A drilling rig is a kind of equipment used for drilling wells in the oil and gas industries. These drilling rigs come in different shapes and sizes and can be both static and mobile. It is not only used to identify reservoirs but is also employed for creating holes in order to extract oil and natural gas from the reservoirs. Drilling rigs are also used in the mining industries for rock blasting purposes.

Market scope and structure analysis:

COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the drilling rigs market.

• Due to the nationwide lockdowns imposed by the governments in order to contain the virus, major business activities and the normal outdoor lifestyle of common people were halted. This has caused a significant decrease in the demand and has consequently affected the demand for drilling rigs in the market.
• Moreover, the exploration activities of major companies were also affected due to the lack of workforce caused as a result of the lockdowns and travel restrictions. This has also caused serious effects on the drilling rigs market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The rapid industrial development and urbanization across the world have created an ever increasing demand for fuel in the market. As a result, the oil and gas companies have increased the exploration activities and this has acted as a major driver for the growing demand of drilling rigs around the world. The drilling rigs offer efficient solutions for the drilling activities that are essential for the oil and gas companies. With the rapid technological developments, modern drilling rigs are being introduced that are easy to move and can be taken to remote places very easily and at a lower expense. Such developments are expected to boost the global drilling rigs market in near future. However, high operational cost and fluctuating prices of crude oil might act as a restraining factor for the market. But on the brighter side, the growing number of deep-water and ultra-deep-water oil and gas excavation activities in countries such as Brazil, Nigeria and others is expected to drive the growth of the global drilling rigs market in the near future.

The North American region accounts for a significant share of the global drilling rigs market with rapid growth in the oil and gas industry in the region. The market in the Middle East and Africa is also expected to witness a lucrative growth in demand for drilling rigs due to the presence of high number of oil and gas industries in the region.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global drilling rigs industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global drilling rigs market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global drilling rigs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global drilling rigs market analysis based on competitive intensity and how the competition will take shape in coming years.