The oil and gas rig industry are one of the most lucrative industries in the world. The rigs are used by energy companies to drill for petroleum and natural gas, which are then processed into fuel or refined into other products. In this post, we will look at trends in global rig markets for 2018-2028 with a focus on market forecast data for each region of the globe: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Oil rigs are used to explore petroleum, drill wells and extract the oil that is found. Gas rigs on the other hand are used for natural gas extraction. The two types of the rig can be differentiated by their structure: whereas an oil rig has a cylindrical shape with many supports rising up from its periphery, a gas rig may have a dome-like shape, a platform at the center with supports extending outward in all directions.
On the basis of type, the global oil and gas rigs market is segregated into Oil rigs, Gas rigs.
Oil rigs are equipment that is used to extract crude oil from the ground. This can be done in two ways: through drilling and hydraulic fracturing (fracking). Oil rigs are often more expensive than gas rigs, mainly due to their complexity.
Oil rigs are used in the drilling process, which is where oil and gas deposits are accessed. The equipment on an oil rig allows for a drill to be lowered down into the ground from inside of a well borehole. Oil rigs can also help provide hydraulic fracturing services. Hydraulic fracking involves pumping fluid (usually water) at high pressure underground and it creates fractures in rock formations that allow hydrocarbons to flow out more easily. This technology has been around since 1947 but its use increased dramatically with innovation over time due to advances in computer modeling techniques and automotive technologies such as directional drills, horizontal drilling, multistage pumps, etc., There are two main types of oil rigs: one designed for land-based operations while another is designed to be used offshore.
Gas rigs are equipment used for the exploration and production of natural gas. The primary function of a gas rig is to inject fluids downhole in order to push out additional hydrocarbons from the formation, which increase flow rates, efficiency, and reservoir pressure.
A gas rig may also refer to a drilling platform that is mainly used for the extraction of natural gas from wells but it can also support production, storage, and transportation operations too. Gas rigs are usually anchored near coasts or onshore locations where oil deposits are shallow enough to drill with limited equipment. A large number of these type of rigs were built in Europe during the 1970s when exploration activities became widespread there due to increased demand for energy and more accessible reserves becoming available; they have since been progressively replaced by platforms made out of steel rather than wood which is cheaper and easier-to-build material.
On the basis of application, the global oil and gas rigs market is segmented into OEMs (Original Equipment Manufacturers) or aftermarket.
The OEMs segment includes the companies that use oil and gas rigs in their own operations. This typically involves exploration or production of petroleum resources by drilling wells into underground reservoirs, extracting fluids from those reservoirs, separating them into hydrocarbons with different boiling points then transporting them to refineries where these are processed further for storage or sale and distribution.
The aftermarket for oil and gas rigs is the secondary or used market. In this sector, buyers purchase old equipment that has been fully depreciated by its original owners. The term "after-markets" refers to secondhand markets in which goods are sold one owner after another as opposed to a new item being made available from scratch. While it's not quite so easy to unload an older rig into someone else's hands, there are still many people who have them stashed away with no intention of ever using them again. Aftermarket sales often happen when companies decide they need something newer than what they currently have on their inventory list - but don't want to spend money building a whole new set of machinery just yet.
On the basis of region, the global oil and gas rigs market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In 2018, the North American region dominated the global oil and gas rigs market with around 33% of the total revenue share by type; whereas, in 2020, this dominance will further increase to 38%.
Latin America accounted for more than 16% revenue share of regional demand in 2018 followed by Western European countries (14%). The regions such as Eastern Europe are anticipated to witness significant growth during the forecast timespan from 2019-2028 due to high investments in exploration activities coupled with growing energy needs across emerging economies including Poland, Czech Republic, and Hungary among others.
The Asia Pacific has witnessed a substantial rise in awareness about offshore drilling which led it to become one of the fastest-growing regions in terms of demand for oil and gas rigs.
The global oil and gas rigs market is primarily driven by the increasing demand for natural resources. The need to extract more unconventional sources of energy has led to the higher requirements in rig count, which in turn drives the growth of this market. In addition, increased exploration activities across emerging economies such as China provides an impetus for investment in drilling technology that further augments the prospects for this industry.
inking of the growth factors for the global oil and gas rigs market, we can say that there are many. The first one is increasing demand from emerging economies like China and India as these countries will be in need of more energy going into future years.
Another factor to consider is an increase in exploration drilling due to a rise in commodity prices which has led towards companies developing new resources through extraction methods such as fracking or deep-sea drilling. These two factors combined have led towards increased investment by national governments across Africa, Central Asia, and Latin America who want to ensure they extract their country's natural resources before someone else does it instead. Combined with this high level of competition over finite resources means that supply chains will find themselves under pressure with regards to both costs and speed.
Up Market Research published a new report titled “Oil and Gas Rigs Market research report which is segmented by Types (Oil rig, Gas rig), By Applications (OEMs, Aftermarket), By Players/Companies A.P. MOLLER - MAERSK, DIAMOND OFFSHORE DRILLING, Nabors Industries, Noble, Seadrill, TRANSOCEAN”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Oil and Gas Rigs Market Research Report|
|By Type||Oil rig, Gas rig|
|By Application||OEMs, Aftermarket|
|By Companies||A.P. MOLLER - MAERSK, DIAMOND OFFSHORE DRILLING, Nabors Industries, Noble, Seadrill, TRANSOCEAN|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||249|
|Number of Tables & Figures||175|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Oil rig, Gas rig and By Application OEMs, Aftermarket.
Some of the companies that are profiled in this report are:
Oil and Gas Rigs Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Oil and Gas Rigs Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Oil and Gas Rigs Market Report:
Some other reports from this category!