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Global Offshore Drilling Rigs Market Size, Share, Forecast: By Type: Jackups, Semisubmersibles, Drill Ships, Others; By Water Depth: Shallow Water, Deep and Ultra-Deep Water; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
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.
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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.
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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.
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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:
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| Breakup by Type |
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| Breakup by Water Depth |
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| Breakup by Region |
|
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Offshore Drilling Rigs Market Analysis
8.1 Key Industry Highlights
8.2 Global Offshore Drilling Rigs Historical Market (2018-2023)
8.3 Global Offshore Drilling Rigs Market Forecast (2024-2032)
8.4 Global Offshore Drilling Rigs Market by Type
8.4.1 Jackups
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Semisubmersibles
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Drill Ships
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Offshore Drilling Rigs Market by Water Depth
8.5.1 Shallow Water
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Deep and Ultra-Deep Water
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Offshore Drilling Rigs Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Offshore Drilling Rigs Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Offshore Drilling Rigs Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Offshore Drilling Rigs Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Offshore Drilling Rigs Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Offshore Drilling Rigs Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Samsung Heavy Industries Co. Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Sembcorp Marine Ltd
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Transocean Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Seadrill Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Noble Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Valaris Limited
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Offshore Drilling Rigs Market: Key Industry Highlights, 2018 and 2032
2. Global Offshore Drilling Rigs Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Offshore Drilling Rigs Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Offshore Drilling Rigs Historical Market: Breakup by Water Depth (USD Billion), 2018-2023
5. Global Offshore Drilling Rigs Market Forecast: Breakup by Water Depth (USD Billion), 2024-2032
6. Global Offshore Drilling Rigs Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Offshore Drilling Rigs Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Offshore Drilling Rigs Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Offshore Drilling Rigs Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Offshore Drilling Rigs Market Structure
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.
Analyst Review
The global offshore drilling rigs market attained a value of nearly USD 99.08 billion in 2023, 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 2024-2032, growing at a CAGR of 5.5%.
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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