Rotary Drilling Rig Market 2018-2028: Trends, Opportunities, and Forecasts | Techsci Research

As per the TechSci Research report titled "Rotary Drilling Rig Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F," the global Rotary Drilling Rig market is expected to experience robust growth during the projection period of 2024-2028. Rotary drilling rigs are categorized as land rigs and offshore rigs, with the former being portable and capable of reaching maximum operating depths. Land-based derricks are designed to be moved easily and reused to dig new holes, with various components of the rig mounted on skids for ease of transportation and connection.

Drilling an oil well is a complex task that requires a skilled workforce and a complex array of machinery and materials. Despite technological advances in the drilling industry, successful drilling remains the result of a great deal of teamwork and the use of complex machinery. Drilling rigs require the use of qualified personnel, various equipment, and techniques to operate.

The two main goals of a drilling project are to safely drill and complete a well according to its purpose and to complete the project at minimal cost. The technology relies on the continuous circular rotation of the bit to fracture rock and safely and efficiently drill the borehole while circulating drilling fluid through the bit and up the borehole to the surface.

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The Global Rotary Drilling Rig market is segmented based on Location of Deployment and Application. The Onshore and Offshore segments make up the Location of Deployment category, with Offshore predicted to be the dominant segment during the projected period. Rotary drilling is a proficient technology in offshore oil and gas operations, which uses continuous circular rotation of the bit to drill through rock, while drilling fluid circulates down the wellbore through the bit to the surface, ensuring efficient and safe drilling. The abundant resources available and the growing potential for extracting oil and gas from deepwater and ultra-deepwater areas will provide tremendous opportunities for the rotary drilling market.

The market is segmented based on region, including North America, Asia-Pacific, Europe, South America, Middle East & Africa. During the forecast period, North America is expected to have the largest market share. North America, with the highest natural gas production and second highest oil production in 2021, is projected to be one of the world's leading oil and gas producers, mainly driven by oil and gas activity in the United States and Canada.

As of 2021, the region has approximately 586 rotary rigs, with the United States being the largest market. The United States holds the largest rigs due to an increase in the number of wells being drilled and fracked in shale and scarce reserves, supported by low break-even prices in the basin. Shale gas development in the region is also a significant driver of the rotary drilling market. According to the U.S. Energy Information Administration (EIA), U.S. shale gas production in 2020 was estimated at approximately 26 trillion cubic feet (Tcf), accounting for approximately 78% of the country's total dry natural gas production in the same year. Furthermore, the EIA estimates that US shale gas and tight oil deposit production is likely to reach 33.94 Tcf by 2050. In contrast, Canada is expected to increase its share of tight gas and shale gas in natural gas production. Tight gas and shale gas are predicted to account for 80% of Canada's natural gas production by 2035, according to the Canadian Energy Regulatory Agency. The region has also seen a substantial increase in offshore drilling activity. Therefore, North America is expected to dominate the rotary drilling market during the forecast period.

Key market players in the Global Rotary Drilling Rig market are:

• Zoomlion Heavy Industry Science & Technology Co. Ltd
• Inc
• Bauer AG
• Atlas Copco
• SANY Group Co. Ltd
• Schramm Inc.
• Sandvik Drilling
• Dando Drilling International Ltd
• Streicher Drilling Technology GmbH
• Beijing Sinovo International & Sinovo Heavy Industry Co. Ltd

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“During the forecast period, North America region is expected to dominate the market as the region contains large amounts of oil & gas production due to the number of wells. Offshore segment is expected to dominate the market in terms of location of deployment as deepwater drilling activities are on a rise and offshore production accounts for almost 30% of the global crude oil output.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Rotary Drilling Rig Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Location of Deployment (Onshore, Offshore), By Application (Oil & Gas, Mining, Others), By Region, Competition” has evaluated the future growth potential of Rotary Drilling Rig Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Rotary Drilling Rig Market.

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