Growing demand of jackup rigs from end use industries is projected to fuel the growth of the global jackup rigs market at a CAGR of 5.4% during the forecast period 2023 to 2030

The Jackup rigs market is estimated to register a CAGR of 5.4% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Jackup rigs market— Eurasia Drilling (UK), COSL (UK), Nabor Ltd. (India), Valaris (China), Seadrills (Bermuda), BORR Drilling (Bermuda), GSP Offshore (Constanţa), Noble Corporation (Cayman Islands), and Maersk Drilling (Denmark).

Market Highlights

The global jackup rigs market is accounted for to register a CAGR of 5.4% during the forecast period and is estimated to reach USD 1,75,601.1 million by 2030.

As global oil demand rises, there is a need to explore and produce more oil to meet this demand. This can lead to increased drilling activities in offshore oilfields. Jack-up rigs are often used for exploration drilling, appraisal drilling, and production drilling in shallow to intermediate water depths. To meet the growing demand for oil, new oil reserves need to be discovered and developed. Jack-up rigs are well-suited for the initial exploration phase, where companies drill exploratory wells to determine the presence of oil and the commercial viability of a field.

Once oil reserves are discovered, field development activities involve drilling production wells and setting up the infrastructure required for extraction. Jack-up rigs are used for drilling production wells and installing platforms or other production facilities in shallow waters. Jack-up rigs are known for their relative mobility and versatility. They can be quickly moved from one drilling location to another, making them suitable for meeting sudden changes in demand or market conditions.

Offshore oil production can be a significant contributor to meeting oil demand. Jack-up rigs play a crucial role in maintaining and expanding offshore production by drilling new wells, completing workovers on existing wells, and conducting maintenance activities. With rising demand, there's a greater emphasis on optimizing reservoir recovery. This includes enhanced oil recovery techniques, well re-entry, and drilling additional wells to maximize the extraction of hydrocarbons. Jack-up rigs are commonly used for these purposes.

The operational efficiency of jack-up rigs, including their ability to rapidly move and set up, makes them attractive for quick responses to changing oil demand and market conditions.

Segment Analysis

The global jackup rigs market has been segmented based on type, operation depth, application, and region.

The global jackup rigs market segmentation, based on type has been segmented as independent legged-jackup, mat-supported jackup. Among these, independent legged-jackup is projected to dominate the global jackup rigs market revenue through the projected period as estimated by MRFR analysts.

The independent leg design allows for better adaptation to uneven or sloping seafloors. Each leg can be adjusted to different lengths, ensuring that the rig remains stable and level even in challenging seabed conditions. ILJ rigs can operate in waters with greater variations in water depth compared to traditional jack-up rigs. This flexibility expands the range of potential drilling locations, enabling operations in diverse environments and water depths. The ability to adjust each leg independently enables precise positioning of the rig over the well location. This accuracy is crucial for drilling and production operations, minimizing the risk of well misalignment.

The global jackup rigs market segmentation, based on operation depth has been segmented as shallow water, deep water, and ultra-deep water. Among these, shallow water is projected to dominate the global jackup rigs market revenue through the projected period as estimated by MRFR analysts.

Jack-up rigs are designed for shallow water operations, typically ranging from a few meters to a few hundred meters in depth. Their ability to operate efficiently in these depths makes them ideal for regions with extensive shallow water reserves. Many oil and gas reserves are located in shallow water regions, often near coastlines. Jack-up rigs are essential for exploring these reserves through exploratory drilling and initial production activities. Shallow water areas are often closer to shore and existing infrastructure, which simplifies logistics and reduces transportation costs. This accessibility is especially valuable for bringing equipment, personnel, and supplies to the rig.

The global jackup rigs market segmentation, based on application has been segmented as oil & gas and offshore wind turbine installations. Among these, oil & gas is projected to dominate the global jackup rigs market revenue through the projected period as estimated by MRFR analysts.

As global energy demand continues to rise, the need for discovering new oil and gas reserves remains crucial. Jack-up rigs are used for exploratory drilling to identify and assess the potential of new hydrocarbon deposits. Once oil and gas reserves are discovered, jack-up rigs play a vital role in field development. They are used to drill production wells, install production platforms, and set up infrastructure for extracting hydrocarbons. Jack-up rigs are integral to maximizing the recovery of hydrocarbons from existing oil and gas fields. They facilitate production through drilling additional wells, enhancing recovery techniques, and conducting maintenance workovers on existing wells.

Regional Analysis

By Region, the study segments the Jackup rigs market into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The North America has experienced significant economic growth over the past decades. North America is home to substantial oil and gas reserves, both onshore and offshore. Offshore reserves in the Gulf of Mexico, for example, have made the region a hub for offshore drilling and exploration activities. The Gulf of Mexico is one of the world's most prolific offshore oil and gas regions. It has been a major focus for exploration, drilling, and production activities, which has driven the demand for jack-up rigs.

The United States has a well-developed oil and gas industry with advanced drilling technologies, engineering capabilities, and a skilled workforce. This expertise has enabled efficient and productive use of jack-up rigs. The regulatory environment in North America, particularly in the Gulf of Mexico, has been conducive to offshore drilling activities. Regulatory frameworks have evolved to ensure safety and environmental protection while facilitating exploration and production.

Significant investments have been made in offshore oil and gas infrastructure, including drilling platforms, pipelines, and support services. This infrastructure supports the utilization of jack-up rigs. The United States and Canada are among the world's largest consumers of energy. Domestic demand for oil and gas has driven the need for exploration and production activities, further fueling the demand for jack-up rigs.

Key Findings of the Study

• The global jackup rigs market is expected to reach USD 1,75,601.1 million by 2030, at a CAGR of 5.4% during the forecast period.


• The North America region accounted for the fastest-growing global market.


• Based on type, the independent legged-jackup segment was attributed to holding the largest market in 2022.


• Based on operation depth, the shallow water segment was attributed to holding the largest market in 2022.


• Based on application, the oil & gas segment was attributed to holding the largest market in 2022.


• Eurasia Drilling (UK), COSL (UK), Nabor Ltd. (India), Valaris (China), Seadrills (Bermuda), BORR Drilling (Bermuda), GSP Offshore (Constanţa), Noble Corporation (Cayman Islands), and Maersk Drilling (Denmark) are the key market players.