Categories: Market Research

Offshore Drilling Rigs Market Growth Analysis, Industry Trends, Scope By 2033

The offshore drilling rigs global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Offshore Drilling Rigs Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The offshore drilling rigs market size has grown strongly in recent years. It will grow from $86.84 billion in 2023 to $93.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to oil and gas demand, global energy trends, regulatory environment.

The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $123.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to economic factors, environmental concerns and sustainability, geopolitical factors, renewable energy transition. Major trends in the forecast period include floating rig technology, digitalization and automation, alternative energy exploration, collaborative business models, remote monitoring and maintenance.

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Scope Of Offshore Drilling Rigs Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –

An increase in the number of exploratory wells is expected to propel the growth of the offshore drilling rigs market. Exploratory wells are deep test holes dug by oil and gas exploration companies both onshore and offshore to uncover proven reserves of recoverable gas and oil. For instance, in March 2021, according to a press release published by RYSTAD Energy, a Norway-based independent energy research and business intelligence company, offshore drilling activity is expected to increase year on year by about 10% in both 2021 and 2022. This will bring the number of offshore wells drilled to nearly 2,500 in 2021, from less than 2,300 in 2020, and forecast that the corresponding number for 2022 will surpass 2,700. Therefore, the increase in the number of exploratory wells is driving the growth of the offshore drilling rigs market.

Market Trends –

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The offshore drilling rigs market covered in this report is segmented –

1) By Type: Jackups, Semisubmersibles, Drill Ships, Other Types
2) By Application: Shallow Water, Deepwater, Ultra-Deep Water

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Regional Insights –

North America was the largest region in the offshore drilling rigs market in 2023. Middle East and Africa are expected to be the fastest growing regions in the forecast period. The regions covered in the offshore drilling rigs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –

Major companies operating in the offshore drilling rigs market report are Samsung Heavy Industries Co. Ltd., Rowan Companies Inc., Keppel Corporation Limited, Irving Shipbuilding Inc., Hyundai Heavy Industries Co. Ltd., Friede & Goldman Ltd, Schlumberger NV, TRINIDAD DRILLING Ltd., Halliburton Company, Baker Hughes Company, Transocean Ltd., Ensco Plc, Diamond Offshore Drilling Inc., Noble Corporation, Seadrill, Weatherford International plc, Stena Drilling Ltd, China Oilfield Services Limited, Nabors Industries Limited, Saipem s. p. a., KCA Deutag, Parker Drilling Company, Sembcorp Marine Ltd., COSCO Shipyard Group Co. Ltd., NOV Inc., Pacific Drilling Company LLC, Hanwha Ocean Co. Ltd., Hercules Offshore Inc., Aban Offshore Limited, Maersk Drilling

Table of Contents

1. Executive Summary

2. Offshore Drilling Rigs Market Characteristics

3. Offshore Drilling Rigs Market Trends And Strategies

4. Offshore Drilling Rigs Market – Macro Economic Scenario

5. Global Offshore Drilling Rigs Market Size and Growth

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32. Global Offshore Drilling Rigs Market Competitive Benchmarking

33. Global Offshore Drilling Rigs Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Offshore Drilling Rigs Market

35. Offshore Drilling Rigs Market Future Outlook and Potential Analysis

36. Appendix