Land Drilling Rig Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The land drilling rig market is expected to register a CAGR of more than 4% during the forecast period of 2022 – 2027. The COVID-19 outbreak had led to the slow down of drilling rig contraction activities across the globe. With factors such as the increasing use of high horsepower and hi-tech rigs and the increasing demand for heavy rigs, the land rig market has evolved significantly in recent years. Moreover, the exploitation of unconventional reserves to meet the increasing demand for crude oil and natural gas is expected to create significant demand for the land drilling rig market during the forecast period. However, the global shift towards renewable energy sources for electricity generation poses a huge threat to the oil and gas sector, which, in turn, is expected to be a major challenge for the growth of the land drilling rig market during the forecast period.
Key HighlightsThe land drilling rig market is moderately consolidated. The key players in the market include Nabors Industries Ltd, Helmerich & Payne Inc., Schlumberger Limited, Saipem SpA, and Weatherford International PLC, among others.
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