Drilling Rig Market
Share, Global Trends,
Analysis, Research, Report,
Segmentation and Forecast,
2015 - 2025
Future Market Insights
Drilling rig is a complex equipment that is used for drilling wells into the earth’s surface. Drilling
rigs are commonly used for drilling oil wells, natural gas extraction wells and water wells. These
drilling rigs are classified as percussion, vibration, rotary, flame-jet, cable tool drilling among the
others. Rotary drilling is a type of drilling process wherein a sharp rotating drill bit delves into
the earth’s surface under applied pressure. The drilling rig that is used in this process is termed
as rotary drilling rig. The main component groups of rotary drilling rig are a prime mover which
powers the entire rig, rotating equipment comprise those components that rotate the drill bit by
transferring power from the prime mover to the drill bit, hoisting equipment facilitates lifting
and lowering of those components that move in or out of the well. Lastly, a circulating
equipment which primarily assists in lubrication and cooling of the drill bit.
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Rotary Drilling Rig Market: Drivers & Restraints
The global rotary drilling rig market is expected to register a steady growth during the forecast
period. The increasing exploration activities coupled with increasing investments are expected to
drive the growth of global drilling rig market. Moreover, technological advancement and the
increasing demand for hydrocarbons, energy and other demand areas are the factors that are
likely to drive the growth of global rotary drilling rigs market during the forecast period.
However, sluggish offshore drilling market growth in certain regions and the...