Market Size of Europe Drilling Rig Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Drilling Rig Market Analysis
The Europe drilling rig market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing investments in oil and gas exploration and production are expected to drive the market's growth.
- On the other hand, volatile crude oil and gas prices are expected to hamper the growth of the Europe drilling rig market during the forecast period.
- Nevertheless, Europe's offshore exploration and production are expected are likely to create lucrative growth opportunities for the Europe drilling rig market in the forecast period.
- Norway dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies to meet the energy demand in the Europe region.
Europe Drilling Rig Industry Segmentation
A drilling rig is an integrated system that drills wells, such as oil or water wells, or holes for piling and other construction purposes, into the earth's subsurface. Drilling rigs can be massive structures housing equipment used to drill water wells, oil wells, or natural gas extraction wells. The Europe drilling rig market is segmented by type, location of deployment, application, and geography. By type, the market is segmented into jack-up, semi-submersible, drillship, and other types. By location of the development, the market is segmented into onshore and offshore. By application, the market is segmented into oil and gas, mining, and others. The report also covers the market size and forecasts for the Europe drilling rig market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
Europe Drilling Rig Market Size Summary
The Europe drilling rig market is poised for growth, driven by increasing investments in oil and gas exploration and production activities. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Despite challenges posed by volatile crude oil and gas prices, the offshore exploration and production activities in Europe are expected to offer significant growth opportunities. Norway stands out as a dominant player in the market, benefiting from substantial investments and supportive government policies aimed at meeting the region's energy demands. The majority of Europe's oil and gas production is derived from offshore reserves, particularly in the North Sea, with the United Kingdom and Norway being key contributors. The rising offshore activities are anticipated to bolster the demand for drilling rigs in the region.
Norway's robust offshore oil and gas industry, being a major exporter of natural gas, plays a crucial role in driving the demand for drilling rigs in Europe. The country's significant oil and gas discoveries, primarily in the North Sea, Norwegian Sea, and Barents Sea, necessitate the use of subsea production systems, including drilling rigs. Investments in exploration, field development, and transport infrastructure further underscore the importance of the oil and gas sector to Norway's economy. The market is moderately fragmented, with key players such as Saipem SpA, Noble Corporation PLC, Schlumberger Limited, Aker Solutions ASA, and Keppel Corporation Limited actively participating. Recent developments, including drilling permits and contracts for well intervention services, highlight the ongoing activities and potential for growth in the European drilling rig market.
Europe Drilling Rig Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
Europe Drilling Rig Market Size FAQs
What is the current Europe Drilling Rig Market size?
The Europe Drilling Rig Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Europe Drilling Rig Market?
Saipem SpA, Noble Corporation PLC, Schlumberger Limited, Aker Solutions ASA and Keppel Corporation Limited are the major companies operating in the Europe Drilling Rig Market.
