According to TechSci Research report, “Asia-Pacific Drilling Rig Market – By Country, Competition, Forecast & Opportunities, 2028”. Asia-Pacific drilling rig market is expected to grow in the forecast period, due to the growing acceptance of IoT in the oilfield and increasing energy demand. Additionally, setting up a rig and digging a deep well is expensive, so corporations are reluctant to waste time and money on an ineffective location. Hence, geologists look for oil by investigating surface rock formations, magnetic fields, and even minor fluctuations in gravity. 3-D seismic imaging is one of the most significant advancements in oil exploration. This is based on the premise that sound bounces off and travels differently through different materials. An energy source, such as a vibrator truck sends sound waves deep into the earth in this procedure. Geophones are special devices positioned on the surface that receive noises that bounce back and relay the data to recorder trucks. Further, engineers and geophysicists examine the recorded sound waves to determine the types of rock formations. This allows them to create 3-D representations of what is beneath the surface. Although this modern technology reduces the number of holes bored and results in more productive wells, even though foolproof. Therefore, seismic imaging technique is expected to boost developments in the Drilling Rigs in Asia-Pacific region.
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Asia-Pacific Drilling Rig Market is segmented based on location, type, drilling method, operational depth, and country. Based on location, the market is divided into onshore and offshore. Onshore (Land) held the dominating market share of approximately 70% in 2022 in the Asia-Pacific drilling rigs market. Asia-Pacific has one of the largest onshore oil and gas fields and reserves. In the region, there are more land rigs than offshore rigs, and for the years 2023–2028 the need for drilling rigs for onshore operations is directly impacted by the rise in demand for fossil fuels as well as onshore exploration and production activities. However, there is other well intervention techniques and technologies available, in which well intervention and work-over activities have less impact on the demand for drilling rigs.
Based on type, the market is segmented into land rigs, jackup, drill ships, and semi-submersible. Based on drilling method, the market is divided into cable drilling, rotary drilling, dual wall reverse – circulating drilling, electro drilling, and directional drilling.
Based on technology, rotary drilling is the dominant segment in Asia-Pacific drilling rigs market as a dependable technology utilised in the offshore oil and gas sector. Drilling technology rotates a bit continuously in a circular motion to fracture rocks. The market for rotary drilling is anticipated to benefit significantly from the ability to collect oil and gas from deep-water and ultra-deepwater locations. Based on operational depth, the market is divided into shallow, deep water, and ultra deep water. Based on region, the market is divided into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, and Malaysia.
Key market players in the Asia-Pacific Drilling Rig Market include:
- Schlumberger Ltd
- Weatherford International PLC
- Halliburton Company
- Baker Hughes Company
- Scientific Drilling International Inc. (SDI)
- China Oilfield Services Limited
- Nabors Industries Ltd
- National Oilwell Varco Inc.
- PHX Energy Services Corp.
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“Due to increased exploration and production costs and anticipated increases in energy consumption, the market is healthy and is trend-analysed. Additionally, the Asia-Pacific Drilling Rigs Market is expected to develop due to rising need for power and heat during the forecast period and many more factors will drive the market. The number of activities in the area has increased as a result of several offshore drilling projects in Australia, Malaysia, and Indonesia, further promoting the demand for oilfield services. Therefore, it is anticipated that increased development of unconventional resources, new investments in the oil and gas sector, and the stability of crude oil prices will boost demand for drilling rigs in the Asia-Pacific region. For instance, china is implementing regulations to raise the share of gas and decrease the share of coal in the overall energy mix due to air pollution and environmental concerns. Therefore, it is anticipated that China will lead the demand for oilfield services in the Asia-Pacific with growing exploration and production activities supported by government efforts.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Asia-Pacific Drilling Rig Marketby Location (Onshore, Offshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, Others), By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse – Circulating Drilling, Electro Drilling, Directional Drilling), By Operational Depth (Shallow, Deep water, Ultra Deep Water), By Country, Competition, Forecast and Opportunities, 2028 has evaluated the future growth potential of Asia-Pacific Drilling Rig Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia-Pacific Drilling Rig Market.
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