North America Drilling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The North America Drilling market is expected to register a CAGR of more than 2% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the market was adversely affected as crude oil prices decreased all across the globe, which put a pause on exploration and production activities. However, the North America drilling market witnessed rapid growth after the pandemic as crude oil demand increased to pre-pandemic levels coupled with the ongoing war between Ukraine and Russia, which has globally increased crude oil prices, promoting exploration and production activities. Although, one of the major restraints to the market is the growing adoption of renewable energy and electric vehicles in the region.
Key HighlightsThe North America Drilling market is moderately consolidated. The major companies include Schlumberger Limited, Baker Hughes Company, Chevron, ConocoPhillips, Halliburton Company
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