Overview and Scope
A rotary drilling rig refers to a specialized piece of equipment used in the oil and gas industry, as well as in other sectors such as construction and mining, for drilling boreholes or wells into the Earth’s subsurface. These rigs use high amounts of torque and rotation, making them rapid and efficient while providing high-integrity outcomes.
Sizing and Forecast
The rotary drilling rig market size has grown strongly in recent years. It will grow from $3.39 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to oil prices, regulatory environment, geopolitical factors, engineering innovations, and infrastructure projects.
The rotary drilling rig market size is expected to see steady growth in the next few years. It will grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to global energy demand, renewable energy infrastructure, digitalization and automation, offshore exploration, infrastructure development. Major trends in the forecast period include increasing adoption of automated solutions, rise in demand for environmentally friendly technologies, growing focus on data analytics and predictive maintenance, expansion of offshore drilling activities, emergence of integrated drilling solutions.
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Segmentation & Regional Insights
The rotary drilling rig market covered in this report is segmented –
1) By Type: Crawler Rotary Drilling Rigs, Rubber-Tired Rotary Drilling Rigs
2) By Location Of Deployment: Onshore, Offshore
3) By Application: Oil and Gas, Mining, Other Applications
North America was the largest region in the rotary drilling rig market in 2023. Middle-East and Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the rotary drilling rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising global energy demand is expected to propel the growth of the rotary drilling rig market going forward. Energy refers to the power required to operate various processes, machinery, and equipment involved in manufacturing, production, and other industrial activities. Energy demand is on the rise due to several factors, such as the growth of energy-intensive industries, including mining, agriculture, and heavy manufacturing, and a global trend towards electrification. Rotary drilling rigs are extensively used in the energy sector to explore and produce oil and natural gas. These rigs bore deep into the Earth’s subsurface to access underground reservoirs, facilitating the extraction of hydrocarbons essential for powering various aspects of modern society. For instance, in April 2023, according to the Energy Information Administration, a US-based government agency, energy usage in the US industrial sector was projected to rise by 5% to 32% between 2022 and 2050. Therefore, the rising global energy demand is driving the growth of the rotary drilling rig market.
Key Industry Players
Major companies operating in the rotary drilling rig market are Caterpillar Inc., Komatsu Ltd., Liebherr Group, Atlas Copco, SANY Group Co. Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Doosan Bobcat, Bauer AG, Vermeer Manufacturing, The Charles Machine Works, TESMEC S.p.A., RIVARD SAS, Schramm Inc., MARAIS SA, STREICHER Drilling Technology GmbH, Simex Srl, Dando Drilling International Ltd., Auger Torque Europe, Inter-Drain Sales BV, Beijing Sinovo International, ATTEC International, Mastenbroek Limited, Tecnologia Dinamica en Implementos
The rotary drilling rig market report table of contents includes:
1. Executive Summary
2. Rotary Drilling Rig Market Characteristics
3. Rotary Drilling Rig Market Trends And Strategies
4. Rotary Drilling Rig Market – Macro Economic Scenario
5. Global Rotary Drilling Rig Market Size and Growth
…
32. Global Rotary Drilling Rig Market Competitive Benchmarking
33. Global Rotary Drilling Rig Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Rotary Drilling Rig Market
35.Rotary Drilling Rig Market Future Outlook and Potential Analysis
36. Appendix
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