Asia-Pacific’s drilling rig market is poised for growth with companies adopting IoT and measurement-while-drilling systems amid the region’s surging oil consumption.
The TechSci Research’s “Asia-Pacific Drilling Rig Market – By Country, Competition, Forecast & Opportunities, 2028″ anticipates this expansion due to the rising IoT adoption in oilfields and escalating energy demand. Given the high cost of setting up rigs and drilling deep wells, companies are cautious about investing in ineffective locations. Geologists employ various methods such as examining surface rock formations, magnetic fields, and slight gravity fluctuations to locate oil. Among these techniques, 3-D seismic imaging stands out as a major advancement, utilizing sound waves to create subsurface representations. While seismic imaging reduces drilling and enhances well productivity, it’s not infallible, yet it’s poised to drive Drilling Rigs developments in the Asia-Pacific region.
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In the Asia-Pacific Drilling Rig Market, segmentation is based on location, type, drilling method, operational depth, and country. Onshore and offshore locations are the primary segments, with onshore (Land) holding a dominant market share of about 70% in 2022. The region boasts some of the largest onshore oil and gas fields and reserves, leading to a greater number of land rigs compared to offshore rigs. The demand for drilling rigs for onshore operations is influenced by the increasing demand for fossil fuels and onshore exploration and production activities. However, other well intervention techniques may impact the demand for drilling rigs differently.
In terms of type, the market encompasses land rigs, jackup, drill ships, and semi-submersible rigs. The drilling method segment includes cable drilling, rotary drilling, dual wall reverse-circulating drilling, electro drilling, and directional drilling.
Rotary drilling is the dominant technology segment in the Asia-Pacific drilling rigs market, especially in the offshore oil and gas sector. This technology involves continuously rotating a bit in a circular motion to fracture rocks. The market for rotary drilling is expected to benefit from its effectiveness in extracting oil and gas from deep-water and ultra-deepwater locations.
Operational depth categorizes the market into shallow, deep water, and ultra-deepwater segments. The regional segmentation includes China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, and Malaysia.
Key market players in the Asia-Pacific Drilling Rig Market include:
- Schlumberger Ltd
- Weatherford International PLC
- Halliburton Company
- Baker Hughes Company
- Scientific Drilling International Inc. (SDI)
- China Oilfield Services Limited
- Nabors Industries Ltd
- National Oilwell Varco Inc.
- PHX Energy Services Corp.
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Increased exploration and production costs, coupled with anticipated growth in energy consumption, are driving a healthy trend in the Asia-Pacific Drilling Rigs Market. Additionally, factors such as the rising demand for power and heat are expected to fuel market development during the forecast period. The region’s drilling activities have surged, particularly with numerous offshore projects in Australia, Malaysia, and Indonesia, boosting the demand for oilfield services.
The Asia-Pacific region is poised for increased development of unconventional resources, spurred by new investments in the oil and gas sector and stabilized crude oil prices. China, for example, is implementing regulations to reduce coal usage and increase the share of gas in the energy mix, driven by air pollution and environmental concerns. Consequently, China is expected to lead the demand for oilfield services in the Asia-Pacific, supported by government initiatives to enhance exploration and production activities.
TechSci Research’s report, “Asia-Pacific Drilling Rig Market – By Location, Type, Drilling Method, Operational Depth, Country, Competition, Forecast and Opportunities, 2028,” assesses the market’s future growth potential, providing insights into its structure, size, share, and prospective growth. The report aims to offer advanced market intelligence to aid decision-makers in making informed investment decisions, while also identifying emerging trends, drivers, challenges, and opportunities in the Asia-Pacific Drilling Rig Market.
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