The rotary drilling rig global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Rotary Drilling Rig Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The rotary drilling rig market size has grown strongly in recent years. It will grow from $3.39 billion in 2023 to $3.56 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to oil prices, regulatory environment, geopolitical factors, engineering innovations, and infrastructure projects.
The rotary drilling rig market size is expected to see steady growth in the next few years. It will grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to global energy demand, renewable energy infrastructure, digitalization and automation, offshore exploration, infrastructure development. Major trends in the forecast period include increasing adoption of automated solutions, rise in demand for environmentally friendly technologies, growing focus on data analytics and predictive maintenance, expansion of offshore drilling activities, emergence of integrated drilling solutions.
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Scope Of Rotary Drilling Rig Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Rotary Drilling Rig Market Overview
Market Drivers –
The rising global energy demand is expected to propel the growth of the rotary drilling rig market going forward. Energy refers to the power required to operate various processes, machinery, and equipment involved in manufacturing, production, and other industrial activities. Energy demand is on the rise due to several factors, such as the growth of energy-intensive industries, including mining, agriculture, and heavy manufacturing, and a global trend towards electrification. Rotary drilling rigs are extensively used in the energy sector to explore and produce oil and natural gas. These rigs bore deep into the Earth’s subsurface to access underground reservoirs, facilitating the extraction of hydrocarbons essential for powering various aspects of modern society. For instance, in April 2023, according to the Energy Information Administration, a US-based government agency, energy usage in the US industrial sector was projected to rise by 5% to 32% between 2022 and 2050. Therefore, the rising global energy demand is driving the growth of the rotary drilling rig market.
Market Trends –
Major companies operating in the rotary drilling rig market are developing advanced products, such as the Sandvik RR340 single seal roller bearing rotary drill, to gain a competitive edge in the market. The Sandvik RR340 single seal roller bearing rotary drill is a specialized drilling tool used in rotary drilling operations, featuring a design that incorporates a single seal, typically a roller-bearing seal, to maintain lubrication and prevent debris ingress. This design enhances drilling efficiency and longevity by reducing friction and heat generation, leading to longer service life and improved reliability compared to standard air-bearing bits. For instance, in April 2023, Sandvik AB, a Sweden-based mining company, launched the Sandvik RR340 single seal roller bearing rotary drill bit, designed to enhance drilling performance and longevity. With its premium single seal roller bearing technology and optional PowerCarbide inserts, this new drill bit offers customers a 45% longer service life compared to standard air-bearing bits, leading to lower total drilling costs. The RR340 ensures longer bearing hours and increased dependability by having a low-friction bearing and an abrasion-resistant radial seal, which reduces wear and heat generation during drilling operations. Sandvik’s rotary bit lineup is completed with the RR340, which offers superior performance and efficiency for a broad range of drilling applications. It is available in diameters ranging from 6¾’ to 12¼’.
The rotary drilling rig market covered in this report is segmented –
1) By Type: Crawler Rotary Drilling Rigs, Rubber-Tired Rotary Drilling Rigs
2) By Location Of Deployment: Onshore, Offshore
3) By Application: Oil and Gas, Mining, Other Applications
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Regional Insights –
North America was the largest region in the rotary drilling rig market in 2023. Middle-East and Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the rotary drilling rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the rotary drilling rig market are Caterpillar Inc., Komatsu Ltd., Liebherr Group, Atlas Copco, SANY Group Co. Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Doosan Bobcat, Bauer AG, Vermeer Manufacturing, The Charles Machine Works, TESMEC S.p.A., RIVARD SAS, Schramm Inc., MARAIS SA, STREICHER Drilling Technology GmbH, Simex Srl, Dando Drilling International Ltd., Auger Torque Europe, Inter-Drain Sales BV, Beijing Sinovo International, ATTEC International, Mastenbroek Limited, Tecnologia Dinamica en Implementos
Table of Contents
1. Executive Summary
2. Rotary Drilling Rig Market Characteristics
3. Rotary Drilling Rig Market Trends And Strategies
4. Rotary Drilling Rig Market – Macro Economic Scenario
5. Global Rotary Drilling Rig Market Size and Growth
…..
32. Global Rotary Drilling Rig Market Competitive Benchmarking
33. Global Rotary Drilling Rig Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Rotary Drilling Rig Market
35. Rotary Drilling Rig Market Future Outlook and Potential Analysis
36. Appendix
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