Global Land Drilling Rigs Market - Rising Oil and Gas Consumption to Boost Growth | Technavio

Technavio has published a new market research report on the global land drilling rigs market from 2018-2022. (Graphic: Business Wire)

LONDON--()--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.

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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.

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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.

 
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About Technavio

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.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio’s latest market research report on the global land drilling rigs market provides an analysis of the most important trends and drivers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com