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Global Offshore Drilling Rigs Market: By Type: Jackups, Semisubmersibles, Drill Ships, Others; By Water Depth: Shallow Water, Deep and Ultra-Deep Water; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments
Global Offshore Drilling Rigs Market Outlook
The global offshore drilling rigs market attained a value of USD 85.1 billion in 2020. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 5.2% to reach USD 118.10 billion by 2026.
Increasing Demand in the Oil and Gas Industry to Provide Lucrative Growth Opportunities to the Offshore Drilling Rigs Industry
Offshore drilling rigs are used to extract petroleum that lies in rock formations beneath the seabed. The increased investment by countries for the expansion of offshore drilling for their economic development is projected to catalyse the market growth in the forecast period.
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On the basis of type, jackups are anticipated to witness an increased demand in the coming years, owing to their ability to withstand extreme weather conditions. Meanwhile, the growing demand for semisubmersibles, which combine the advantages of submersible rigs with deep water drilling ability, is also projected to aid the market growth in the forecast period.
Offshore Drilling Rigs: Market Segmentation
An offshore drilling rig is a large structure that facilitates well drilling for the exploration, extraction, storage, and processing of petroleum and natural gas. It is carried out in order to explore and subsequently extract petroleum that lies in rock formations beneath the seabed. It is basically a mechanical process where a wellbore is drilled below the seabed.
Based on type, the offshore drilling rigs industry can be divided into:
- Jackups
- Semisubmersibles
- Drill Ships
- Others
The market can be broadly categorised, on the basis of water depth, into:
- Shallow Water
- Deep and Ultra-Deep Water
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rapid Technological Advancements to Augment the Market Growth of the Offshore Drilling Rigs Industry
The rapid technological innovations such as the integration of artificial intelligence (AI) in the drilling process are anticipated to aid the market growth in the forecast period. For instance, Aker BP ASA, a leading offshore oil and gas company, collaborated with SparkCognition to accelerate its predictive capabilities by deploying SparkCognition's analytics solution with AI capabilities, further enhancing offshore installation projects. In addition, the growth of the oil and gas industry is expected to enhance the demand for offshore drilling rigs. Offshore drilling rigs facilitate drilling to extract, explore, store, and process petroleum and natural gas. Moreover, the rapidly increasing energy demands worldwide are also projected to catalyse the market growth in the coming years. Furthermore, the increased capital expenditure by the governments in the development of offshore reserves, for instance, in Gabon, Senegal and Egypt, is estimated to significantly aid the market growth in the forecast period.
Key Industry Players in the Global Offshore Drilling Rigs Market
The report presents a detailed analysis of the following key players in the global offshore drilling rigs market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Samsung Heavy Industries Co. Ltd.
- Sembcorp Marine Ltd
- Transocean Ltd.
- Seadrill Ltd.
- Noble Corporation
- Valaris Limited
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2021 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Water Depth, Region |
| Breakup by Type | Jackups, Semisubmersibles, Drill Ships, Others |
| Breakup by Water Depth | Shallow Water, Deep and Ultra-Deep Water |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Samsung Heavy Industries Co. Ltd., Sembcorp Marine Ltd, Transocean Ltd., Seadrill Ltd., Noble Corporation, Valaris Limited, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Offshore Drilling Rigs Market Analysis
8.1 Key Industry Highlights
8.2 Global Offshore Drilling Rigs Historical Market (2017-2021)
8.3 Global Offshore Drilling Rigs Market Forecast (2022-2027)
8.4 Global Offshore Drilling Rigs Market by Type
8.4.1 Jackups
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Semisubmersibles
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Drill Ships
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.4.4 Others
8.5 Global Offshore Drilling Rigs Market by Water Depth
8.5.1 Shallow Water
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Deep and Ultra-Deep Water
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Offshore Drilling Rigs Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Samsung Heavy Industries Co. Ltd.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Sembcorp Marine Ltd
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Transocean Ltd.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Seadrill Ltd.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Noble Corporation
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Valaris Limited
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Offshore Drilling Rigs Market: Key Industry Highlights, 2016 and 2026
2. Global Offshore Drilling Rigs Historical Market: Breakup by Type (USD Billion), 2017-2021
3. Global Offshore Drilling Rigs Market Forecast: Breakup by Type (USD Billion), 2022-2027
4. Global Offshore Drilling Rigs Historical Market: Breakup by Water Depth (USD Billion), 2017-2021
5. Global Offshore Drilling Rigs Market Forecast: Breakup by Water Depth (USD Billion), 2022-2027
6. Global Offshore Drilling Rigs Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Offshore Drilling Rigs Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Offshore Drilling Rigs Market Structure
Key Questions Answered in the Report
In 2020, the global offshore drilling rigs market attained a value of nearly USD 85.1 billion.
The market is projected to grow at a CAGR of 5.2% between 2022 and 2027.
The major drivers of the market include the increased capital expenditure by the governments development of offshore reserves, increased investments by the market players in the expansion of their offshore drilling activities, and growing demand for semisubmersibles, rapid technological innovations such as the integration of artificial intelligence (AI) and the growth of the oil and gas industry.
The rapidly increasing energy demands fuelled by the growing global population are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant types of the product include jackups, semisubmersibles, and drill ships, among others.
The major market divisions, on the basis of water depth, include shallow water, and deep and ultra-deep water.
The major players in the industry are Samsung Heavy Industries Co. Ltd., Sembcorp Marine Ltd, Transocean Ltd., Seadrill Ltd., Noble Corporation, and Valaris Limited, among others.
Analyst Review
The global offshore drilling rigs market attained a value of nearly USD 85.1 billion in 2020, driven by the rapid technological innovations such as the integration of artificial intelligence (AI). Aided by the rapidly increasing energy demands and the growth of the oil and gas industry, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 5.2%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the offshore drilling rigs industry can be divided into jackups, semisubmersibles, and drill ships, among others. The market can be broadly categorised, on the basis of water depth, into shallow water, and deep and ultra-deep water. The major regional markets for offshore drilling rigs are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The major players in the industry are Samsung Heavy Industries Co. Ltd., Sembcorp Marine Ltd, Transocean Ltd., Seadrill Ltd., Noble Corporation, and Valaris Limited, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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