Visiongain has published a new report entitled the Land Drill Rigs Market Report 2021-2031: Forecasts by Market Value (USD Million), by Market Volume (Number of Rigs), by Type (Mobile Rig, Conventional Rig), by Power Type (Less than 1500 hp, 1500 hp to 2500 hp, More than 2500 hp), by Contract Type (Day Rate Contracts, Footage Contracts, Turnkey Contracts, Other ), by Well Type (Original Drill, Workover), by Well Class (Oil Wells, Gas Wells, Coalbed Methane Wells, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.

The global land drill rigs market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031.

The Development of Green and Renewable Alternatives as Well as The Rising Demand for Oil
Onshore drilling is one of the primary forms of oil extraction to supply the rising demand for petroleum in Asia, Europe, and the Middle East. The global use of oil is approximately 35 billion barrels per year, which equates to nearly 100 million barrels per day. Saudi Arabia, the United States, Iran, and China are the primary oil producing countries, as well as the world's top oil exporters. Although the development of green and renewable alternatives, rising demand for oil is likely to continue during the forecast period. Although site is still a major consideration when it comes to onshore drilling, advances in drilling technology have contributed to the rising demand for onshore oil production

How has COVID-19 had a significant negative impact on the Land Drill Rigs Market?
The combination of the Coronavirus (COVID-19) and the oil price shock is particularly damaging to oil-exporting developing countries at a time when the fossil fuel industry is experiencing structural collapse. Although some countries may be able to weather the current crisis thanks to sovereign wealth funds or relatively low levels of public debt, this will not be the case for the majority of fragile oil-exporting countries, many of which are resource dependent and were already dealing with high levels of debt and multifaceted economic and social fragility prior to the current crisis. As a result of the current turmoil, some countries may find themselves in a spiral of unsustainable borrowing, as oil-exporting developing countries have increased their reliance on short-term and expensive non-concessional private borrowing in recent years, a significant portion of which is backed by oil collateral. To create fiscal space in oil-exporting developing countries, reduce the risks of unsustainable debt, corruption, and illicit financial flows (IFFs), and catalyze a transition to a cleaner and more sustainable future, a timely and coherent response involving both concessional lenders and private financiers is required.

How this Report Will Benefit you?
Visiongain’s 640+ page report provides 555 tables and 537 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global land drill rigs market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Land Drill Rigs. Get the financial analysis of the overall market and different segments including well type, type, well class, contract type and capture higher market share. We believe that high opportunity remains in this fast-growing land drill rigs market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the current market drivers?

The Development of Green and Renewable Alternatives as Well as The Rising Demand for Oil
Onshore drilling is one of the primary forms of oil extraction to supply the rising demand for petroleum in Asia, Europe, and the Middle East. The global use of oil is approximately 35 billion barrels per year, which equates to nearly 100 million barrels per day. Saudi Arabia, the United States, Iran, and China are the primary oil producing countries, as well as the world's top oil exporters. Although the development of green and renewable alternatives, rising demand for oil is likely to continue during the forecast period. Although site is still a major consideration when it comes to onshore drilling, advances in drilling technology have contributed to the rising demand for onshore oil production.

Fast Mobility and Automated Pipe Handling Are in High Demand Along with Land Drill
Rising demand for fossil fuels and onshore exploration, followed by crude oil extraction activities, have a direct impact on the demand for land rigs. Because onshore or land rigs have a shorter life expectancy than offshore rigs, and because automation technology is always improving, there is a great demand for new land rigs, which are roughly 13 times less expensive to set up than an offshore site. A land drilling rig's operational costs account for almost 12% of the total cost of the rig; capital and maintenance costs account for nearly 18% of the total cost of the rig; and personnel and workforce costs account for nearly 20% of the total cost of the rig. Furthermore, with efficient pad drilling, a smaller number of rigs can meet the demand for a larger number of wells. The majority of active land drilling rigs operate on a day-to-day basis, resulting in low costs for rig operators, minimal risk for contractors, and strong price competitiveness.

Where are the market opportunities?

Fast Mobility and Automated Pipe Handling Are in High Demand Along with Land Drill
Rising demand for fossil fuels and onshore exploration, followed by crude oil extraction activities, have a direct impact on the demand for land rigs. Because onshore or land rigs have a shorter life expectancy than offshore rigs, and because automation technology is always improving, there is a great demand for new land rigs, which are roughly 13 times less expensive to set up than an offshore site. A land drilling rig's operational costs account for almost 12% of the total cost of the rig; capital and maintenance costs account for nearly 18% of the total cost of the rig; and personnel and workforce costs account for nearly 20% of the total cost of the rig. Furthermore, with efficient pad drilling, a smaller number of rigs can meet the demand for a larger number of wells. The majority of active land drilling rigs operate on a day-to-day basis, resulting in low costs for rig operators, minimal risk for contractors, and strong price competitiveness.

Advancements In Drilling Technology and The Growing Use of Mobile Land Drilling Rigs
The majority of onshore drilling components and equipment are portable and can be placed into a truck and transported to another location. This is due to advancements in drilling technology and the growing use of mobile land drilling rigs over traditional land drilling rigs. Percussion or cable tool drilling and rotary drilling are the most common types of onshore or land drilling. Although impact drilling is one of the oldest methods of obtaining oil and gas from the earth's crust, rotary drilling is now frequently used by land drilling rigs. The most efficient drilling technology for extracting oil and gas is rotary drilling. There are various technologies that help improve the efficiency of oil and gas extraction, such as equipment and component testing. Improvements and advancements in drilling methods, contemporary onshore drilling rigs, and improving global economic conditions are all contributing to increased oil and gas output. Companies around the world have become more reliant on natural gas for energy generation due to its higher output and lower emissions.

Competitive Landscape
The major players operating in the land drill rigs market are Nabors Industries Ltd., Helmerich & Payne, Inc., Patterson-UTI Energy, Inc., Precision Drilling Corporation, Pioneer Energy Services, Parker Drilling., Unit Corporation, Independence Contract Drilling, Inc., KCA Deutag, Nov Inc., RG PETRO-MACHINERY, Lamprell Plc, Bentec, Veristic., MD Cowan, Inc, Rig Source, Inc., Total Oil Rig Lease Ltd., United Rentals, Inc, Wintershall DEA, KWIPPED. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Notes for Editors
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