Land Drilling Rigs Market End User Analysis, Application, and Trends
The factors that propel the growth of the market include increasing demand for portable rigs, an absence of further storage capacities for the crude oil in most of the oil-producing countries and increasing oil and gas rates across the globe.
(firmenpresse) - Global land drilling rigs market is anticipated to witness an exponential growth in the forecast period. Land drilling rigs are among the most important tools in the drilling and exploration activities of oil and gas manufacturing. Land rigs are particularly designed for drilling holes on onshore sites. Their size differs based on the reservoir conditions or oil reserves and the true vertical depth (TVD) of the oil to be drilled.
The factors that propel the growth of the market include increasing demand for portable rigs, an absence of further storage capacities for the crude oil in most of the oil-producing countries and increasing oil and gas rates across the globe. On the other hand, there are factors that may hamper the growth of the market including uncertainties related to low crude oil prices and the high cost of development. Land drilling rigs market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The key trends that will drive the growth of the market in the forecast period are the introduction of new generation automated drilling rigs. The advantages such as improvement in operational efficiency, continuous repetition of tasks, and lesser prices in the mining of crude oil will lead to the demand for new generation automated drilling rigs in the market.
Market could be explored by product type, drives mode, application, sector, and geography. Market could be explored by product type as Mobile and Conventional. Based on drives mode, the market could span Electrical, Mechanical, and Compound. The key applications that could be explored in the market include Construction and Building, Oil and Gas industry and Metal and Mining Industry.
The “Oil and Gas industry” segment led the market in 2017 and will continue to lead in the forecast period. The land drilling rigs market could be explored based on the sector as Conventional rigs and Mobile rigs. EMEA accounted for the major share of the market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing demand increased its drilling activity and has the highest number of active rig in the region. EMEA is followed by the North American region owing to strong drilling activity in the region is supported by technical development in hydraulic fracturing and low breakeven charges.
Some of the key players that fuel the growth of the land drilling rigs market comprise Helmerich & Payne, Inc., Nabors Industries Ltd., Ensign Energy Services Inc, Eurasia Drilling Company Limited, Patterson-UTI Energy, Inc., Precision Drilling Corp., Saipem SpA, Schlumberger Limited, KCA Deutag, and Weatherford International Plc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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