Drilling rig market size is set to grow at a CAGR of 6.16% by 2027, North America is estimated to account for 37% of market growth - Technavio

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- The drilling rig market report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 6.16% and register an incremental growth of USD 15.36 billion during the forecast period. The report also includes historic market data from 2017 to 2021. In 2017, the drilling rig market was valued at USD 54.62 billion. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Download a PDF sample report

Regional analysis

Based on region, the global drilling rig market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. North America is estimated to account for 37% of the growth of the global market over the forecast period. The US and Canada are the key contributors to the market growth in the region. Oil and gas production output in these countries has grown significantly owing to the rise in unconventional E&P activities, including the drilling of shale reserves. The US government plans to drill and explore all of its offshore oil and gas resources along the Atlantic, Arctic, and Pacific coasts. These factors will drive the demand for drilling rigs in the region.

Company profiles

The drilling rig market report includes information on the key products and recent developments of leading vendors, including:

• Archer Ltd.: The company operates a fleet of AC-powered land drilling rigs in Latin America.
• China Oilfield Services Ltd.: The company owns and operates drilling rigs for onshore and offshore drilling applications.
• Eni Spa: The company offers drilling rigs under the brand Saipem.
• Helmerich and Payne Inc.: The company owns and operates land drilling rigs in North America, South America, and MEA and offshore drilling rigs in the Gulf of Mexico.
• KCA Deutag Alpha Ltd.: The company offers drilling rigs for onshore and offshore drilling.
• Loews Corp.
• Nabors Industries Ltd.
• Noble Corp.
• NOV Inc.
• To gain access to more vendor profiles available with Technavio, Buy the report!

Market dynamics

The market is driven by factors such as the increase in demand for oil and gas, rising investments in the upstream oil and gas sector, and the increasing focus on unconventional oil and gas E&P activities. However, fluctuations in global crude oil prices are hindering market growth.

Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others. Request a sample

Market segmentation

• Based on type, the drilling rig market is segmented into crude oil and natural gas. 
• Based on application, the market is segmented into onshore and offshore
• Based on geography, the drilling rig market is segmented into North America, APAC, Europe, South America, and Middle East and Africa.

Related Reports:

The offshore drilling rigs market is estimated to grow at a CAGR of 3.16% between 2022 and 2027. The size of the market is forecasted to increase by USD 2,821.26 million. The rising investments in the upstream oil and gas sector are notably driving the market growth, although factors such as uncertainty associated with low crude oil prices may impede the market growth. 

The mobile offshore drilling unit (MODU) market size is expected to increase by USD 9.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.97%. The increase in oil and gas demand is notably driving the mobile offshore drilling unit (MODU) market growth, although factors such as environmental concerns associated with oil and gas E&P activities may impede market growth.

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What are the key data covered in this drilling rig market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the drilling rig market between 2023 and 2027
• Precise estimation of the drilling rig market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Middle East and Africa, Europe, APAC, and South America
• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of drilling rig market vendors

Drilling Rig Market Scope

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global drilling rig market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global drilling rig market 2017 - 2021 ($ billion)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Onshore - Market size and forecast 2022-2027
• Exhibit 34: Chart on Onshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Onshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Onshore - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Onshore - Year-over-year growth 2022-2027 (%)

• 6.4 Offshore - Market size and forecast 2022-2027
• Exhibit 38: Chart on Offshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Offshore - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Offshore - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Offshore - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Crude oil - Market size and forecast 2022-2027
• Exhibit 47: Chart on Crude oil - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on Crude oil - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on Crude oil - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Crude oil - Year-over-year growth 2022-2027 (%)

• 7.4 Natural gas - Market size and forecast 2022-2027
• Exhibit 51: Chart on Natural gas - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Natural gas - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Natural gas - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Natural gas - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 55: Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 65: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 67: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 APAC - Market size and forecast 2022-2027
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Russia - Market size and forecast 2022-2027
• Exhibit 85: Chart on Russia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on Russia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on Russia - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Russia - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 Saudi Arabia - Market size and forecast 2022-2027
• Exhibit 93: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027
• Exhibit 97: Chart on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 Archer Ltd. 
• Exhibit 108: Archer Ltd. - Overview
• Exhibit 109: Archer Ltd. - Business segments
• Exhibit 110: Archer Ltd. - Key offerings
• Exhibit 111: Archer Ltd. - Segment focus

