New Upcoming Visiongain Report: Global Land Drill Rigs Market Analysis to 2027
"Global Land Drill Rigs Market Will See A Capital Expenditure (Capex) Of $2,823.7 Mn"
Drill rigs are versatile equipment used for the drilling a hole in the earth's surface to extract hydrocarbons. New oil fields are discovered every year to meet the increasing energy demand and consumption.
Crude oil price continues to fluctuate, but the fall of crude oil price in 2015 hit the oil and gas industry hard. The oil price downturn and subsequent reduction in drilling activity have had a severe impact on the global land drill rig market. Depleting hydrocarbons and its harmful environmental impacts are also creating a restraint to the oil and gas drilling rigs market.
The visiongain report analyst commented "increased primary energy demand and along with increased production of oil and gas are the main drivers of the land drill rigs market. Advancement in technologies related to oil field discovery, oil drilling is expected to create the demand for the global land drill rigs market."
Leading companies featured in the report who are developing Land Drill Rigs include KCA Deutag, Nabors Industries Ltd., Cactus Drilling Company, LLC, SDP Services Ltd., Drillmec Inc., Marriott Drilling Ltd., China Oilfield Services Ltd., Helmerich & Payne, Inc, Parker Drilling & Patterson-UTI Energy, Inc
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