Drilling Rig Market | Market Highlights and Insights to Recovery from COVID-19
Market Segments and Growth Analysis 2021-2025
The drilling rig market is expected to grow by $ 14.73 bn, accelerating at a CAGR of almost 5.26% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Drilling Rig Market: Market Segments and Growth Forecasts
This research report will provide insights into the current market share of each segment along with growth projections for the next five years.
- Market is segmented Application (Onshore and Offshore) and Geography (North America, MEA, Europe, APAC, and South America).
- 37% of the market growth will originate from North America during the forecast period. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the Drilling Rig Market size.
Drilling Rig Market: Top Trends, Drivers, Challenges to drive Market Recovery
Our report helps market players to discover the various trends, drivers, and challenges that are likely to influence the market growth during the forecast period. These insights will provide clients with all the information they would require for designing a growth strategy for their business.
- A key market driver for the Drilling Rig Market will be increase in oil and gas demand.
- Rising investments in upstream oil and gas sector will be instrumental in driving the market growth during the forecast period.
- Environment concerns associated with oil and gas drilling activities is a hurdle that needs to be crossed on the path to success.
Drilling Rig Market: Vendor Analysis
- The market is fragmented.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- Archer Ltd., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Patterson-UTI Energy Inc., Transocean Ltd., and Valaris Plc are some of the major market participants.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerate at a CAGR of over 5.26%.
- What is the incremental growth of the market?
The market is expected to grow by $ 14.73 bn through 2021-2025.
- What is a key factor driving this market?
Increase in oil and gas demand will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, MEA, Europe, APAC, and South America are the key regions featured in this research report.
- Which is the leading geographic region for this market:
37% growth will originate from North America
- Who are the leading market vendors?
The leading vendors in this market are Archer Ltd., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Patterson-UTI Energy Inc., Transocean Ltd., and Valaris Plc
- What are the market segments covered in this report?
The market is segmented by Application (Onshore and Offshore) and Geography (North America, MEA, Europe, APAC, and South America)