• 12.4 China Oilfield Services Ltd. 
• Exhibit 112: China Oilfield Services Ltd. - Overview
• Exhibit 113: China Oilfield Services Ltd. - Business segments
• Exhibit 114: China Oilfield Services Ltd. - Key offerings
• Exhibit 115: China Oilfield Services Ltd. - Segment focus

• 12.5 Eni Spa 
• Exhibit 116: Eni Spa - Overview
• Exhibit 117: Eni Spa - Business segments
• Exhibit 118: Eni Spa - Key offerings
• Exhibit 119: Eni Spa - Segment focus

• 12.6 Helmerich and Payne Inc. 
• Exhibit 120: Helmerich and Payne Inc. - Overview
• Exhibit 121: Helmerich and Payne Inc. - Business segments
• Exhibit 122: Helmerich and Payne Inc. - Key offerings
• Exhibit 123: Helmerich and Payne Inc. - Segment focus

• 12.7 KCA Deutag Alpha Ltd. 
• Exhibit 124: KCA Deutag Alpha Ltd. - Overview
• Exhibit 125: KCA Deutag Alpha Ltd. - Business segments
• Exhibit 126: KCA Deutag Alpha Ltd. - Key news
• Exhibit 127: KCA Deutag Alpha Ltd. - Key offerings
• Exhibit 128: KCA Deutag Alpha Ltd. - Segment focus

• 12.8 Nabors Industries Ltd. 
• Exhibit 129: Nabors Industries Ltd. - Overview
• Exhibit 130: Nabors Industries Ltd. - Business segments
• Exhibit 131: Nabors Industries Ltd. - Key news
• Exhibit 132: Nabors Industries Ltd. - Key offerings
• Exhibit 133: Nabors Industries Ltd. - Segment focus

• 12.9 Noble Corp. 
• Exhibit 134: Noble Corp. - Overview
• Exhibit 135: Noble Corp. - Product / Service
• Exhibit 136: Noble Corp. - Key offerings

• 12.10 NOV Inc. 
• Exhibit 137: NOV Inc. - Overview
• Exhibit 138: NOV Inc. - Business segments
• Exhibit 139: NOV Inc. - Key offerings
• Exhibit 140: NOV Inc. - Segment focus

• 12.11 Patterson UTI Energy Inc. 
• Exhibit 141: Patterson UTI Energy Inc. - Overview
• Exhibit 142: Patterson UTI Energy Inc. - Business segments
• Exhibit 143: Patterson UTI Energy Inc. - Key news
• Exhibit 144: Patterson UTI Energy Inc. - Key offerings
• Exhibit 145: Patterson UTI Energy Inc. - Segment focus

• 12.12 PR Marriott Drilling Ltd. 
• Exhibit 146: PR Marriott Drilling Ltd. - Overview
• Exhibit 147: PR Marriott Drilling Ltd. - Product / Service
• Exhibit 148: PR Marriott Drilling Ltd. - Key offerings

• 12.13 Precision Drilling Corp. 
• Exhibit 149: Precision Drilling Corp. - Overview
• Exhibit 150: Precision Drilling Corp. - Business segments
• Exhibit 151: Precision Drilling Corp. - Key offerings
• Exhibit 152: Precision Drilling Corp. - Segment focus

• 12.14 Schlumberger Ltd. 
• Exhibit 153: Schlumberger Ltd. - Overview
• Exhibit 154: Schlumberger Ltd. - Business segments
• Exhibit 155: Schlumberger Ltd. - Key news
• Exhibit 156: Schlumberger Ltd. - Key offerings
• Exhibit 157: Schlumberger Ltd. - Segment focus

• 12.15 Seadrill Ltd. 
• Exhibit 158: Seadrill Ltd. - Overview
• Exhibit 159: Seadrill Ltd. - Business segments
• Exhibit 160: Seadrill Ltd. - Key offerings
• Exhibit 161: Seadrill Ltd. - Segment focus

• 12.16 Transocean Ltd. 
• Exhibit 162: Transocean Ltd. - Overview
• Exhibit 163: Transocean Ltd. - Product / Service
• Exhibit 164: Transocean Ltd. - Key offerings

• 12.17 Valaris Plc 
• Exhibit 165: Valaris Plc - Overview
• Exhibit 166: Valaris Plc - Business segments
• Exhibit 167: Valaris Plc - Key offerings
• Exhibit 168: Valaris Plc - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations 
• Exhibit 175: List of abbreviations

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