Global Rotary Drilling Rig Market: Industry Size, Share, Trends, Opportunity and Forecasts to 2028

DUBLIN, Nov. 2, 2023 /PRNewswire/ -- The "Rotary Drilling Rig Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to  ResearchAndMarkets.com's offering.

The Global Rotary Drilling Rig Market is expected to thrive during the forecast period 2024-2028 due to increased viability of deep-water and ultra-deepwater projects and global demand for oil.

Rotary drilling is an efficient technology used in the offshore oil and gas sector. This is a drilling technology that uses continuous circular rotation of the bit to drill the rock. In contrast, the drilling fluid circulates down the wellbore through the bit to the surface, allowing the wellbore to be drilled safely and efficiently. A rotary drill is a quick method and is significantly faster than many other conventional drilling techniques. Importantly, it also delivers highly consistent results and does not compromise on quality. In addition, rotary drilling rigs are widely used in various boring pile projects.

Advantages of Rotary Drilling Rig propelling the Global Rotary Drilling Rig Market

The oil and gas industry plays an important role in the overall growth of the country's economy, improving both economic and social life. Rising demand from the oil and gas industry and increasing demand for water exploration projects around the world have enabled major companies to make huge investments in the drilling industry, increasing the demand for water well drilling rigs. Moreover, adopting various business strategies to win more drilling contracts, expand ongoing business, and improve the market will help increase the demand for well drilling rigs during the forecast period. It is an important element of competitive analysis.

A rotary drilling rig is a fully hydraulic self-propelled crawler drilling rig that uses a fully hydraulic system, some of which are also equipped with a computer operating system. Choosing good components can extend the overall life of your equipment, and component damage will not affect its use. The equipment integrating machinery, power and fluids, has a compact structure, flexible and convenient operation, a high degree of mechanization and automation, and can be moved independently on the construction site, can carry the mast, and is convenient to move and align quick hole position. Telescopic Drill is used which saves man-hours and time for adding drill pipe, reducing auxiliary man-hours and improving time efficiency.

The drill rig can be set according to the stratum conditions, and the excavation speed can be improved by using a long bit in the cohesive soil layer. For high sand and gravel layers, a short drill pipe with mud wall protection can be used to control the drilling speed. For formations containing boulders, boulders and hard rocks, both long and short auger augers can be used to handle.

Latest Trends in Global Rotary Drilling Rig fueling the Market Growth

• Subsea Robotics and Offshore Projects Group was given a contract by Oceaneering for comprehensive derrick services covering the Khaleesi/Mormont and Samurai fields in the US Gulf of Mexico in 2021. The scope of work included the provision of remotely operated vehicles manned by ROV tools and technicians, remote positioning, and metrological survey resources. Project work began in 2021.
• In 2021, Equinor was scheduled to drill approximately 10 to 13 exploration wells in the US Gulf of Mexico, off the coast of Canada, in 2022. Such investments in new exploration wells are therefore likely to increase the demand in the rotary drilling rig market.

Market Segmentation

The Global Rotary Drilling Rig Market is segmented on the basis of Location of Deployment and Application. Based on Location of Deployment, the market is bifurcated into Onshore and Offshore. Based on Application, the market is bifurcated into Oil & Gas, Mining and Others.

Market Players

Major market players in the Global Rotary Drilling Rig market are Zoomlion Heavy Industry Science &Technology Co. Ltd, Caterpillar. Inc, Bauer AG, Atlas Copco, SANY Group Co. Ltd, Schramm Inc., Sandvik Drilling, Dando Drilling International Ltd, Streicher Drilling Technology GmbH, Beijing Sinovo International & Sinovo Heavy Industry Co. Ltd.

Report Scope

In this report, the Global Rotary Drilling Rig market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Rotary Drilling Rig Market, by Location of Deployment

• Onshore
• Offshore

Rotary Drilling Rig Market, by Application

• Oil & Gas
• Mining
• Others

Rotary Drilling Rig Market, by Region:

• North America
• Asia-Pacific
• Europe
• South America
• Middle East

Competitive Landscape

Detailed analysis of major companies present in the Global Rotary Drilling Rig market, including:

• Zoomlion Heavy Industry Science &Technology Co. Ltd
• Caterpillar. Inc
• Bauer AG
• Atlas Copco
• SANY Group Co. Ltd
• Schramm Inc.
• Sandvik Drilling
• Dando Drilling International Ltd
• Streicher Drilling Technology GmbH
• Beijing Sinovo International & Sinovo Heavy Industry Co. Ltd.

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/mja21h

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