Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "Rotary Drilling Rig Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
As the global demand for oil surges and deepwater, as well as ultra-deepwater projects, become more viable, the Global Rotary Drilling Rig Market is poised for significant growth between 2024 to 2028. The rotary drilling technology, noted for its efficiency, especially in the offshore oil and gas sector, serves as a pivotal driver for this anticipated market expansion.
Rotary drilling rigs, known for their speed and consistency in performance, have become a preferred choice in various boring pile projects. These rigs are essential in ensuring the safety and productivity of workers in the field, making them invaluable assets in the drilling industry.
The burgeoning investments by major companies in the drilling industry, spurred by the rising demand from the oil and gas sector and water exploration projects, underline the growing demand for well drilling rigs. Moreover, the adoption of strategic business initiatives to secure more drilling contracts and expand existing operations is likely to further fuel this demand over the forecast period.
One of the notable advantages of a rotary drilling rig is its fully hydraulic self-propelled crawler design coupled with a highly mechanized and automated operating system, often powered by computers. This design not only extends the overall lifespan of the equipment but also significantly improves time efficiency on-site.
Recent developments in the sector, such as the contract awarded to Subsea Robotics and Offshore Projects Group by Oceaneering for comprehensive derrick services in the US Gulf of Mexico, reflect the ongoing investment in offshore drilling operations. Similarly, Equinor's plans to drill numerous exploration wells off the coast of Canada and in the US Gulf of Mexico in 2022 underscore the potential for increased demand in the rotary drilling rig market.
The report segments the Global Rotary Drilling Rig Market based on Location of Deployment (Onshore and Offshore) and Application (Oil & Gas, Mining, and Others), offering a granular view of the market dynamics. Furthermore, the regional analysis covering North America, Asia-Pacific, Europe, South America, and the Middle East provides a holistic view of the market trends across the globe.
Key players operating in the Global Rotary Drilling Rig market include Zoomlion Heavy Industry Science &Technology Co. Ltd, Caterpillar. Inc, Bauer AG, Atlas Copco, SANY Group Co. Ltd, Schramm Inc., Sandvik Drilling, Dando Drilling International Ltd, Streicher Drilling Technology GmbH, and Beijing Sinovo International & Sinovo Heavy Industry Co. Ltd. Their strategic market positions and product offerings form a crucial part of the competitive landscape.
The report, encompassing 182 pages, projects a Compound Annual Growth Rate (CAGR) of 4.2% from 2022 to 2028, with the market value estimated to rise from USD 2.81 billion in 2022 to USD 3.61 billion by 2028.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.81 Billion |
| Forecasted Market Value (USD) by 2028 | $3.61 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/5ko8ht
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