LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global land drilling rigs market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global land drilling rigs market will grow at a CAGR of approximately 4% during the forecast period. The rising global oil and gas consumption is a major factor driving the market’s growth.
According to a research study, the global liquid fuel consumption increased to 96.90 mbpd in 2016. Most of the oil-producing countries do not have extra storage capacities for the crude oil. Therefore, to meet the increasing demand for fuel, the oil companies need to discover greenfield oil wells in the new and existing oil fields. This is expected to propel the market growth during the forecast period.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio highlights the introduction of new-generation automated drilling rigs as one of the key emerging trends driving the global land drilling rigs market:
New-generation automated drilling rigs
Automation has been widely used in many industries including automobiles, manufacturing, power generation, aeronautics, utility, and general processing. It permits continuous repetition of tasks without a lapse in attention, which humans often face. This increases the accuracy as well as the consistency, which ultimately improves operational efficiency. Consequently, digital technology became an essential tool, which increases the profit margins and reduces the downtime and idle time for the equipment in the upstream oil and gas industry.
Accidents in the oil and gas industry have huge repercussions. Their effects are staggering, and the consequences are enormously challenging. Most of the accidents are a result of human error that can sometimes be unavoidable because of the working conditions. Therefore, it is crucial to reduce the human error in such scenarios. The rig operators are continuously seeking ways of meeting the safety goal of people not getting hurt on the job along with reducing the costs of extracting the crude oil.
“Digitalization comprises the use of sensors in drilling rigs and the associated equipment. It will also aid in recording massive amounts of data that can be later compared and analyzed with the information collected from other fields and rigs, which will assist in making effective decisions,” says a senior analyst at Technavio for research on oil and gas.
The preset algorithms can detect even a minute change in the rig data quickly and consistently, preventing issues at the initial stage. In the new-generation rigs, digital technologies are used along with integrated digital sensors in the drilling tools apart from the surface equipment. The rate of penetration and accuracy in staying within the drilling zone is improved as real-time data is transferred through software. The technology will digitally integrate the drilling process including the drilling bit and bottom-hole assembly and other downhole tools to the surface equipment with the help of a software. This will help in automating mechanical processes of geo-steering.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global land drilling rigs market segmentation
This market research report segments the global land drilling rigs market by rig type (conventional rigs and mobile rigs) and key regions (the Americas, APAC, and EMEA).
In 2017, EMEA accounted for the largest market share of around 52% in the global land drilling rigs market. The Americas held the second largest share in the global market. The market share of EMEA is expected to decrease slightly during the forecast period. The APAC region will also witness a slight increase during the forecast period.
|Technavio’s best deals of the month!|
Mark the beginning of spring with Technavio. Get 30% discount on all energy reports. Offer valid from 12th March for a limited period.
Get 20% off on all Media and Entertainment Services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.