Land Drilling Rig Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Land Drilling Rigs Market is Segmented by Type (Conventional and Mobile), Drive Mode (Mechanical, Electrical, and Compound), and Geography (North America, South America, Europe, Middle-East and Africa, and Asia-Pacific). The report offers the market size and forecasts in revenue (USD) for all the above segments.

Land Drilling Rigs Market Size

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Land Drilling Rig Market Summary
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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

Land Drilling Rig Market 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.

Land Drilling Rigs Market Trends

The Mobile Rig Segment to Dominate the Market

  • A portable or mobile rig is a truck-mounted unit that contains the derrick, draw-works, and mud pumps. The principal advantage of the portable rig includes low rig-up and rig-down time, as well as lower truck hire requirements.
  • Portable rigs are used frequently in workover operations and when drilling to depths of about 10,000 ft. The rigs may be used on an 8, 12, or 24-hr/day basis and have several advantages over conventional rigs.
  • 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 one well site to another.
  • According to Baker Hughes, as of October 2023, the total land rig counts accounted for 736 units, approximately 75% of the total rig counts. With the increasing rig counts on the land region, drilling and production activity are expected to be in demand, which, in turn, will drive the land drilling rig market.
  • Moreover, as drilling in unconventional reserves is gradually gaining momentum in countries (other than the United States) such as Canada, China, and Argentina, portable rigs with high-tech rig designs and bigger horsepower are expected to create a significant opportunity for the mobile rigs soon.
  • Also, the increasing crude oil prices have favored the gradual shift towards developing unconventional fields. As a result, the upcoming projects in unconventional reserves are expected to drive the demand in the land drilling market.
  • Thus, owing to the above points, the mobile rig segment is expected to dominate the market in the forecast period.
Land Drilling Rig Market: Land Rig Count, In Units, Global, Jan 22- May 23

North America to Dominate the Market

  • Drilling activities in North America have increased amid rising oil and gas prices. The North American land rig count reached 897 in 2022, i.e., an increase of around 48% from 2021.
  • The United States has increased its drilling activity and has the highest active rig counts. As of June 2023, the active rig count increased by around 9%, i.e., the count crossed 687, resulting in high demand for drilling rigs.
  • Technological improvements in hydraulic fracturing and low breakeven prices support the robust drilling activity in the country. As a result, fleet utilization in the country rose to 46% after two years of decline. The increasing share of horizontal drilling in the United States has resulted in high demand for high-specification drilling rigs.
  • In addition to receiving new rig orders, some large contractors upgrade their rigs to meet these requirements. As the United States drills better in the coming years, the demand for high-spec drilling rigs is expected to grow.
  • Also, there is a significant potential growth for rig demand in Canada, driven by the start-up and expansion of numerous planned oil sand projects, leading to the development of the land drilling rig market during the forecast period.
  • Therefore, based on the factors mentioned above, North America is expected to dominate the global land drilling rig market during the forecast period.
Land Drilling Rig Market - Growth Rate by Region, 2023-2028

Land Drilling Rigs Industry Overview

The land drilling rig market is moderately consolidated. The key players in the market (in no particular order) include Nabors Industries Ltd, Helmerich & Payne Inc., Schlumberger Limited, Saipem SpA, and Weatherford International PLC, among others.

Land Drilling Rigs Market Leaders

  1. Schlumberger Limited

  2. Saipem SpA

  3. Nabors Industries Ltd.

  4. Weatherford International PLC

  5. Helmerich & Payne, Inc.

*Disclaimer: Major Players sorted in no particular order

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Land Drilling Rigs Market News

  • March 2023: The Oil and Natural Gas Corporation (ONGC) received ten indigenous rigs from Megha Engineering and Infrastructure Limited (MEIL) to explore oil and natural gas in its onshore fields in the Krishna-Godavari basin.
  • March 2023: Adnoc Drilling Company, a subsidiary of Adnoc Group, agreed to purchase ten newbuild hybrid power land drilling rigs for USD 252 million. China Petroleum Technology and Development Corporation in China will create the newbuild hybrid power rigs, which will have the Fast Desert Moving design and the ability to work in cluster wells.
  • December 2022: KCA Deutag received contract awards and extensions totaling over USD 85 million in Oman, Northern Iraq, and Europe. Three rigs (T849, T858, and T899) have been extended for seven years of work in Oman. KCA Deutag's Kenera business unit will also provide a grid container for rig T-899.

