Stratview Research has published a new report on the Offshore Drilling Rigs Market, segmented by Device Type (Jackup Rigs, Semi-Submersible Rigs, and Drillships), by Application Type (Shallow Water, Deepwater, and Ultra-Deep Water), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players.
Market Highlights
The offshore drilling rigs market was estimated at USD 96.52 billion in 2021 and is likely to grow at a CAGR of 8.91% during 2022-2028 to reach USD 176.43 billion in 2028.
Market Dynamics
The demand for offshore drilling rigs is driven mainly by rising expenditure on production and exploration coupled with the growing demand for energy from emerging economies.
What are offshore drilling rigs?
Offshore drilling rigs are also called oil platforms or offshore platforms. Offshore drilling rigs are large and structured with facilities for good drilling to extract, explore, process, and store petroleum and natural gas that lie in rock formations beneath the seabed.
Segmentation –
This report studies the Offshore Drilling Rigs market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on the device type, the market is segmented as jackup rigs, semi-submersible rigs, and drillships. The jackup rigs segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. This segment is expected to expand with a lucrative CAGR owing to technological improvements and increasing viability of offshore oil & gas projects.
Based on the application type, the market is segmented as shallow water, deepwater, and ultra-deepwater. The deepwater segment is projected to expand with a significant CAGR over the forecast period owing to huge demand from the upcoming exploration and production projects in countries such as Brazil, Nigeria, and others.
In terms of regions, Asia-Pacific is projected to be the largest and fastest-growing market for offshore drilling rigs during the forecast period. The Asia-Pacific market is expected to expand with a lucrative CAGR due to growing shallow and deepwater explorations in western Africa. The Latin American region and the Gulf of Mexico are also expected to contribute to significant demand.
Key Players
- Aban Offshore Limited
- Atwood Oceanics
- China Oilfield Services Limited
- Diamond Offshore Drilling Inc.
- Ensco PLC
- Hercules Offshore Inc.
- KCA Deutag
- Maersk Drilling
- Nabors Industries Ltd.
- Noble Corporation
- Pacific Drilling
- Rowan Companies PLC
- Seadrill Limited
- Transocean Ltd.
- Vantage Drilling.
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