Drilling Rig Market Size

Drilling Rig Market size was over USD 58.19 Billion in 2023 and is poised to cross USD 121.1 Billion by 2036, growing at more than 5.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of drilling rig is evaluated at USD 61.38 Billion.. The growth of the market is primarily aided by the rising demand for oil and gas in the world. Between 2021 and 2025, global gas demand is expected to climb by 140 billion cubic meters (bcm). Furthermore, global oil demand is expected to climb by 1.9 million barrels per day in 2023. The rising demand is propelling manufacturers to extract more oil and gas and thus increasing the demand for drilling rigs and other equipment.

The new advancements in the technology of drilling rigs will also drive the opportunities for drilling rig market growth. Environmental hazards were one of the primary concerns of drilling the reserves. However, advanced drilling rigs have eradicated these issues to some extent. For instance, new rigs are capable of drilling small holes and making greater extraction, and minimizing the production of waste.