Market Size of North America Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Drilling Market Analysis
The North America Drilling market is expected to register a CAGR of more than 2% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the market was adversely affected as crude oil prices decreased all across the globe, which put a pause on exploration and production activities. However, the North America drilling market witnessed rapid growth after the pandemic as crude oil demand increased to pre-pandemic levels coupled with the ongoing war between Ukraine and Russia, which has globally increased crude oil prices, promoting exploration and production activities. Although, one of the major restraints to the market is the growing adoption of renewable energy and electric vehicles in the region.
- The United States is going to dominate the market as the country has the largest proven reserves for oil and gas coupled with government support to promote the production of oil and gas.
- The deepwater and ultra-deepwater segment is expected to witness significant development due to the increasing technological innovation and the rising viability of such operations.
- Offshore is going to dominate the market as onshore reserves are exhausted in the region, and only offshore wells provide viable profitability.
