Water Well Drilling Rigs Market Size, Share & Industry Analysis, By Drilling Method ( Direct Rotary Drill, Down the Hole (DTH) Drill, Others ), By End-User ( Residential, Irrigation, Mining, Oil & gas, Others ) and regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The oil & gas industry plays a vital role in the overall growth of the country’s economy, which improves the financial as well as social life. Increasing demand from the oil & gas industry and growing demand for water exploration projects across the globe had enabled the giant players to pump huge investments into the drilling industry, which increases the demand for water well drilling rigs. Additionally, achieving more drilling contracts, expansion of current business, and adopting diverged business strategies to enhance the market are the key competitive analysis factors, which help to leverage the demand for water well drilling rigs during the forecast period.
The water well drilling rigs market is segmented into the drilling method and end-user. Based on the drilling method, the market is segmented into the direct rotary drill, down the hole (DTH) drill, and others. The direct rotary drill segment is holding the largest market owing to a higher speed in drilling and improved efficiency.
Based on the end-user, the water well drilling rigs are further segmented into residential, irrigation, mining, oil & gas, and others. The irrigation segment is leading the market due to the growing number of onshore as well as offshore water drilling contracts from developing economies. Growing exploration and mining projects also drives the demand for water well drilling rigs market. These factors are primarily dominating the market during the forecast period.
An increase in drilling activities and growing demand for water exploration projects are the major factors attributed to the growth of the water well drilling rigs. An increase in water demand owing to the rising population is also propelling the demand for water well drilling rigs in the projected period. Growing government investments and supportive initiatives for building infrastructure and mining exploration projects hold promising growth opportunities for the water well drilling rigs. These factors accelerate the demand for the water well drilling rigs market during the projected period. However, rocky terrain requires a hard drill bit, which involves higher equipment cost and replacement cost, which hampers the water well drilling rigs in the projected period.
Key Market Driver -
Increase in Drilling Activities and Growing Demand for Water Exploration Projects
Key Market Restraint -
Higher Equipment Cost for Rocky Terrain
Key Players Covered:
The key competitors in the water well drilling rigs market are Simco Drilling Equipment, Inc. Massenza Drilling Rigs, Epiroc, Lone Star Drills, Fraste S.p.A., Sunmoy Technology Co., Ltd., Dando Drilling International, PRD Rigs, Hardab, Koken Boring Machine Co., Ltd., Drillmec, and Caster Drilling Enterprises.
Regional Analysis:
The water well drilling rigs market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share for water well drilling rigs market due to increased demand for potable water across various end-users. Asia Pacific is the second-largest market in the global water well drilling rigs market owing to an increase in water demand due to the growing population. Increasing investments in the exploration of oil and water from onshore as well as offshore well from European countries propels the need for water well drilling rigs in the coming years.
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Segmentation
ATTRIBUTES | DETAILS |
By Drilling Method |
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By End-User |
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By Geography |
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Key Industry Developments
- In January 2020, Maersk Drilling, one of the global leader in providing drilling services, had received a contract worth USD 46.3 million by Total E&P for three-well exploration drilling project Angola Block 32, Block 48 and, Namibia B.V. This is the deepest water depth ever drilled in offshore which enhanced the company’s achievement in the water drill rig portfolio.
- In December 2019, Simco Drilling Equipment, Inc., a drilling equipment manufacturer had introduced SIMCO Drilling Equipment in its product portfolio, which helped the company to leverage its product offering and increase its market share.
- Ongoing
- 2023
- 2019-2022
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