Extended Range Electric Rotary Drilling Rig Market
Extended Range Electric Rotary Drilling Rig Market Forecasts to 2030 - Global Analysis By Rig Type (Rotary Drilling Rigs, Directional Drilling Rigs, Offshore Drilling Rigs, Core Drilling Rigs, Telescopic Mast Drilling Rigs and Other Rig Types), Rig Size, Power Source, Automation Level, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
CAGR (2023 - 2030) |
3.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Extended Range Electric Rotary Drilling Rig Market is growing at a CAGR of 3.5% during the forecast period. Extended Range Electric Rotary Drilling Rigs are advanced drilling systems powered by electricity, designed for enhanced depth and efficiency in drilling operations. Their benefits include reduced emissions, cost savings, and precision drilling capabilities. These rigs are vital for oil, gas, and mining exploration, offering deeper penetration in challenging terrains while minimising environmental impact. Their significance lies in their ability to facilitate environmentally friendly drilling methods, reduce operating expenses, and provide access to unexplored resources.
According to the Canada Energy Regulator, by 2035, it is expected that tight and shale gas production together will represent 80% of Canada’s natural gas production.
Market Dynamics:
Driver:
Demand for oil and gas exploration
Exploring and extracting oil and gas deposits remains vital due to the world's ongoing energy needs. Advanced features of Extended Range Electric Rotary Drilling Rigs enable deeper and more accurate drilling in difficult terrain and offshore sites. These rigs enhance operational efficiency, reduce environmental impact, and enable access to previously untapped reserves. Furthermore, the adoption of electric drilling rigs is essential because of the ongoing search for and extraction of hydrocarbon resources. It helps the oil and gas sector meet energy demands while adhering to sustainability objectives and overcoming obstacles presented by difficult geological formations or remote exploration sites.
Restraint:
High initial investment
Electric rigs involve substantial upfront costs due to their advanced technology, specialised components, and the need for charging infrastructure. These initial capital outlays often pose a barrier, particularly for smaller companies or operators with limited budgets. Also, the transition from conventional rigs to electric ones demands additional investments in infrastructure and training. Although electric rigs offer long-term benefits, the significant initial financial commitment hampers widespread adoption.
Opportunity:
Technological advancements
Continuous innovation in drilling technologies presents the potential for more efficient, powerful, and versatile electric rigs. Advancements in electric motor design, battery technology, and automation systems can enhance drilling capabilities, allowing rigs to reach greater depths, operate in challenging terrains, and increase overall efficiency. Moreover, improvements in sensors and data analytics offer opportunities for real-time monitoring and precision drilling, optimising performance, and reducing downtime.
Threat:
Infrastructure and charging concerns
The availability and accessibility of charging infrastructure, especially in remote or offshore drilling sites, are crucial for the operational viability of electric rigs. Limited infrastructure and the absence of adequate charging stations in remote areas could hinder the widespread adoption of electric drilling technology. Also, the installation of charging facilities entails considerable costs and logistics, impacting the economic feasibility of using electric rigs in certain locations.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the market. Initially, disruptions in supply chains, project delays, and reduced oil demand due to lockdowns led to decreased rig investments. However, as economies recovered, increased energy demands and a focus on sustainable practices accelerated the adoption of electric drilling rigs. The industry witnessed a shift towards more environmentally friendly drilling technologies and automation. Despite initial setbacks, the pandemic highlighted the importance of sustainable energy solutions, stimulating renewed interest and investments in extended-range electric rotary drilling rigs to meet evolving energy demands and environmental goals.
The Rotary Drilling Rigs segment is expected to be the largest during the forecast period
The Rotary Drilling Rigs segment is estimated to hold the largest share. The Rotary Drilling Rigs are specialized drilling equipment designed for deep and efficient borehole creation in diverse geological formations. These rigs employ a rotating drill bit mechanism powered by electricity, allowing extended drilling depths while minimizing environmental impact and operational costs. Moreover, these cater to industries requiring high-performance drilling solutions, offering increased efficiency, precise borehole creation, and the capability to access deeper subsurface resources within the broader market for extended-range electric drilling rigs.
The Mining Exploration segment is expected to have the highest CAGR during the forecast period
The Mining Exploration segment is anticipated to have lucrative growth during the forecast period. Extended-Range Electric Rotary Drilling Rigs facilitate precise and cost-effective extraction of mineral resources, offering increased depth penetration and reduced environmental impact. Tailored for the mining industry's requirements, these rigs provide enhanced exploration capabilities, allowing access to deeper mineral deposits and challenging terrains. Additionally, this segment plays a crucial role in supporting the mining sector's quest for advanced, sustainable, and efficient drilling solutions within the broader market for extended-range electric rotary drilling rigs.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period due to expanding infrastructure projects and the region's growing oil and gas exploration activities. Nations like China, India, and Australia drove market expansion by investing in advanced drilling technologies. Furthermore, the market's growth was fuelled by rising energy demands, infrastructural developments, and the adoption of environmentally friendly drilling solutions. Asia Pacific's focus on sustainable energy and infrastructure development supported the continuous expansion of the market.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period. The United States and Canada were key contributors to market expansion, investing in efficient and environmentally friendly drilling solutions. Extended-range electric rotary drilling rigs gained prominence for their ability to reach greater depths while reducing emissions and operational costs. Moreover, the region's emphasis on sustainable energy practices and the need for efficient drilling methods in the oil and gas sector supported the continual growth of the market in North America.
