Overview and Scope
Offshore drilling rigs are large structure built to facilitate extraction, processing, and storage of oil and natural gas. These rigs are used for drilling wells, extracting and processing oil and natural gas, and temporarily storing products until landing for refining and sale.
Sizing and Forecast
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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Segmentation & Regional Insights
The offshore drilling rigs market covered in this report is segmented –
1) Offshore Drilling Rigs Market By Type: Jackups, Semisubmersibles, Drill Ships, Other Types
2) Offshore Drilling Rigs Market By Application: Shallow Water, Deepwater, Ultra-Deep Water
Top Major Players
Samsung Heavy Industries Co. Ltd.
Rowan Companies Inc.
Keppel Corporation Limited
Irving Shipbuilding Inc.
Hyundai Heavy In
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The offshore drilling rigs market report table of contents includes:
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
…..
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
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