United States Drilling Rig market Size, Growth, Trends, Opportunities, and Demand Forecast to 2018-2028

Increase in natural gas production and increased offshore drilling activities are expected to drive the United States Drillings Rigs Market during the forecast period, 2023-2028.

According to TechSci Research report, “United States Drilling Rig Market - By Region, Competition, Forecast & Opportunities, 2028”, United States Drilling Rig Market is anticipated to grow at a steady rate during the forecast period, 2024-2028. Market growth is dependent on a number of variables, including increased upstream oil and gas investments, rising demand for oil and gas, and a growing emphasis on unconventional oil and gas exploration and production (E&P) activities. Onshore rigs are likely to dominate in the rigs sector in the United States due to major availability of hydrocarbon, as many of rigs are situated on land and not in sea.

The area in the United States with the most oil rigs is the Permian basin. In the basin, there were 344 operating rigs as of the end of August 2022. With 63 rigs at the time, Eagle Ford had the second-highest number of oil rigs in the world. Texas is the primary location of both basins.

The expansion in exploratory operations by the oil and gas corporations has been a key factor in the rising demand for drilling rigs globally. For the drilling tasks that are crucial for oil and gas firms, drilling rigs provide effective solutions. Modern drilling rigs are being developed as a result of the quick advancements in technology; they are lightweight, portable, and inexpensive. They can also be transported to remote locations with ease. In the near future, these advancements are anticipated to positively impact the worldwide drilling rig market.

One of the key nations conducting offshore oil and gas exploration is the US. Offshore oil and gas developments in North America are also being propelled by government assistance. Along the Atlantic, Arctic, and Pacific coasts, the US government also intends to drill and explore practically all of its offshore oil and gas resources, which will increase demand for drilling rigs in the area.

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Drilling Rig market can be segmented on the basis of location, type, drilling method, operational depth, and region.

Based on location, onshore is the dominant segment in United States Drilling Rigs Market as in the United States, there are more land rigs than offshore rigs, and for the years 2023E–2028F, the need for drilling rigs for onshore operations is directly impacted by the rise in demand for fossil fuels as well as onshore exploration and production activities. However, because there is other well intervention techniques and technologies available, well intervention and work-over activities have less of an impact on the demand for drilling rigs.

Based on Technology, rotary drilling is the dominant segment in United States Drilling Rigs market as a dependable technology utilised in the offshore oil and gas sector. Drilling technology rotates the bit continuously in a circular motion to fracture rocks. The market for rotary drilling is anticipated to benefit significantly from the ability to collect oil and gas from deep-water and ultra-deepwater locations.

Major companies operating in the United States Drilling Rig market are:

• Schlumberger Limited
• Halliburton
• Weatherford International Inc.
• Diamond Offshore Drilling, Inc.
• KCA DEUTAG,
• Pacific Drilling
• Valaris plc
• Vantage Drilling Co.

Leading businesses are concentrating on increasing their product ranges to preserve long-term market growth. Many companies in the United States Drilling Rigs Market are represented in the country through distributors or contractor teams.

Companies in the US produce crude oil on both public and private lands as well as in offshore areas. These businesses typically solely conduct business in the United States and are independent producers. The other businesses, frequently referred to as major oil firms, might employ hundreds or thousands of people and conduct business internationally. Chevron and ExxonMobil are two prominent oil firms in the United States.

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“Due to increased exploration and production costs and  growing energy consumption, the market is healthy and is expected to grow during the forecast period. Additionally, the United States Drilling Rigs Market is expected to develop due to rising need for power and heat during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. "United States Drilling Rigs Market By Location (Onshore, Offshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, Others), By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling), By Operational Depth (Shallow, Deep water, Ultra Deep Water), By Region, Competition Forecast and Opportunities, 2018-2028”, has evaluated the future growth potential of United States Drilling Rigs Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Drilling Rigs Market.

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