Rotary Drilling Rig Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The rotary drilling market is expected to register a CAGR of more than 3.5% over the period of 2022-2027. On account of the COVID-19 pandemic in 2020, the market witnessed a negative impact, with a suspension of various oil and gas projects. Moreover, major companies such as Saudi Aramco, Exxon Mobil, and Royal Dutch Shell, announced a drop of 22%, from their initial spending plans of USD 175 billion for 2020. 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. However, over the years, countries across the world have witnessed rapid growth in the renewable energy sector, owing to strong policy support and sharp cost reductions. Moreover, governments of various countries are increasingly shifting toward cleaner energy sources, in order to reduce the emission levels from conventional fuels. This, in turn, is expected to hinder the market during the forecast period.
Key HighlightsThe 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.
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