What is the outlook for the rotary drilling rig market?

Globally, very few onshore regions are left yet-to-be-explored by oil companies. Hence, the offshore region is expected to provide an opportunity for the rotary drilling rig market. North America is expected to be the largest market for the rotary drilling rig market, with the majority of demand coming from the United States and Canada.

What factors will drive the rotary drilling rig market?

Factors, such as improved viability of deepwater and ultra-deepwater projects and the global demand for oil, which is expected to witness an annual growth rate of 1.2 million barrels per day (mbd) till 2023, are likely to drive the rotary drilling rig market during the forecast period.

Which region is expected to provide an opportunity for rotary drilling rig market?

Hence, the offshore region is expected to provide an opportunity for the rotary drilling rig market. North America is expected to be the largest market for the rotary drilling rig market, with the majority of demand coming from the United States and Canada. Report scope can be customized per your requirements.

What are the key players in the rotary drilling rig market?

The rotary drilling rig market is moderately fragmented. Some of the key players in this market include Schramm Inc., BAUER AG, Caterpillar Inc., SANY Group Co. Ltd, and Zoomlion Heavy Industry Science &Technology Co. Ltd among others.

How big is the offshore drilling rig market?

The Asia-Pacific market is projected to lead the offshore drilling rigs market by the year 2019, with an estimated market size of $20.7 billion, followed by Latin America with $20.38 billion, and Africa with $19.62 billion. What is an Automated Drill rig?

What is a rotary drilling rig?

A rotary drilling rig is a type of drilling equipment that is applicable to cohesive soils, soil layers containing a small amount of gravel and pebble, and soft rocks.