Latest News- Drilling Rig Market: Onshore is expected to lead the Application segment during 2025-2029

The Drilling Rig Market is being driven by Increase in oil and gas demand

The Drilling Rig Market is expected to grow at a CAGR of 5.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15.7 billion. In the oil and gas exploration and production (E&P) sector, ensuring worker safety and operational efficiency while minimizing costs are paramount. Innovative solutions, such as automated drilling rigs, are gaining traction to address these challenges. New-generation drilling units reduce human intervention at remote and hazardous drilling sites, thereby minimizing human errors in both onshore and offshore oilfields. Additionally, these rigs enable the construction of intricate boreholes and extended-reach wells in onshore fields. Consequently, the demand for automated drilling rigs is surging due to their capacity to enhance safety, efficiency, and cost savings. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Onshore
  • Offshore
• Type
  • Crude oil
  • Natural gas
• End-user
  • Oil and gas
  • Mining
  • Construction
• Geography
  • North America
    • Canada
    • US
  • Middle East and Africa
    • Nigeria
  • APAC
    • China
    • India
  • Europe
    • UK
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in oil and gas demand
• Rising investments in upstream oil and gas sector
• Increasing focus on unconventional oil and gas E and P activities

However, the market also witnesses some limitations, which are as follows:

• Environment concerns associated with oil and gas E and P activities
• Fluctuations in global crude oil prices
• Change in energy mix

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Market Scope in Drilling Rig Market Research Report

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Research Analysis Overview

The Drilling Rig Market encompasses advanced technologies and services for optimizing drilling operations. Key offerings include drilling fluid rheology management, casing wear prediction, drill bit wear mitigation, rate of penetration enhancement, well trajectory planning, formation damage prevention, hydraulic horsepower optimization, stuck pipe prevention, mud chemistry analysis, cement slurry design, completion optimization, production logging, pressure surge analysis, proppant placement, fracture geometry assessment, reservoir characterization, wellbore cleanup, kick detection, lost circulation control, fluid loss prevention, well control equipment, drilling efficiency improvement, digital oilfield technologies, downhole monitoring, remote diagnostics, automatic pipe handling, and the use of advanced drilling tools. Additionally, hydraulic fracturing design and wellbore stability prediction are essential components of the market.

Market Research Overview

The global oil and gas equipment and services market encompasses businesses involved in the production of drilling rigs, top drive systems, mud pumps, drilling automation, rotary steerable systems, and other related products and services for the upstream exploration and production sector. According to industry analysts at Technavio, this market is projected to expand at a steady rate due to escalating energy demand and the power industry's robust growth. This expansion is expected to significantly boost sales of drilling equipment and ultimately fuel the global oil and gas equipment and services market. The market's size is determined by the combined revenue generated from the manufacturing and provision of equipment, supplies, and services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/