Land Drilling Rigs Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD, till 2028

    3. 4.3 Global Onshore Active Rig Count of Major Countries, till 2022

    4. 4.4 Onshore CAPEX Forecast in USD billion, till 2028

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

        1. 4.7.1.1 Increasing Use of High Horsepower and Hi-Tech Rigs

        2. 4.7.1.2 Exploiting Unconventional Reserves

      2. 4.7.2 Restraints

        1. 4.7.2.1 The Global Shift Towards Renewable Energy Sources

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Conventional

      2. 5.1.2 Mobile

    2. 5.2 Drive Mode

      1. 5.2.1 Mechanical

      2. 5.2.2 Electrical

      3. 5.2.3 Compound

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States of America

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of the North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 France

        3. 5.3.2.3 Italy

        4. 5.3.2.4 Germany

        5. 5.3.2.5 Rest of the Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 South Korea

        4. 5.3.3.4 Rest of the Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of the South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Iran

        4. 5.3.5.4 Iraq

        5. 5.3.5.5 Qatar

        6. 5.3.5.6 Rest of the Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Nabors Industries Ltd

      2. 6.3.2 Helmerich & Payne Inc.

      3. 6.3.3 Eurasia Drilling Company Limited

      4. 6.3.4 Ensign Energy Services Inc.

      5. 6.3.5 Precision Drilling Corp.

      6. 6.3.6 Patterson-UTI Energy Inc.

      7. 6.3.7 Schlumberger Limited

      8. 6.3.8 Saipem SpA

      9. 6.3.9 Weatherford International PLC

      10. 6.3.10 KCA Deutag Group

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 New Infrastructure and Relatively Robust CAPEX Budgets

**Subject to Availability
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Land Drilling Rigs Industry Segmentation

A drilling rig is machinery used to bore a wellbore. The mud tanks and pumps, the derrick, the draw works, the rotary table, the drill string, the power generation equipment, and the auxiliary equipment are all a drilling rig's components.

The land drilling rig market is segmented by type, drive mode, and geography. By type, the market is segmented into conventional and mobile. The market is segmented by drive mode into mechanical, electrical, and compound. The report also covers the market size and forecasts for the land drilling rig market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).

Type
Conventional
Mobile
Drive Mode
Mechanical
Electrical
Compound
Geography
North America
United States of America
Canada
Rest of the North America
Europe
United Kingdom
France
Italy
Germany
Rest of the Europe
Asia-Pacific
China
India
South Korea
Rest of the Asia-Pacific
South America
Brazil
Argentina
Rest of the South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Iran
Iraq
Qatar
Rest of the Middle-East and Africa
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Land Drilling Rigs Market Research FAQs

The Land Drilling Rig Market size is expected to reach USD 43.62 billion in 2024 and grow at a CAGR of 3.46% to reach USD 51.70 billion by 2029.

In 2024, the Land Drilling Rig Market size is expected to reach USD 43.62 billion.

Schlumberger Limited, Saipem SpA, Nabors Industries Ltd., Weatherford International PLC and Helmerich & Payne, Inc. are the major companies operating in the Land Drilling Rig Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Land Drilling Rig Market.

In 2023, the Land Drilling Rig Market size was estimated at USD 42.16 billion. The report covers the Land Drilling Rig Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Land Drilling Rig Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Land Drilling Rig Industry Report

Statistics for the 2024 Land Drilling Rig market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Land Drilling Rig analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Land Drilling Rig Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)