Global Land Drilling Rig Market Share, Analysis - Segmented by Type (Conventional, Mobile), Drive Modes (Mechanical , Electrical, Compound), and Geography - Growth, Trends, and Forecast (2018 - 2023)

Land Drilling Rig Market
The year 2017 was a turning point for land drilling rig contractors after setting the record low utilization rate in 2016. Land drilling rig market witnessed remarkable growth in North America. In the US, the onshore rig demand increased by 107% in 2017. While internationally (excluding the US and Canada), 763 rigs were active in 2017, which was 8.5% higher than 2016 level. As we enter 2018, the crude oil price is well above USD 65 per dollar and has even touched USD 80 per barrels, the industry seems more optimistic than in recent times. Oil & gas companies are planning to invest in the projects which were put on hold due to high cost of development.

Increasing Exploitation of Unconventional Reserves
Crude oil & natural gas from conventional resources from has been the major source to meet the increasing demand for energy globally. However, most of the conventional oilfield are aging at a faster rate than the rate of replacement and won’t be able to meet the growing energy demand. Global crude oil discoveries declined by around 73% in 2016 from the average of 9 billion barrels annually over the past 15 years and demand is expected to grow by 1.2 mb/d in the next four years. As a result, several operating companies have shifted their focus towards the exploitation of unconventional reserve. The United States is the largest market for exploitation of unconventional reserves and large share of crude oil & natural gas is produced from it. Apart from the US, Canada, and China have also started to exploit their unconventional reserve to meet their increasing demand. Increasing exploitation of unconventional reserve is expected to create significant demand for drilling rig in the market.

Increasing demand for Portable Rigs
The type of drilling rig required has fundamentally changed in the last few years. Higher-tech rig designs and bigger-horsepower are the new order of the day. These types of rigs have been increasingly favored for horizontal unconventional drilling business. The fleet transformation also includes automation and highly portable rigs which requires two- or three-man crew to do what once require seven or eight rig hands on the floor. Many land rig contractors have upgraded their fleet with higher-horsepower new-builds, adding more powerful rigs with advanced technological capabilities from top drives to automated pipe handling, and the mobility to quickly move from well site to site.

United States Holds the Largest Share in Land Drilling Rig Market
As the crude oil prices has recovered, the country has increased its drilling activity and has the highest number of active rig count currently. In 2017, the active rig count increased by around 39% in 2017. In 2018, the count crossed 1000, resulting in high demand for drilling rig. The robust drilling activity in the country is supported by technological improvement in hydraulic fracturing and low breakeven prices. As a result, the fleet utilization in the country rose to 46% after two years of decline. The increasing share of horizontal drilling in the US has resulted in high demand for high-spec drilling rigs. In addition to receiving new rig orders, some of the large contractors are upgrading their rigs to meet these requirements. As the country drills more well in the coming years, the demand for high-spec drilling rigs is expected to grow.

Notable Developments in the Land Drilling Rig Market
December 2017: Nabors Industries Ltd. And Tesco Corporation announced the completion of the previously announced acquisition of Tesco by Nabors. Tesco is tubular service provider and rig equipment manufacturer.

Land Drilling Rig Market Major Players
Nabors Industries Ltd.
Helmerich & Payne, Inc.
Eurasia Drilling Company Limited
Ensign Energy Services Inc
Precision Drilling Corp.
Patterson-UTI Energy, Inc.
Schlumberger Limited
Saipem SpA
Weatherford International plc
KCA Deutag

Reasons to Purchase Land Drilling Rig Market Report
Current and future land drilling rig market outlook in the developed and emerging markets
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The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
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