Market Size of Europe Drilling Rig Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Drilling Rig Market Analysis
The Europe drilling rig market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing investments in oil and gas exploration and production are expected to drive the market's growth.
- On the other hand, volatile crude oil and gas prices are expected to hamper the growth of the Europe drilling rig market during the forecast period.
- Nevertheless, Europe's offshore exploration and production are expected are likely to create lucrative growth opportunities for the Europe drilling rig market in the forecast period.
- Norway dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies to meet the energy demand in the Europe region.
