Drilling rig is a complex equipment that is used for drilling wells into the earth’s surface. Drilling rigs are commonly used for drilling oil wells, natural gas extraction wells and water wells. These drilling rigs are classified as percussion, vibration, rotary, flame-jet, cable tool drilling among the others. Rotary drilling is a type of drilling process wherein a sharp rotating drill bit delves into the earth’s surface under applied pressure. The drilling rig that is used in this process is termed as rotary drilling rig. The main component groups of rotary drilling rig are a prime mover which powers the entire rig, rotating equipment comprise those components that rotate the drill bit by transferring power from the prime mover to the drill bit, hoisting equipment facilitates lifting and lowering of those components that move in or out of the well. Lastly, a circulating equipment which primarily assists in lubrication and cooling of the drill bit.
Rotary Drilling Rig Market: Drivers & Restraints
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.
Rotary Drilling Rig Market: Segmentation
Depending on the area of application, global Rotary Drilling Rig market can be segmented in to the following key segments:
Depending on the types of rigs, global rotary drilling rig market can be segmented in to following market segments:
Rotary Drilling Rig Market: Region-wise Outlook
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.
Rotary Drilling Rig Market: Key Players
Some of the identified major participants of the global Rotary Drilling Rig market are as follows:
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