Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Offshore Drilling Rigs Market Outlook

The global offshore drilling rigs market attained a value of USD 99.08 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.5% to reach USD 160.08 billion by 2032.

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.

Global Offshore Drilling Rigs Market

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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.

Global Offshore Drilling Rigs Market

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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.

Global Offshore Drilling Rigs Market

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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.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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
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Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global offshore drilling rigs market attained a value of nearly USD 99.08 billion.

The market is projected to grow at a CAGR of 5.5% between 2024 and 2032.

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.

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