Drilling Rig Market Share

North American Market Statistics

The drilling rig market share of drilling rig in North America, is predicted to be the largest with a share of about 35% by the end of 2036. Moreover, it is also estimated to be the fastest-growing region in the drilling rig market as compared to the other regions. A rise in the number of oil reserves is likely to increase the demand for drilling rigs for extracting the oil and further maintenance. Since the 1990s, proven crude oil reserves in the United States have been growing. The reserves of the North American country reached 8.2 billion metric tonnes in 2020, up from 3.7 billion tonnes at the start of the decade.

APAC Market Analysis

The Asia Pacific drilling rig market is estimated to be the second largest, garnering a share of about 28% by the end of 2036. The growth of the market is due to rising expenditure on deepwater reserves. Around 85% of total spending done in global deepwater reserves is expected to be in Malaysia, Indonesia, India, Australia, and China. Moreover, the Asia Pacific region will be the fastest-growing area for the development of deep-water reserves. These spending and development are likely to capture advanced machinery and new equipment.