The rotary drilling rig market is expected to grow at a CAGR of nearly 4% during the period 2022-2032. The market is valued at US$ 3410 million as of 2022, and by 2032 the market is expected to be valued at US$ 5050 million. An increase in construction activities throughout the world is expected to increase the demand for rotary drilling rigs.
Apart from that, there have been massive projects pertaining to the development of roads, railways, and tunnels across the globe. This as well is expected to increase the sales of rotary drilling rig during the forecast period.
Moreover, there have been massive technological advancements that have been taking place in the rotary drilling equipment market. This has ultimately led to the development of drilling rigs that perform with higher efficiency. This as well is expected to increase the rotary drilling rig market share.
Governments across the world are taking huge steps and investing massive amounts of money in upgrading infrastructures. This presents a huge opportunity in front of the rotary drilling rig market. Apart from that, the low operating cost and easy maintenance associated with the rotary drilling rigs are expected to further enhance the market share.
Moreover, at a time when hygiene is given special importance, the biggest advantage associated with rotary drilling rigs is that these are easy to clean, and they have a decent share in the industrial drilling market.
| Attributes | Value |
|---|---|
| Rotary Drilling Rig Market Valuation (2022) | US$ 3410 million |
| Rotary Drilling Rig Market Projected Size (2032) | US$ 5050 million |
| Rotary Drilling Rig Market Expected CAGR (2022 to 2032) | 4% |
One of the most critical drivers of the rotary drilling rig market is the fact that an increase in the demand for hydrocarbons and various other forms of energy across the globe is further expected to surge their market size. Specifically, there has been an increase in the number of projects that are related to deep potable water and ultra-deepwater.
Apart from that, there has been an increase in the number of oil exploration activities across the globe. This can have a massive positive impact on the adoption of rotary drilling rigs.
However, one of the challenges experienced by the market is the fact that developing economies are not making efficient use of rotary drilling rigs. Apart from that, the overcapacity at times associated with these drilling rigs might hamper the market growth. It is expected that based on the type, the large-range drilling rigs would dominate the segment, as these are the ones that are majorly employed in construction activities.
Based on the research conducted by FMI, it is expected that offshore drilling activities are expected to witness significant growth during the forecast period. The Middle East region is believed to be the major offshore oil and gas-producing region.
Based on the regional analysis, it is expected that North America would be the leading market for rotary drilling rigs. Being the largest natural gas producer and second highest oil producer makes North America a huge market. Based on the stats available with FMI, North America alone has close to 600 rotary rigs as of 2021. Apart from that, the region is also witnessing an increase in the number of offshore drilling activities
The global rotary drilling rig market is expected to register a steady growth during the forecast period. The increasing exploration activities coupled with increasing investments are expected to drive the growth of global drilling rig market.
Moreover, technological advancement and the increasing demand for hydrocarbons, energy and other demand areas are the factors that are likely to drive the growth of global rotary drilling rigs market during the forecast period. However, sluggish offshore drilling market growth in certain regions and the overcapacity witnessed may act as an impediment to the growth of overall rotary drilling rigs market.
On the basis of geographic regions of the globe, global Rotary Drilling Rig market is segmented into seven major segments. These key market segments are North America Rotary Drilling Rig market, Western Europe Rotary Drilling Rig market, Eastern Europe Rotary Drilling Rig market, Asia Pacific Rotary Drilling Rig market, Japan Rotary Drilling Rig market, and Middle East & Africa Rotary Drilling Rig market, Latin America Rotary Drilling Rig market.
Some of the identified major participants of the global Rotary Drilling Rig market are as follows:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, area of application and product type.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Rotary Drilling Rig Market
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