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Offshore Drilling Rigs Market – Rising Demand for Energy Drives Market at 3.5% CAGR – TMR

Last Updated September 12, 2020

Offshore Drilling Rigs Market - Rising Demand for Energy Drives Market at 3.5% CAGR - TMR

The global offshore drilling rigs market has moderately competitive landscape observes Transparency Market Research (TMR). Some of the players operating in the global offshore drilling rigs market are Ensco, Tranocean, Seadrill, Diamond Offshore, and COSL. These key players are relying on the adoption of technological advancement in order to achieve effective machines and products to make the extracting process effective. Additionally, for effective machines and product, these players are focusing on entering into strategic partnerships and joint ventures.

Also read: Oil Driller

According to the TMR, the offshore drilling rigs market was valued at US$35,336.2 mn in 2017 and expected to reach the value of US$41,922.8 mn by the end of 2024 by expanding with the CAGR of 3.5% over the forecast years from 2017 to 2022. Based on the type, the global offshore drilling rigs market dominated by the semi-submersible rigs. The segmented expected to account for 41.7% share by the end of 2022. Based on North America dominated the global market for offshore drilling rigs and expected to remain dominant over the forecast period by collecting revenue of US$9,829.6 mn by the end of the forecast period in 2022. This growth is attributable to the highest offshore oil production in the world in the US.

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Growing Exploration of Fossil Fuels to Drive Growth

Numerous countries are massively dependent on fossil fuels such as oil, gas, and coal in order to fulfill the rising need for energy. This rising demand is encouraging the number of offshore drilling activities which is key factor fuelling the growth of the global offshore drilling rigs market. The sources of the fossil fuels are present in deep inside the sea or earth crust, their drilling activities need the advanced technologies of drilling rigs. Offshore drilling rigs that can reach up the 7,500 feet deep about 200 miles away from the seashore are witnessing the higher demand for production of oil and gas from the offshore sources under deep sea. This higher demand is propelling the growth of the global offshore drilling rigs market.

Offshore oil production is a complicated process still accounting for the one-third of the total oil production. Currently, almost 900 platforms are used for the exploration of the oil and gas from water reservoirs. According to the US Energy Information Administration, more than 27 million barrels of the oil was produced by these platforms in 2015 from 50 countries. The countries such as Saudi ArabiaBrazilMexicoNorway, and the United States are leading to these drilling activities. A substantial rise in the activities from these countries is driving adoption of advanced drilling rigs which in turns fuelling growth of the offshore drilling rigs market.

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Furthermore, these rigs are successful to avoid accidents in the drilling and spoilage of oil into the sea and lower risks during drilling process. Rising popularity of the drilling rigs owing to its benefits are expected to fuel its demand and continue to support growth of the global offshore drilling rigs market.

Strict Regulations to Ensure Safety of Aquatic Animals to Limit Growth

Despite these growth prospects, offshore drilling activities disturb the marine life, in turn, the ecological balance of the ocean. Numerous governments have imposed strict rules in order to ensure the safety of these marine animals. These strict regulations are limiting growth of the global offshore drilling rigs market. Also, growing concerns about the environment are encouraging the exploration of environmentally-friendly fuels. This is also a major factor hampering growth of the global offshore drilling rigs market. Nevertheless, demand for drilling rigs is expected to increase substantially over the forecast period and likely to provide numerous growth opportunities for key players operating in the global offshore drilling rigs market.

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This information is from the new report by TMR, titled “Offshore Drilling Rigs Market (Type – Jack up, Semi-Submersible, Drill Ships; Application – Shallow Water, Deep Water, Ultra Deep Water) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”

Global Offshore Drilling Rigs Market has been segmented as presented:

By Type:

  • Jack up
  • Semi-Submersible
  • Drill Ships

By Application:

  • Shallow Water
  • Deep Water
  • Ultra Deep Water

By Geography:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Rest of Middle East & Africa

Browse More Factory Automation Market Research Reports

Press release: https://www.prnewswire.com

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