Key players in the market
Some of the key players in the Extended Range Electric Rotary Drilling Rig Market include Awilco Drilling PLC, CNOOC Limited, COSL - China Oilfield Services Limited, Devon Energy Corporation, Diamond Offshore Drilling, Inc, Ensign Energy Services Inc., Halliburton Company, Helmerich & Payne, Inc., Nabors Industries Ltd., Parker Drilling Company, PetroChina Company Limited, Precision Drilling Corporation, Schlumberger Limited, Shelf Drilling, Ltd., Sinopec Oilfield Service Corporation and Transocean Ltd.
Key Developments:
In November 2023, Diamond Offshore Drilling, Inc. announced that it has entered into a drilling contract with an independent operator to utilize the Ocean BlackRhino for work offshore Guinea-Bissau.
In February 2023, Devon Energy Partners With Omnia Midstream to Integrate Renewable Energy Into Operations in Delaware Basin. The project will include significant benefits for the producer’s stakeholders through carbon emissions reduction, competitively priced electricity, economic value in the investment, and improved well run-time from a self-generated, emission-free source of electricity that will enhance the stability of its private electric grid.
Rig Types Covered:
• Rotary Drilling Rigs
• Directional Drilling Rigs
• Offshore Drilling Rigs
• Core Drilling Rigs
• Telescopic Mast Drilling Rigs
• Other Rig Types
Rig Sizes Covered:
• Compact Drilling Rigs
• Large-scale Drilling Rigs
Power Sources Covered:
• Hybrid Drilling Rigs
• Electric Drilling Rigs
• Other Power Sources
Automation Levels Covered:
• Automated/Remote-Controlled Rigs
• Data Analytics and Machine Learning
• Other Automation Levels
Applications Covered:
• Mining Exploration
• Oil and Gas Exploration
• Other Applications
End Users Covered:
• Environmental and Geotechnical Consulting Firms
• Offshore Drilling Contractors
• Construction and Foundation Engineering Companies
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Extended Range Electric Rotary Drilling Rig Market, By Rig Type
5.1 Introduction
5.2 Rotary Drilling Rigs
5.3 Directional Drilling Rigs
5.4 Offshore Drilling Rigs
5.5 Core Drilling Rigs
5.6 Telescopic Mast Drilling Rigs
5.7 Other Rig Types
6 Global Extended Range Electric Rotary Drilling Rig Market, By Rig Size
6.1 Introduction
6.2 Compact Drilling Rigs
6.3 Large-scale Drilling Rigs
7 Global Extended Range Electric Rotary Drilling Rig Market, By Power Source
7.1 Introduction
7.2 Hybrid Drilling Rigs
7.3 Electric Drilling Rigs
7.4 Other Power Sources
8 Global Extended Range Electric Rotary Drilling Rig Market, By Automation Level
8.1 Introduction
8.2 Automated/Remote-Controlled Rigs
8.3 Data Analytics and Machine Learning
8.4 Other Automation Levels
9 Global Extended Range Electric Rotary Drilling Rig Market, By Application
9.1 Introduction
9.2 Mining Exploration
9.3 Oil and Gas Exploration
9.4 Other Applications
10 Global Extended Range Electric Rotary Drilling Rig Market, By End User
10.1 Introduction
10.2 Environmental and Geotechnical Consulting Firms
10.3 Offshore Drilling Contractors
10.4 Construction and Foundation Engineering Companies
10.5 Other End Users
11 Global Extended Range Electric Rotary Drilling Rig Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Awilco Drilling PLC
13.2 CNOOC Limited
13.3 COSL - China Oilfield Services Limited
13.4 Devon Energy Corporation
13.5 Diamond Offshore Drilling, Inc
13.6 Ensign Energy Services Inc.
13.7 Halliburton Company
13.8 Helmerich & Payne, Inc.
13.9 Nabors Industries Ltd.
13.10 Parker Drilling Company
13.11 PetroChina Company Limited
13.12 Precision Drilling Corporation
13.13 Schlumberger Limited
13.14 Shelf Drilling, Ltd.
13.15 Sinopec Oilfield Service Corporation
13.16 Transocean Ltd.
List of Tables
1 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Region (2021-2030) ($MN)
2 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Rig Type (2021-2030) ($MN)
3 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Rotary Drilling Rigs (2021-2030) ($MN)
4 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Directional Drilling Rigs (2021-2030) ($MN)
5 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Offshore Drilling Rigs (2021-2030) ($MN)
6 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Core Drilling Rigs (2021-2030) ($MN)
7 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Telescopic Mast Drilling Rigs (2021-2030) ($MN)
8 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Other Rig Types (2021-2030) ($MN)
9 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Rig Size (2021-2030) ($MN)
10 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Compact Drilling Rigs (2021-2030) ($MN)
11 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Large-scale Drilling Rigs (2021-2030) ($MN)
12 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Power Source (2021-2030) ($MN)
13 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Hybrid Drilling Rigs (2021-2030) ($MN)
14 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Electric Drilling Rigs (2021-2030) ($MN)
15 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Other Power Sources (2021-2030) ($MN)
16 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Automation Level (2021-2030) ($MN)
17 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Automated/Remote-Controlled Rigs (2021-2030) ($MN)
18 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Data Analytics and Machine Learning (2021-2030) ($MN)
19 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Other Automation Levels (2021-2030) ($MN)
20 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Application (2021-2030) ($MN)
21 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Mining Exploration (2021-2030) ($MN)
22 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Oil and Gas Exploration (2021-2030) ($MN)
23 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Other Applications (2021-2030) ($MN)
24 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By End User (2021-2030) ($MN)
25 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Environmental and Geotechnical Consulting Firms (2021-2030) ($MN)
26 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Offshore Drilling Contractors (2021-2030) ($MN)
27 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Construction and Foundation Engineering Companies (2021-2030) ($MN)
28 Global Extended Range Electric Rotary Drilling Rig Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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