Global Jackup Rigs Market Global Forecast to 2030

Jackup Rigs Market Information Report by Type (Independent Leg Type, Mat-type Jackups), by Application (Oil & Gas and Offshore Wind Turbine Installations), by Operating Depth (Shallow Water, Deep Water, Ultra Deep Water) and by Regions - Global Forecast To 2030

ID: MRFR/E&P/1965-HCR | February 2023 | Region: Global | 111 Pages         

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Jackup Rigs Market

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%.

By Type Independent Leg Type Mat-type Jackups
By Application Mobile Offshore Drilling Units Offshore Wind Turbine Installations
By Operating Depth Shallow Water Deep Water Ultra Deep Water
Key Players
Companies Profiled   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.)
Market Driving Forces   New product launches and R&D Amongst major key Players    Increasing global demand for energy    Rising number of investments for off shore drilling activities
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Jackup rigs market share will expect to rise with a CAGR of more than 5% during the forecast period.

Jackup Rigs Market Overview

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.

Covid19 Analysis

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.

Jackup Rigs Market Dynamics

Key Drivers

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.

Key Opportunities

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.

Key Restraints

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.

Value Chain Analysis

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.

Jackup Rigs Market Segmentation

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 Regional Analysis

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.

Jackup Rigs Market Competitive Landscape

The list of major global key players involved in Jackup Rigs Market Analysis is as follows:

  • Rowan Companies Inc.(U.K.)

  • Noble Corporation plc (UK)

  • KCA DEUTAG Ltd.(Scotland)

  • Maersk Drilling (Denmark)

  • Diamond Offshore Drilling (U.S)

  • COSL (China)

  • Transocean Ltd. (Switzerland)

  • Seadrill (Bermuda)

  • ENSCO Plc (UK)

  • Halliburton (U.S.)

  • Daleel

  • Shelf Drilling

  • DSME

  • Fox Oil Drilling

  • Seatrade Maritime

  • Kuok (PaxOcean)

  • CIMC

  • Keppel

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.

Recent Developments

The various recent activities found in Jack-up Rigs Industry are as follows:

  • In April of the year 2017, an Italy-based company, named Eni, came into a joint venture with Oman Oil Co., which is controlled by the government of the land. Together they explored the offshore regions for collecting oil samples.

  • In January of the year 2019, more than 1 billion kegs of oil were located in the faraway regions of the Gulf of Mexico. As per Jackup Rigs Market Outlook, such activities will boost up the market.

  • As per a report published by General Electric Company’s Baker Hughes Inc., in the year 2017, the total oil rigging activities added up to a total of 42% in the region of the USA alone.

  • In April of the year 2019, Corallian Energy begins a drilling operation at the seaboard of Dorset, situated in England. This venture has pushed the market.

  • In October of the year 2018, PAO Novatek unearthed a special gas, or fuel, in Ob Bay of Russia. This has led to increased Research & Development activities in that region.

Report Overview

This market research report of Jackup Rigs Market Growth includes the following elements:

  • Market Overview

  • COVID19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments

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.

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   5% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  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

  • Increasing global demand for energy
  • Rising number of investments for off shore drilling activities

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    Frequently Asked Questions (FAQ) :

    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.