilling services.
Major players in the rig and oil field market are Shell plc, Equinor ASA, Schlumberger Limited, Baker Hughes Company, Halliburton Company, TechnipFMC plc, Saipem S.p.A., China Oilfield Services Limited, Subsea 7 S.A., Weatherford International plc, Murphy Oil Corporation, Noble Corporation plc, Transocean Ltd., Valaris Limited, KCA Deutag Drilling Limited, Seadrill Limited, W&T Offshore Inc., Etablissements Maurel & Prom S.A., Vantage Drilling International, and Stena Drilling Ltd.
North America was the largest region in the rig and oil field market in 2024. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in rig and oil field report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the rig and oil field market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The rig and oil field market consists of revenues earned by entities providing services such as drilling, well completion, maintenance, production optimization, and oilfield logistics. The market value includes the value of related goods sold by the service provider or included within the service offering. The rig and oil field market also includes sales of drilling rigs, oilfield equipment, pumps, compressors, and other machinery used in exploration and extraction. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Rig And Oil Field Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rig and oil field market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rig and oil field ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rig and oil field market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.