Global Offshore Drilling Rigs Market - WishTree Insight

Global Offshore Drilling Rig Market by Type (Drillships, Jackup, Semi-submersible), Application (Ultra-Deepwater, Shallow Water, Deep Water), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global offshore drilling rig market size was valued at USD 91.1 billion in 2021 and is expected to surpass USD 170.2 billion by 2031, expanding at a CAGR of 9.2% during the forecast period, 2021–2031. The growth of the market is attributed to the growing urbanization, population growth, and industrial development leading to an increase in offshore drilling activities, which is in turn driving the growth of offshore drilling rigs in the global market. .

INTRODUCTION

The offshore drilling rig drills beneath the seabed. Growing exploration activities across the world are creating lucrative growth in the offshore drilling rig market. To obtain natural gas & oil Drilling techniques are used. The increase in existing reserves and the discovery of new exploration locations have also contributed to the growth of the market. The offshore Drilling Rigs Market report provides a comprehensive overview of the industry. Increasing technological advancements, mostly in equipment, have made drilling operations much more viable and cost-effective due to the discovery of oil and gas in remote areas. These operations are carried out from different sites. Bottom-based or floating platforms for integrated drilling & production, bottom-based drilling rigs, and deep water mobile offshore drilling units such as semi-submersibles or drillships are some of the types of offshore drilling. Offshore drilling works under deep water of depths up to 3,000 meters (9,800 ft). Offshore drilling rigs are divided into two categories one which can be moved from one place to another and another is fixed at one place. mobile rigs are frequently utilized for exploratory reasons as they are less expensive to employ than permanent platforms .

Market Trends, Drivers, Restraints, and Opportunities

• The increasing demand for energy fuels is the most important reason for the increase in the offshore drilling rigs market.
• The increased government investments accelerate the growth of this Market.
• The complications related to offshore drilling, and the required high cost is creating a threat to the expansion of the global offshore drilling rig market.
• The strict environmental regulations, influence of offshore drilling, threat to marine life, and oil spill incidents are some of the restraining factors in the global offshore drilling rig market.
• The offshore exploration projects will receive large investments in the forecast period resulting in the expansion of the global offshore drilling rigs market.

Scope of the Report

Market Segment Insights

The Jackup segment is expected to expand at a rapid pace

Based on type, the global offshore drilling rig market is divided into drillships, jack-up, and semi-submersibles. The Jackup segment is expected to expand at a rapid pace during the forecast period, due to its strong ability to withstand extreme weather conditions. However, the drillships and the semi-submersible segment is anticipated to hold a steady share of the market in the coming years

The deep-water and ultra-deep-water segment is projected to register a considerable CAGR

On the basis of application, the market is segregated into ultra-deep water, shallow water, and deep water. The deep-water and ultra-deep-water segment is projected to register a considerable CAGR during the forecast period. The segment growth is attributed to technological advancements, increasing deep-water activities, and rising demand for crude oil. On the other hand, the shallow water segment is anticipated to account for a less market share during the forecast period, as the reserves are extinct due to the excessive extraction of fossil fuels.

The North American region is anticipated to constitute a key market share

In terms of regions, the global offshore drilling rig market is classified as the Asia Pacific, Middle East Africa, Europe, North America, and Latin America. The market of the North American region is expected to constitute a key share of the market during the projected period, due to high investments in exploration and production. However, the market of the Asia Pacific region is anticipated to expand at a rapid pace during the forecast period, with key players adopting an expansion strategy in this region to gain maximum market share in the coming years as it is among the largest consumers of oil and gas. The growing demand for energy along with the increasing investment in offshore exploration activities is offering ample opportunities for the growth of the Offshore Drilling Rigs Market. The Middle-East region is also considered a great opportunity because of its high offshore potential reserves of oil and gas.

Competitive Landscape

Key players competing in the global offshore drilling rig market are Seadrill Ltd (U.K.); Maersk Drilling (Denmark); Diamond Offshore Drilling Inc. (U.S.); Atwood Oceanics (U.S.); KCA Deutag (U.K.); Ensco PLC. (U.K); Aban Offshore Limited (India); Nabors Industries Ltd (Bermuda); Noble Corporation (U.S.); China Oil Field Services Limited (China); Transocean Ltd (Switzerland)

FAQs

Mention the market size of the Global offshore drilling rig market.

The global offshore drilling rig market size was valued at USD 91.1 billion in 2021 and is expected to surpass USD 170.2 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is anticipated to be 9.2%.

What segments are covered in the Global offshore drilling rig report?

Type (Drillships, Jackup, Semi-submersible), Application (Ultra-Deepwater, Shallow Water, Deep Water)

Mention the key players in the market.

Seadrill Ltd (U.K.); Maersk Drilling (Denmark); Diamond Offshore Drilling Inc. (U.S.); Atwood Oceanics (U.S.); KCA Deutag (U.K.); Ensco PLC. (U.K); Aban Offshore Limited (India); Nabors Industries Ltd (Bermuda); Noble Corporation (U.S.); China Oil Field Services Limited (China); Transocean Ltd (Switzerland)