The Global Drilling Rig Market is expected to grow by $ 18.35 bn during 2020-2024 progressing at a CAGR of 7% during the forecast period

NEW YORK, May 11, 2020 /PRNewswire/ —

Global Drilling Rig Market 2020-2024
The analyst has been monitoring the drilling rig market and it is poised to grow by $ 18.35 bn during 2020-2024 progressing at a CAGR of 7% during the forecast period. Our reports on drilling rig market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

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The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the growth in oil and gas demand, rising investments in the upstream oil and gas sector, and increasing focus on unconventional oil and gas E&P activities. In addition, growth in oil and gas demand is anticipated to boost the growth of the market as well.
The drilling rig market analysis includes application segment and geographic landscapes

The drilling rig market is segmented as below:
By Application
• Onshore
• Offshore

By Geographic Landscapes
North America
South America

This study identifies the growing demand for new-generation automated drilling rigs as one of the prime reasons driving the drilling rig market growth during the next few years. Also, rise in deepwater and ultra-deepwater E&P activities, and technological advances in MODUs will lead to sizable demand in the market.
The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our drilling rig market covers the following areas:
• Drilling rig market sizing
• Drilling rig market forecast
• Drilling rig market industry analysis

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