Jackup Rigs Market share is expected to exceed USD 3.5 billion by 2021, and the market’s growth momentum will accelerate at a CAGR of 5.5%.
Jackup rigs market share will expect to rise with a CAGR of more than 5% during the forecast period.
Jackup rigs market value is anticipated to increase at a faster rate in the coming future. It owns to the rise in the level of urbanization and offshore industrial activities.
Jackup rig are MODUs, which means mobile offshore drilling units. It provides a stable and movement-free platform to carry on certain operations. They can provide a landing area for the helicopters, unloading the deck for various hulls, crew stations for several activities, and also enable drilling and extraction activities. jackup drilling rigs are fixed in the ocean bed. They can easily work in water that is up to 490 feet deep. They also help in exploration and extraction activities which are carried in offshore regions. Jackup rigs market share is increasing because of the increasing industrial operations. Research & Development projects of oil and gas industries are carried out in distant offshore regions which are, in turn, increasing the demand for jackup rigs as they are self-elevating and motion free.
People across the globe are suffering from the covid19. It has adversely affected the functioning of all the industries, except for the pharmaceutical industry. There has been a complete lockdown in almost every nation. The borders a sealed, which means there will be no travel possible across borders shortly. The businesses are being shut down, including the jackup drilling rigs business.
It is expected that post the Covid19 situation, the global Jackup Rigs Market Revenue will retrieve by the year 2022. There will be a slow but constant growth till that time. The demand for Jackup rig will rise in the coming future because of their exploration capabilities in great water depths.
The demand for jackup drilling rigs is rising because of ascending demand for oil and gases. The growth in urbanization and industrialization has prompted drilling activities. Jackup rigs provide a motion-free deck area for various activities, such as loading and unloading, the landing of private jets and helicopters, and others.
Jackup rig are mobile, which means they can be relocated if the need arises. This becomes a lucrative option for the investor as jackup drilling rigs can elevate themselves and have limbs that are adjustable and moveable. The rising exploration activities which are being done by the government and navy become an opportunity for jackup drilling rigs manufacturers.
Installation of jackup rigs requires a lot of investment which is not pocket-friendly for many of the end-users. This becomes a major constraint in the development and growth of jackup rigs’ market share. The mechanism used in jackup rigs is complex and requires well-trained personnel for its installation and repairs (if need be). This adds to the maintenance cost of the machinery. The government also bans drilling and extraction activities in offshore regions which also becomes a barrier in the rising Jackup Rigs Market Trends.
Jackup rigs fix their legs into great water depths and become immovable as no lancing is possible once it gets fixed on the sea beds. The main body of the jackup rig stays afloat on the water as the drilling activities continue. They can be used to transport heavy artillery and machinery from one place to another. It also works as a dock station for other ships which are working on the water. It is used for shipping, loading, and unloading activities. As urbanization is increasing there is a rise in demand for oil, gases, and minerals from the water bodies. Jackup rigs make such operations easier and cost-effective.
The global market of jackup drilling rigs can be divided into various segments. These are: based on type, based on end-user, and based on operating depth.
Based on type
Jackup rig can be divided into two types: independent leg type and mat type jackups. In the mat type jackups, there is a huge mat-like structure, or platform, which is laid on the ocean bed. The jackup rig is attached to the mat-like platform with the help of limbs. An independent leg type jack up rig has three free moving legs that are transfixed in the ocean bed.
Insights Based on the operating depth
The water depth can be classified as shallow water and deep water. The shallow water depth segment of jackup rig holds the greatest market share. It owns to the fact that self-elevating jackup drilling rigs work efficiently in 490 feet water level. For very deep oceans other types of rigs are preferable.
Insights Based on end-user
jackup drilling rigs are majorly used for carrying out two operations, namely, drilling and exploration activities for extraction of oil and gases, and installation of wind turbines for converting wind energy into energy resources.
Jackup Rigs Market Size is increasing with every passing day. It is leaving its impression in every corner of the world. The regions where they are operating include America, Europe, Asia-pacific, and the rest of the world.
America, which includes the area of North America (the US and Canada) and Latin America, holds the largest share in the market. This owns extensive investment in large industrial and engineering projects. The explorations, as well as drilling activities, are increasing because of the rising demand for energy resources. This region had a robust share in the market in the year 2017 and is anticipated to grow double folds.
The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding its market of oil rigging. This owns to the rise in demand for oil and gases, and due to the increase in the automobile sector. Such operations have dropped the oil prices extensively.
Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, is the largest customer of oil and gas. This rising demand for crude oil will lead to more operations related to drilling and exploration at offshore regions. The Asia-pacific region proves to be a lucrative market for jackup rig development.
The rest of the world, which includes regions of the Middle East and Africa, is expected to grow tremendously. The Middle East and the Red Sea region have the most capabilities for drilling operations.
The list of major global key players involved in Jackup Rigs Market Analysis is as follows:
The above-listed companies come together in joint ventures, mergers and, acquisitions to make technological advancements. Their main objective is to develop end-products that are cost-effective, superior in quality, and less hazardous to nature and water bodies.
The various recent activities found in Jack-up Rigs Industry are as follows:
This market research report of Jackup Rigs Market Growth includes the following elements:
This research report, on the global market of Jackup rig, provides a thorough analysis of its usage and its market trends. The report enumerates the kinds of jackup rig used and the activities which can be carried out with its help. The demand for jackup drilling rigs is rising because of ascending demand for oil and gases. The growth in urbanization and industrialization has prompted drilling activities.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Operating Depth|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Rowan Companies Inc.(U.K.), Noble Corporation plc (UK), KCA DEUTAG Ltd.(Scotland), Maersk Drilling (Denmark), Diamond Offshore Drilling, Inc. (U.S), COSL (China), Transocean Ltd. (Switzerland), Seadrill Limited(Bermuda), ENSCO Plc (UK), Halliburton (U.S.) and others.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Jackup rigs Market Share will rise with a CAGR of more than 5% by the year 2030.
Jackup rigs are can be divided into two types: independent leg type and mat type jackups.
Installation of jackup rigs requires a lot of investment. The government also bans drilling and extraction activities in offshore regions.