Mar 16, 2020 (The Expresswire) -- Global Land Drilling Rig Market 2020 report is a professional and in-depth research report on the world’s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific). It covers the market landscape and its growth prospects over the coming years. Land Drilling Rig Market report also includes a discussion of the Key Vendors operating in this Global market.
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Land Drilling Rig Market
The year 2017 was a turning point for land drilling rig contractors after setting the record low utilization rate in 2016. Land drilling rig market witnessed remarkable growth in North America. In the US, the onshore rig demand increased by 107% in 2017. While internationally (excluding the US and Canada), 763 rigs were active in 2017, which was 8.5% higher than 2016 level. As we enter 2018, the crude oil price is well above USD 65 per dollar and has even touched USD 80 per barrels, the industry seems more optimistic than in recent times. Oil and gas companies are planning to invest in the projects which were put on hold due to high cost of development.
Increasing Exploitation of Unconventional Reserves
Crude oil and natural gas from conventional resources from has been the major source to meet the increasing demand for energy globally. However, most of the conventional oilfield are aging at a faster rate than the rate of replacement and won’t be able to meet the growing energy demand. Global crude oil discoveries declined by around 73% in 2016 from the average of 9 billion barrels annually over the past 15 years and demand is expected to grow by 1.2 mb/d in the next four years. As a result, several operating companies have shifted their focus towards the exploitation of unconventional reserve. The United States is the largest market for exploitation of unconventional reserves and large share of crude oil and natural gas is produced from it. Apart from the US, Canada, and China have also started to exploit their unconventional reserve to meet their increasing demand. Increasing exploitation of unconventional reserve is expected to create significant demand for drilling rig in the market.
Increasing demand for Portable Rigs
The type of drilling rig required has fundamentally changed in the last few years. Higher-tech rig designs and bigger-horsepower are the new order of the day. These types of rigs have been increasingly favored for horizontal unconventional drilling business. The fleet transformation also includes automation and highly portable rigs which requires two- or three-man crew to do what once require seven or eight rig hands on the floor. Many land rig contractors have upgraded their fleet with higher-horsepower new-builds, adding more powerful rigs with advanced technological capabilities from top drives to automated pipe handling, and the mobility to quickly move from well site to site.
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United States Holds the Largest Share in Land Drilling Rig Market
As the crude oil prices has recovered, the country has increased its drilling activity and has the highest number of active rig count currently. In 2017, the active rig count increased by around 39% in 2017. In 2018, the count crossed 1000, resulting in high demand for drilling rig. The robust drilling activity in the country is supported by technological improvement in hydraulic fracturing and low breakeven prices. As a result, the fleet utilization in the country rose to 46% after two years of decline. The increasing share of horizontal drilling in the US has resulted in high demand for high-spec drilling rigs. In addition to receiving new rig orders, some of the large contractors are upgrading their rigs to meet these requirements. As the country drills more well in the coming years, the demand for high-spec drilling rigs is expected to grow.
Notable Developments in the Land Drilling Rig Market
December 2017: Nabors Industries Ltd. And Tesco Corporation announced the completion of the previously announced acquisition of Tesco by Nabors. Tesco is tubular service provider and rig equipment manufacturer.
Land Drilling Rig Market Major Players
Nabors Industries Ltd.
Helmerich and Payne, Inc.
Eurasia Drilling Company Limited
Ensign Energy Services Inc
Precision Drilling Corp.
Patterson-UTI Energy, Inc.
Weatherford International plc
Reasons to Purchase Land Drilling Rig Market Report
Current and future land drilling rig market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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Key Factors Involved in the Report: -
Land Drilling Rig Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2023.
Land Drilling Rig Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
Land Drilling Rig Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of Land Drilling Rig industry.
The global Land Drilling Rig market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Land Drilling Rig Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
Land Drilling Rig Market Report also mentions market share accrued by each product in the Land Drilling Rig market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Some of Toc Points in Land Drilling Rig Market Report are:-
1. Executive Summary
2. Research Methodology
2.1 Scope of Study
2.2 Market Definition
2.3 Study Assumptions
2.4 Study Deliverables
2.5 Research Phases
3. Land Drilling Rig Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Land Rig Utilization Rates, By Region, 2006-2017
3.4 Global Onshore Active Rig Count of Major Countries
3.5 Onshore CAPEX Forecast in USD billion, until 2023
3.6 Brent Crude Oil and Henry Hub Spot Prices Forecast, until 2023
3.7 Key Upstream Projects for Investment Purposes
3.8 Recent Trends and Developments
4. Market Dynamics
4.1 Land Drilling Rig Market Drivers
4.2 Land Drilling Rig Market Restraints
4.3 Land Drilling Rig Market Opportunities
5. Land Drilling Rig Market Supply Chain Analysis
6. Industry Attractiveness - Porter's Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Product and Services
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size and Demand Forecast until 2023)
7.1 Land Drilling Rig Market By Types
7.2 Land Drilling Rig Market By Drive Modes
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America Land Drilling Rig Market Analysis (2018-2023)
8.1.1 United States Land Drilling Rig Market Analysis (2018-2023)
8.1.2 Canada Land Drilling Rig Market Analysis (2018-2023)
8.1.3 Rest of North America
8.2 Europe Land Drilling Rig Market Analysis (2018-2023)
8.2.1 Russia Land Drilling Rig Market Analysis (2018-2023)
8.2.2 Turkey Land Drilling Rig Market Analysis (2018-2023)
8.2.3 Rest of Europe
8.3 South America Land Drilling Rig Market Analysis (2018-2023)
8.3.1 Brazil Land Drilling Rig Market Analysis (2018-2023)
8.3.2 Argentina Land Drilling Rig Market Analysis (2018-2023)
8.3.3 Colombia Land Drilling Rig Market Analysis (2018-2023)
8.3.4 Rest of South America
8.4 Asia-Pacific Land Drilling Rig Market Analysis (2018-2023)
8.4.1 China Land Drilling Rig Market Analysis (2018-2023)
8.4.2 Australia Land Drilling Rig Market Analysis (2018-2023)
8.4.3 Indonesia Land Drilling Rig Market Analysis (2018-2023)
8.4.4 Rest of Asia-Pacific
8.5 Middle-East and Africa Land Drilling Rig Market Analysis (2018-2023)
8.5.1 Saudi Arabia Land Drilling Rig Market Analysis (2018-2023)
8.5.2 Kuwait Land Drilling Rig Market Analysis (2018-2023)
8.5.3 Iran Land Drilling Rig Market Analysis (2018-2023)
8.5.4 Algeria Land Drilling Rig Market Analysis (2018-2023)
8.5.5 Rest of Middle East and Africa
9. Land Drilling Rig Market Key Company Analysis (Overview, Products and Services, Financials**, Recent Developments, and Analyst View)
9.1 Nabors Industries Ltd.
9.2 Helmerich and Payne, Inc.
9.3 Eurasia Drilling Company Limited
9.4 Ensign Energy Services Inc
9.5 Precision Drilling Corp.
9.6 Patterson-UTI Energy, Inc.
9.7 Schlumberger Limited
9.8 Saipem SpA
9.9 Weatherford International plc
9.10 KCA Deutag
*List not Exhaustive
10. Land Drilling Rig Market Competitive Landscape
10.1 Mergers and Acquisitions, Joint Ventures Collaborations and Agreements
10.2 Market Share Analysis
10.3 Strategies Adopted by Key Players
**Subject to availability on public domain