Market Size of Land Drilling Rig Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 43.62 Billion |
| Market Size (2029) | USD 51.70 Billion |
| CAGR (2024 - 2029) | 3.46 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Land Drilling Rigs Market Analysis
The Land Drilling Rig Market size is estimated at USD 43.62 billion in 2024, and is expected to reach USD 51.70 billion by 2029, growing at a CAGR of 3.46% during the forecast period (2024-2029).
- Over the medium period, the land rig market has evolved significantly in recent years with the increasing use of high horsepower and hi-tech rigs and the increasing demand for heavy rigs. Moreover, exploiting unconventional reserves to meet the increasing demand for crude oil and natural gas is expected to create significant demand for the land drilling rig market during the forecast period.
- On the other hand, the global shift towards renewable energy sources for electricity generation poses a huge threat to the oil and gas sector, which, in turn, is expected to be a major challenge for the growth of the land drilling rig market during the forecast period.
- Nevertheless, the high-volume and demand markets in Asia-Pacific and the Middle Eastern regions are investing highly in midstream infrastructure. New infrastructure and relatively robust CAPEX budgets provide rigs opportunities to enter/re-enter these geographies.
- North America is one of the largest markets for land drilling rigs, led by the United States, mainly due to increased exploration and production activities of its tight oil and shale reserves.
