Offshore Drilling Rigs Market Application and End User Overview: Trends and Forecast Report 2016-2022

Offshore Drilling Rigs Market, By Type (Drillships, Jackup Rigs, Semi-Submersibles), By Operating Depth (Shallow Water, Deep Water) and Region- Forecast to 2022

Market Overview:

Offshore drilling rigs are an important part for drilling underneath seabed. These drilling methods are used in order to extract natural resources such as oil and gas from the earth. While extracting oil from below the surface of the ocean used to be much more difficult than the traditional onshore drilling method of making wells on land and drilling holes, offshore drilling has become easier through the innovative methods that have surfaced such as making either floating or fixed platforms on the bed of the ocean to support drilling.

The market has been analyzed based on the three segments, namely, types, operating depth, and end-use in the regions of North America, Europe, APAC and Rest of the World. On the basis of types, it includes drillships, jackup rigs, and semi-submersibles. Jackup rigs are offshore rigs typically equipped with legs that can be lowered to the seabed so that a foundation is established to support the drilling platform. Semi-submersibles and jackup dominate the global offshore drilling rigs market, owing to increasing shallow and deep water explorations. On the basis of operating depths, it includes shallow water, deep water and ultra-water. The shallow water activities dominate offshore market and is projected to grow at a high growth rate in the near future. On the other hand, the deep water and ultra-deep water activities are also projected to increase, escalating the requirement for semisubmersibles and drill ships in offshore application.

Major Market Players Profiles:

The Prominent Players in the Offshore Drilling Rigs Market includes Aban Offshore Limited, China Oilfield Services Ltd, Ensco plc, Diamond Offshore Drilling Inc., Vantage Drilling Co., Pacific Drilling, KCA Deutag, Maersk Drilling, Nabors Industries Ltd, Nobel Corporation and others.

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Market Drivers:

The Global Market of Offshore Drilling Rigs is growing rapidly due to increased oil & gas exploration activities around the world. Recent discoveries of offshore energy reserves in regions have triggered the growth in the offshore drilling rigs market. Offshore drilling rigs systems are implemented to maximize oil and gas extraction. The existing supply and demand gap in the oil & gas sector has increased the need for efficient search and extraction of oil and gas. Additionally, a renewed interest in shale gas extraction has also driven the offshore drilling rigs market. The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs.

Jackup Rigs will be the Largest Market:

The recent discoveries of new oil & gas reserves combined with growing technological advancements in terms of equipment have made offshore drilling operations more feasible and cost-effective. The jackup rig operations have become cost effective because of the recent technological advancements in the equipment operations. The growth of the jackup rigs market is majorly driven by increased oil & gas exploration activities around the world. The rapid population growth and the increase in demand for energy in the region is expected to drive the growth of the jackup rigs market over the forecast period.

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Research Insights:

Market Research Future analysis show that the global market of offshore drilling rigs market is estimated to grow at significant growth by the end of year 2022.

The demand for offshore drilling rigs in the Asia Pacific region is expected to rise the demand for growing exploration activities in Southeast Asia. Latin America is leading the market of offshore drilling rigs due to equipped with increased cargo capacity and enhanced crew amenities and automation system. Offshore drilling rigs are used for drilling and exploration activities in the offshore arena. The market is also expected to gain traction from the rising investments in oil and gas activities. Moreover, growth of the offshore drilling rigs market is propelled by factors such as growing offshore activities in the harsh environmental conditions of North Sea and depleting oil and gas reserves in the U.S. Growing demand for deep-water activities in the Asia-Pacific region and further drilling into mid ocean are driving the demand for jackup rigs in the region. The increase in the number of investments from operators, especially for deep and ultra-deep water activities, fuels the growth of the offshore drilling rigs market.

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Release ID: 234041