United States Drilling Rig Market to be Dominated by Rotary Drill Segment Through 2028
Increase
in natural gas production and increased offshore drilling activities are
expected to drive the United States Drillings Rigs Market during the forecast
period, 2023-2028.
According to
TechSci Research report, “United States
Drilling Rig Market
- By Region, Competition,
Forecast & Opportunities, 2028”, United States Drilling Rig Market is anticipated to grow at a steady rate
during the forecast period, 2024-2028. Market growth is dependent on a
number of variables, including increased upstream oil and gas investments,
rising demand for oil and gas, and a growing emphasis on unconventional oil and
gas exploration and production (E&P) activities. Onshore rigs are
likely to dominate in the rigs sector in the United States due to major
availability of hydrocarbon, as many of rigs are situated on land and not in
sea.
The area in the United States with the most oil
rigs is the Permian basin. In the basin, there were 344 operating rigs as of
the end of August 2022. With 63 rigs at the time, Eagle Ford had the
second-highest number of oil rigs in the world. Texas is the primary location of
both basins.
The expansion in exploratory operations by the oil and gas corporations
has been a key factor in the rising demand for drilling rigs globally. For the
drilling tasks that are crucial for oil and gas firms, drilling rigs provide
effective solutions. Modern drilling rigs are being developed as a result of
the quick advancements in technology; they are lightweight, portable, and
inexpensive. They can also be transported to remote locations with ease. In the
near future, these advancements are anticipated to positively impact the
worldwide drilling rig market.
One of the key nations conducting offshore oil and gas exploration is
the US. Offshore oil and gas developments in North America are also being
propelled by government assistance. Along the Atlantic, Arctic, and Pacific
coasts, the US government also intends to drill and explore practically all of
its offshore oil and gas resources, which will increase demand for drilling
rigs in the area.
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Drilling Rig market can be segmented on the basis of location, type,
drilling method, operational depth, and region.
Based on location, onshore is the
dominant segment in United States Drilling Rigs Market as in the United States,
there are more land rigs than offshore rigs, and for the years 2023E–2028F, the
need for drilling rigs for onshore operations is directly impacted by the rise
in demand for fossil fuels as well as onshore exploration and production
activities. However, because there is other well intervention techniques and
technologies available, well intervention and work-over activities have less of
an impact on the demand for drilling rigs.
Based on Technology, rotary drilling is
the dominant segment in United States Drilling Rigs market as a dependable
technology utilised in the offshore oil and gas sector. Drilling technology
rotates the bit continuously in a circular motion to fracture rocks. The market
for rotary drilling is anticipated to benefit significantly from the ability to
collect oil and gas from deep-water and ultra-deepwater locations.
Major
companies operating in the United States Drilling Rig market are:
·
Schlumberger Limited
·
Halliburton
·
Weatherford International Inc.
·
Diamond Offshore Drilling, Inc.
·
KCA DEUTAG,
·
Pacific Drilling
·
Valaris plc
·
Vantage Drilling Co.
Leading businesses are concentrating on increasing their product ranges
to preserve long-term market growth. Many companies in the United States
Drilling Rigs Market are represented in the country through distributors or
contractor teams.
Companies in the US produce crude oil on both public and private lands
as well as in offshore areas. These businesses typically solely conduct
business in the United States and are independent producers. The other
businesses, frequently referred to as major oil firms, might employ hundreds or
thousands of people and conduct business internationally. Chevron and
ExxonMobil are two prominent oil firms in the United States.
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“Due
to increased exploration and production costs and growing energy consumption, the market is
healthy and is expected to grow during the forecast period. Additionally, the United
States Drilling Rigs Market is expected to develop due to rising need for power
and heat during the forecast period,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm. "United States Drilling Rigs
Market By Location (Onshore, Offshore), By Type (Land Rigs, Jackup, Drill
Ships, Semi-Submersible, Others), By Drilling Method (Cable Drilling, Rotary
Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling,
Directional Drilling), By Operational Depth (Shallow, Deep water, Ultra Deep
Water), By Region, Competition Forecast and Opportunities, 2018-2028”, has evaluated
the future growth potential of United States Drilling Rigs Market and provides
statistics & information on market size, structure, and future market
growth. The report intends 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 in the Global Drilling Rigs Market.
Contact
Mr. Ken Mathews
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New York – 10017
Tel: +1-646-360-1656
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