Offshore Drilling Rigs Market share is expected to reach up to USD 147.7 Billion, with a CAGR of 6.63% during the forecast period 2022-2030
The global Offshore Drilling Rigs Market is expected to grow at a CAGR of 6.63% from 2022 to 2030. The Offshore Drilling Rigs Industry Revenue is expected to reach up to USD 147.7 Billion within the forecast period.
Offshore Drilling rigs are the essential components required for drilling below the seabed. To extract natural gas and oil from deep below the earth, the drilling process is used. The drilling rigs are of different types. They are used for extracting, storing, and processing natural gas and petroleum. Due to a surge in the demands for crude oil and natural gas, the Offshore Drilling Rigs Market Demand is on the rise.
Offshore Drilling vessels are used for excavation and construction purposes. Moreover, the offshore drilling rigs are capable of reaching the farthest and deepest locations. These rigs are very robust and can withstand harsh environmental conditions. With an increase in the demand for crude oil and natural gas across the globe, the Offshore Drilling Rigs Market Opportunities are opening up.
The outbreak of the COVID-19 pandemic had affected the growth of the Market negatively. The gas and oil industries were shut down which resulted in a decrease in demand for offshore drilling rigs across the world. Many gas and oil extraction projects got delayed during the pandemic which hampered the growth of this market. In the post-pandemic period, the Offshore Drilling Rigs Market Size is expected to grow steadily.
The demand for crude oil and natural gas is increasing continuously. The increasing demand, increasing offshore discoveries and strict government regulations against onshore natural gas and oil projects are the important drivers for the growth of the Offshore Drilling Rigs Industry.
The volatility of crude oil is going to be the major restraint for the growth of the Offshore Drilling Rigs Market during the forecast period.
The crude oil prices were recovered after 2020 and market experts anticipate that offshore drilling will be a profitable sector and will open up many opportunities for the key players. With many deepwater and ultra-deep drilling projects happening across the world, the Offshore Drilling Rigs Market Growth will be steady during the forecast period.
The instability in the crude oil market is due to geopolitical tensions and other issues are the main challenges for the growth of the Offshore Drilling Rigs Market Size during the forecast period.
The Compound Annual Growth Rate (CAGR) of the global Offshore Drilling Rigs Industry is forecasted to be 6.63% during the forecast period. The revenue of this market is anticipated to reach USD 147.7 Billion by the end of 2028. Market experts anticipate that the Offshore Drilling Rigs Market will show a steady growth across the globe due to increasing demands, new explorations, and huge investments by the key players.
The value chain analysis of the Offshore Drilling Rigs Industry is continuously evolving. The Strict regulations against onshore drilling, rising demand for natural gas and crude oil, and huge investments by the key players in the exploration and production of natural gas and oil from offshore sites would affect the Offshore Drilling Rigs Market Trends positively.
The Offshore Drilling Rigs Industry Size is huge. The segmentation of the market is done based on the type, operating depth, and region.
Based on, the Offshore Drilling Market is further divided into jack-up rigs, drillship, and semi-submersible rigs. Among these three types, the semi-submersible segment occupies the largest portion of the market. The semi-submersible drilling rigs can withstand extreme conditions and can be used at the depth of more than 3000 km.
Based on the operating depth, the Offshore Drilling Market is sub-divided into deep water, shallow water, and ultra-deepwater sectors. The ultra-deepwater sector is expected to dominate the market in the coming years. As many deepwater and ultra-deep water drilling projects are getting executed across the world, the Offshore Drilling Industry is heading towards positive growth.
In December 2021, a deepwater discovery was announced by Shell PLC in the Gulf of Mexico in December 2021. A well of 27,770 feet deep was drilled. This project is expected to attract more investments in the coming years. With more technological advancements and increasing deepwater drilling, the deepwater and ultra-deepwater sectors will show significant growth during the forecast period.
Based on the region, the global Market is segmented into these regions- North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
The Middle East & Africa region will have the fastest Offshore Drilling Rigs Market Growth owing to the presence of the large-scale reserves of offshore natural gas and oil reserves. The largest gas field in the world, the South Pars Gas Complex is located in the Persian Gulf, Middle East.
New oil reserves have been located and offshore drilling projects have been started in various countries of Africa such as Ghana, Angola, Namibia, and Nigeria. Many upcoming offshore Exploration and production activities especially in the West African region will lead to the boosting of the Offshore Drilling Rigs Market Size during the forecast period.
The Asia-Pacific region is the largest consumer of gas and oil. With an increase in population, industrialization, and economic growth, there will be a rise in the demand for oil and natural gas during the forecast period.
According to the Offshore Drilling Rigs Market Forecast, liberalization of the oil and gas sector of Mexico in South America will help in boosting the market growth.
Adoption of new technologies, investing in Research & Development, partnerships, and business expansions are some of the strategies that are taken by the Offshore Drilling Rigs Market Key Players to have a steady growth. Companies are going for contract extensions and new agreements to increase the productivity of crude oil so that the demand supply chain can be maintained without disruption.
The major players operating in the global market are-
The overview of the Offshore Drilling Rigs Market Report is given below.
The scope of this Offshore Drilling Rigs Market Analysis report is to provide valuable information by performing a detailed study of the market. According to this report, offshore drilling rigs are the most essential components for extracting natural gas and oil from below the seabed. The report also provides important information like market segmentation, recent trends, challenges, growth forecast, key players, and CAGR value of the Offshore Drilling Rigs Industry. The information given in this report is collected from many primary as well as secondary sources.
Based on Type
By operating Depth
|CAGR||6.63% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, and Operating Depth|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Halliburton (U.S.), Schlumberger (U.S.), Weatherford International Inc (U.S.), Seadrill (Bermuda), and Aban Offshore Limited (India). China Oilfield Services Ltd. (China), Ensco plc (UK), Diamond Offshore Drilling Inc. (U.S.), Vantage Drilling Co. (U.S.), Pacific Drilling (U.S.), KCA Deutag (UK), Maersk Drilling (Denmark), and Nabors Industries Ltd (Bermuda), Nobel Corporation (U.K.)|
|Key Market Opportunities||High investments in exploration & production (E&P)|
|Key Market Drivers||
Schlumberger (U.S.), Halliburton (U.S.), Seadrill (Bermuda), and Aban Offshore Limited (India) Weatherford International Inc (U.S.) are the key players leading with the high market share.
The market will be reaching ~ 6.63% CAGR.
The segments of the market are included as type and operating depth.
Asia Pacific is the leading region for growth in offshore drilling rigs market.
The demand for energy fuels is rising per year because of rising industrialization, concerns related to energy security, globalization, and growing economic wealth of developing countries.