Dublin, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The "United States Drilling Rig Market Competition, Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
United States Drilling Rig Market is anticipated to reach a value of $18.22 billion by 2028, from $14.95 billion in 2022, growing at a CAGR of 3.7%
The market's expansion is dependent on a number of variables, such as 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. For instance, in2022, total rig count is 620 in the United States, and total gas rig count in the US are 154, compared to 157 one month ago and 104 last December, owing to which market is expected to grow further during the forecast period. 
A piece of machinery used in the oil and gas sectors to drill wells is called a drilling rig. These drilling rigs can be stationary or mobile and they come in various sizes and designs. It is utilised not only for locating reservoirs but also for drilling holes so that oil and natural gas can be extracted from the reservoirs. In the mining industry, drilling rigs are also utilised for rock blasting.
Augmented & Virtual Reality is Driving Market Growth
Technology-based reality studies have shown that the oil and gas industry may be more productive and error-free by providing real-time information about tools, parts, and equipment. Reality solutions are used by exploration and production (E&P) businesses for things such as remote monitoring, downhole imaging, and virtual training.
Through wearables and smartphone notifications, O&G(Oil & Gas) startups further integrate the physical and digital worlds to enable human-machine interactions. The proposed solution encourages enhancements to plant development and maintenance, worker safety, and training programs. The startup's VR studio is used by operations and maintenance workers to conduct plant walk-throughs, track plant operations or construction progress, and enable predictive maintenance.
The Internet of Things
The Internet of Things (IoT) is used by the oil and gas industry to collect, transmit, and analyse unstructured data in real time in order to get a thorough understanding of facility operations, improve operational performance, consume less energy, and increase profitability.
IoT solutions are available for all major oil and gas business segments. IoT is used by downstream businesses for better oil and gas processing and distribution, while midstream operators enhance fleet management and pipeline and storage maintenance. It helps upstream operators manage drilling and extraction more effectively and spend less time idle.
Over the past few years, the oil and gas sector has embraced IoT technologies to optimise operations across the stream, improve workplace safety and control, and boost production. IoT has a wide range of uses in the oil and gas industry, from reducing human maintenance to automating challenging tasks that are prone to mistakes, to reducing environmental impact and avoiding dangers.
Increasing Consumption of Oil & Gas in the Country is Driving Market Growth
In the US, very little crude oil is used for direct consumption. Petroleum products including gasoline, diesel fuel, heating oil, and jet fuel are created by refining nearly all of the crude oil that is produced or imported in the United States. Petroleum products also include liquids made from natural gas processing. Refined petroleum products can be replaced by or enhanced with renewable biofuels such as ethanol and biodiesel.
Biofuels are included in the consumption of petroleum products by the U.S. Energy Information Administration (EIA). To indicate American petroleum consumption, the EIA utilises product provided. The average daily oil consumption in the United States in 2021 was about 19.89 million barrels, for a total of about 7.26 billion barrels. This represented a daily rise in consumption of nearly 1.6 million barrels more than in 2020. The economy's recovery from the coronavirus (COVID-19) epidemic was a major factor in the rise.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 78 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $14.95 Billion |
| Forecasted Market Value (USD) by 2028 | $18.22 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | United States |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States Drilling Rig Market.
- Schlumberger Limited
- Halliburton
- Weatherford International Inc.
- Diamond Offshore Drilling, Inc.
- KCA DEUTAG
- Pacific Drilling
- Valaris plc
- Vantage Drilling Co.
Report Scope:
United States Drilling Rig Market, By Location:
- Onshore
- Offshore
United States Drilling Rig Market, By Type:
- Land Rigs
- Jackup
- Drill Ships
- Semi-Submersible
- Others
United States Drilling Rig Market, By Drilling Method:
- Cable Drilling
- Rotary Drilling
- Dual Wall Reverse - Circulating Drilling
- Electro Drilling
United States Drilling Rig Market, By Operational Depth:
- Shallow
- Deep water
- Ultra-Deep Water
United States Drilling Rig Market, By Region:
- West
- Midwest
- Northeast
- South
For more information about this report visit https://www.researchandmarkets.com/r/ap8oel
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