LONDON--(BUSINESS WIRE)--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:
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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:
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Application
- Onshore
- Offshore
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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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