The global offshore drilling rigs market attained a value of USD 104.53 Billion in 2025. The market is further expected to grow in the forecast period of 2026-2035 at a CAGR of 5.50% to reach USD 178.55 Billion by 2035.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
5.5%
Value in USD Billion
2026-2035
*this image is indicative*
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.
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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:
The market can be broadly categorised, on the basis of water depth, into:
The regional markets for the product include:
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.
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:
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.
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In 2025, the global offshore drilling rigs market attained a value of nearly USD 104.53 Billion.
The market is projected to grow at a CAGR of 5.50% between 2026 and 2035.
The major market drivers include the increasing capital expenditure by the governments, the development of offshore reserves, and the growing demand for semisubmersibles.
The increased investments by the market players in the expansion of their offshore drilling activities, the surging energy demand, rapid technological innovations such as the integration of artificial intelligence (AI), and the robust growth of the oil and gas sector are the key trends guiding the market growth.
The major regions in the market 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 different segments based on water depth of offshore drilling rigs considered in the market report are shallow water, and deep and ultra-deep water.
The major players in the market are Samsung Heavy Industries Co. Ltd., Sembcorp Marine Ltd, Transocean Ltd., Seadrill Ltd., Noble Corporation, and Valaris Limited, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Water Depth |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
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