Market Size of Land Drilling Rig Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Land Drilling Rigs Market Analysis
The land drilling rig market is expected to register a CAGR of more than 4% during the forecast period of 2022 – 2027. The COVID-19 outbreak had led to the slow down of drilling rig contraction activities across the globe. With factors such as the increasing use of high horsepower and hi-tech rigs and the increasing demand for heavy rigs, the land rig market has evolved significantly in recent years. Moreover, the exploitation of unconventional reserves to meet the increasing demand for crude oil and natural gas is expected to create significant demand for the land drilling rig market during the forecast period. However, the global shift towards renewable energy sources for electricity generation poses a huge threat to the oil and gas sector, which, in turn, is expected to be a major challenge for the growth of the land drilling rig market during the forecast period.
- The mobile drilling rigs have held the major market share, owing to the launch of automation in drilling rig systems.
- The high-volume and demand markets in Asia-Pacific and the Middle Eastern regions are investing highly in midstream infrastructure. New infrastructure and relatively robust CAPEX budgets are providing opportunities for rigs to enter/re-enter these geographies.
- North America is one of the largest markets for land drilling rigs, led by the United States, mainly due to increased exploration and production activities of its tight oil and shale reserves.
