Research Report: Drilling Rig Market (2020-2024)|Growth In Oil And Gas Demand to Boost the Market Growth | Technavio

Technavio has announced its latest market research report titled Global Drilling Rig Market 2020-2024 (Graphic: Business Wire)

LONDON--()--Technavio has been monitoring the drilling rig market and it is poised to grow by USD 18.35 bn during 2020-2024, progressing at a CAGR of over 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Frequently Asked Questions:

  • What are the major trends in the market?
    Growing demand for new-generation automated drilling rigs is a major trend driving the growth of the market.
  • At what rate is the market projected to grow?
    The year-over-year growth for 2020 is estimated at 5.56% and the incremental growth of the market is anticipated to be $ 18.35 bn.
  • Who are the top players in the market?
    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., and Valaris Plc., are some of the major market participants.
  • What is the key market driver?
    The growth in oil and gas demand is one of the major factors driving the market.
  • How big is the North America market?
    The North America region will contribute 38% of the market share.

     

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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., and Valaris Plc. are some of the major market participants. The growth in oil and gas demand will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Drilling Rig Market 2020-2024: Segmentation

Drilling Rig Market is segmented as below:

  • Application
    • Onshore
    • Offshore
  • Geographic Landscape
    • North America
    • MEA
    • Europe
    • APAC
    • South America

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Drilling Rig Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The drilling rig market report covers the following areas:

  • Drilling Rig Market Size
  • Drilling Rig Market Trends
  • Drilling Rig Market Industry Analysis

This study identifies the growing demand for new-generation automated drilling rigs as one of the prime reasons driving the drilling rig market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Drilling Rig Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist drilling rig market growth during the next five years
  • Estimation of the drilling rig market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the drilling rig market
  • 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

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Onshore - Market size and forecast 2019-2024
  • Offshore - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume driver - Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

     

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Release Summary

The Global Drilling Rig Market will grow by USD 18.35 bn during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/