Market Sizing Engagement: How A Drilling Rig Manufacturer Minimized Risks Across Multiple Geographical Locations
Technological innovation, as we have all heard, is taking over the world. There is no exception to that rule in the oil and gas industry too. In digital oil fields, instruments constantly read data on drilling rig conditions and mechanical systems. The information is then evaluated by clusters of computers, which feed results to real-time operation centers that regulate oil flows to minimize downtimes and optimize production.
Companies in the oil and gas industry are facing major challenges in terms of globalization and connectivity.
Today, you don’t need to be a multi-national corporation to have overseas operations and locations, which is especially relevant in oil and gas industry. Globalization has changed the flow of products and goods, expanded sales teams, and aggrandized customer base. Therefore, it has become crucial to devise a technology platform for customers, internal users, and partners to access operations from anywhere in the world, at any time. We live in the age of the ‘now’ customer; who demands quick response times and is well informed. The only way to keep up with customers is to leverage automated platforms and tools that provide control over the entire customer interaction lifecycle, from inquiry to order to fulfillment.
- The client: A drilling rig manufacturer
- Size: >$8 billion in revenue
- Area of engagement: Market sizing
The client, a renowned drilling rig manufacturer based out of North America, approached Infiniti to carry out a market sizing engagement. The primary objective of the client was to assess the potential for their products across various geographies. Additionally, the client wanted to gain insights into the segmentation strategies by technology, customer type, and end-use application as they were facing issues understanding the complexities of segmentation due to recent uncertainties in the global oil and gas industry.
How Can Market Sizing Help Drilling Rig Manufacturers?
Market sizing engagement helps firms in the oil and gas industry to gain insights into their revenue generating capacity by covering both the historical growth of the market and forecasting the future growth prospects. Firms can also gain insights into the important metrics to understand the potential opportunities and current market performance across the industry.
Summary of our Market Sizing Solution
To help the drilling rig manufacturer carry out a comprehensive segmentation study on technology, customer type, and end-user application, the market sizing experts at Infiniti followed a comprehensive approach comprising of discussions and interviews with leading stakeholders in the oil and gas industry.
The Solution Benefits and the Business Impact
With the help of Infiniti’s market sizing engagement, the drilling rig manufacturer gained vital information on the target market’s segments. The client also developed a robust business plan and identified the most relevant market segments. This further helped them to find new niche market segments, operate more efficiently, and minimize risks across multiple geographical locations.
Continuing uncertainties over oil prices, regulations and infrastructure expansions will encourage drilling rig manufacturers to focus on internal operations and rely on order backlogs to generate revenues. Additionally, manufacturers will continue to emphasize on efficient drilling rig and technology, as more efficient machinery typically coincides with higher cost-effectiveness and safety standards.