India Oil & Gas Rigs Market to Grow at a CAGR of 4.29% through 2028
Increasing consumption of oil and gas
products in India and the redevelopment of developed oil fields in the country is expected to drive the India oil
and gas rigs market.
According to
TechSci Research report, “India Oil & Gas Rigs
Market - By Region, Competition, Forecast & Opportunities, 2028”, the rapid
industrial development and urbanization across the India have created
increasing demand for fuel in the market and thus oil & gas rigs market in
India. Moreover, big data & analytics is helping in driving India Oil and
Gas Rigs Market.
The market will grow at a CAGR of 4.29% in the forecast period. A rig is a
structure above an oil well on land or in the sea that has special equipment
attached to it for drilling and removing oil from the ground. Onshore rigs are
likely to dominate in the rigs
sector in India due to major availability of hydrocarbons with the
market share of 85.80% in 2022. India's oil demand
rose from 4.51 million barrels per day in 2020 to 4.76 million barrels per day
in 2021, recording a 5.61% growth. Based on type, India oil and gas rigs market is dominated by land
rigs with a market share of 85.61% in 2022. Based on drilling method, rotary drilling is the
dominant segment in India oil and gas rigs market accounting for a share of 57.68%
in 2022. In terms of regional analysis, the India oil and gas rigs market is
segmented into West, South, North, East.
Browse over 25
market data Figures spread through 70 Pages and an in-depth TOC on "India
Oil and Gas Rigs Market"
Key market
players in the India Oil and Gas Rigs Market include:
- Bharat Heavy Electricals Limited
- Megha Engineering & Infrastructures Limited
- John Energy Limited
- Dynamic Drilling & Services
- Jindal Drilling & Services Limited
- Askara Group
- Mercator Limited
- Aban Offshore
- Greatship (India) Limited
- Greka Drilling
Leading
businesses are concentrating on increasing their product ranges to preserve
long-term market growth. Many companies in the India oil and gas rigs market are
represented in the country through distributors or contractor teams.
The featured
companies have been substantially working towards less carbon emission. The
companies recognize that the oil and gas industry is a carbon-intensive one. To
achieve SDG 13 (the climate change target), they have integrated a low-carbon
plan into their business roadmap based on COP21 of the United Nations Framework
Convention on Climate Change (UNFCCC).
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“The India oil
and gas rigs market is expected to expand during the projected period. Factors
such as increasing consumption of oil and gas in India, redevelopment of
developed fields, and rise in the technological advancements like VR
communications, internet of things, robotics and automation etc., and many more
factors will drive the market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Oil & Gas Rigs Market By Location
(Offshore and Onshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible and Others ),
By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse-
Circulating Drilling, Electro Drilling, and Directional Drilling), By Region,
Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of India oil and gas rigs
market and provides statistics and information on market structure, size,
share, and future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the India oil and
gas rigs market.
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