According to the latest report "Offshore Drilling Rigs Market by Type (drillship, jack-up rig, semi-submersible), Operating Depth (shallow water, deep water, ultra-water), and Region (North America, Asia Pacific, Europe, RoW) with Forecast To 2023, published by Market Research Future, the Global Offshore Drilling Rigs Market to witness 11.25% compound annual growth rate by 2023. —
Offshore Drilling Rigs Market Highlights:
The key players in the global offshore drilling rigs market include China Oilfield Services Ltd. (China), Aban Offshore Limited (India), Ensco PLC (UK), Diamond Offshore Drilling Inc. (USA), KCA Deutag (UK), Halliburton (USA), Maersk Drilling (Denmark), Nobel Corporation (UK), Nabors Industries Ltd (Bermuda), Pacific Drilling (USA), Seadrill (Bermuda), Schlumberger (USA), Weatherford International Inc (USA), and Vantage Drilling Co. (USA).
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The yearly growth in the demand for energy fuels is creating concerns related to energy security, the growing economic wealth of developing countries, the growing purchasing power of people, rapid globalization and increasing industrialization. Market Research Future (MRFR) has published a research report on the global drilling rigs market that reckons a massive raise for this market at 11.25% CAGR (Compound Annual Growth Rate) between 2018 and 2023.
The extensive factors spelling growth for the global drilling rigs market include offshore discoveries, and strict regulations against onshore drilling projects, and increasing demand for oil & gas. Other factors that are instrumental in the market growth are rapid maturation of onshore oil fields, increasing investments, declining production of fossil fuels, rapid urbanization, rising population, and growing industrial development.
Market Segments Analysis:
The global drilling rigs market has been segmented based on type, operating depth, and lastly region. By type, this market has been segmented into jack-up rig, drillship, semi-submersible. In the context of operating depth, the market has been segmented into shallow water, deep water, ultra-water.
Regional Market Analysis:
The regional segmentation of the global drilling rigs market segments the global market into regional markets namely North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). Latin America is the largest regional market because there are high offshore potential reserves of oil and gas in this region. Another factor upholding the market growth is high investments in exploration & production (E&P) that are increasing the demand for drilling equipment as well as offshore rigs. The strongest economies that can be relevant markets in this region are Argentina and Brazil.
In North America, the market for drilling rigs is growing primarily due to the increase in the production of oil & gas. With the Mexican oil & gas sector been liberalized, the demand for drilling rigs is growing. The technological advancement established automotive sector, and increasing production of vehicles that run on oil are also the factors that are leading the market towards growth. Many key market players are operating in this region, especially in the USA and Canada.
In the Asia Pacific region, the market is growing because this region is among the largest consumers of oil & gas. Here, the market is growing due to the growing demand for energy and increasing investment in offshore exploration activities. The exigent markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region. The MEA region is another important regional market because it is the hub of many oil exploration activities.
In Europe, the market is growing due to the presence of many key players and heavy investment in oil exploration. The meaningful country-specific markets are Germany, France, Spain, and the UK, followed by the remaining countries of Europe.
Latest Industry News:
Gloria, the oldest offshore drilling rig in Romania, has been retired after 40 years of service and it will soon be removed from the Black Sea. 17 APR 2019
Two oil drilling rigs have been added into Permian Basin. However, the Marcellus shale play witnessed a fall in their natural gas rigs count by 6. 16 APR 2019
Table Of Contents:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Offshore Drilling Rigs Market, By Type
4.3 Jackup Rigs
5 Global Offshore Drilling Rigs Market, By Operating Depth
5.2 Shallow Water
5.3 Deep Water
5.4 Ultra Water
LIST OF TABLES:
TABLE 1 GLOBAL OFFSHORE DRILLING RIGS MARKET, BY TYPE
TABLE 2 GLOBAL OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH
TABLE 3 GLOBAL OFFSHORE DRILLING RIGS MARKET, BY REGIONS
TABLE 4 NORTH AMERICA OFFSHORE DRILLING RIGS MARKET, BY TYPE
TABLE 5 NORTH AMERICA OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH
TABLE 6 U.S. OFFSHORE DRILLING RIGS MARKET, BY TYPE
LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 GLOBAL OFFSHORE DRILLING RIGS MARKET: BY TYPE (%)
FIGURE 3 GLOBAL OFFSHORE DRILLING RIGS MARKET: BY OPERATING DEPTH (%)
FIGURE 4 GLOBAL OFFSHORE DRILLING RIGS MARKET: BY REGION
FIGURE 5 NORTH AMERICA OFFSHORE DRILLING RIGS MARKET, BY TYPE (%)
FIGURE 6 NORTH AMERICA OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH (%)
FIGURE 7 EUROPE OFFSHORE DRILLING RIGS MARKET, BY TYPE (%)
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