Global Land Contract Drilling Market Outlook to 2028

Increasing demand for energy, continued drilling activity, new oil and gas discoveries, low maintenance cost coupled with increasing development of shale fuels are some of the major factors which are driving the demand for the land drilling rig market. 

Continuing oil price volatility, a sustained market uncertainty, and a highly fragmented market continues to present challenges to the land drilling rig industry. 

A drilling rig is a mechanical device utilized for drilling oil wells, natural gas wells, and water wells. Portable drilling rigs can be man-portable drilling rigs. They can also be truck or trailer mounted. 

Amidst pandemic, global oil production and demand has fallen significantly, and oil and gas companies are going bankrupt. 

Post Covid-19, operating companies have moderate capital spending and weak operating cash flows as major projects are on hold, and companies renegotiating the contract terms. 

United States will be the dominant player in demand for drilling rigs once the crude oil prices recover to breakeven from USD 40 per barrel. Moderate demand can be expected in the medium term as global rig count is improving as countries open their economies. 

Our Global Land Contract Drilling Market report provides deep insight into the current and future state market across various regions. The report examines the market drivers and restraints that are influencing the growth in detail. 

The study also covers emerging market trends, developments, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape section with profiles of major companies and their market shares.