Offshore Drilling Rigs Market Analysis | 2023-2028

Market Insights

The offshore drilling rigs market was estimated at USD 105.68 billion in 2022 and is likely to grow at a CAGR of 8.81% during 2023-2028 to reach USD 176.43 billion in 2028.

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Market Dynamics

Introduction

Offshore drilling rigs are also called oil platforms or offshore platforms. Offshore drilling rigs are large and structured with facilities for good drilling to extract, explore, process, and store petroleum and natural gas that lie in rock formations beneath the seabed.

Market Drivers

The demand for offshore drilling rigs is driven mainly by rising expenditure on production and exploration coupled with the growing demand for energy from emerging economies.

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Key Players

Some of the major market players are:

• Aban Offshore Limited
• Atwood Oceanics
• China Oilfield Services Limited
• Diamond Offshore Drilling Inc.
• Ensco PLC
• Hercules Offshore Inc.
• KCA Deutag
• Maersk Drilling
• Nabors Industries Ltd.
• Noble Corporation
• Pacific Drilling
• Rowan Companies PLC
• Seadrill Limited
• Transocean Ltd.
• Vantage Drilling.

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Device Type

Based on the device type, the market is segmented as jackup rigs, semi-submersible rigs, and drillships. The jackup rigs segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. This segment is expected to expand with a lucrative CAGR owing to technological improvements and increasing viability of offshore oil & gas projects.

By Application Type

Based on the application type, the market is segmented as shallow water, deepwater, and ultra-deepwater. The deepwater segment is projected to expand with a significant CAGR over the forecast period owing to huge demand from the upcoming exploration and production projects in countries such as Brazil, Nigeria, and others.

Regional Insights

In terms of regions, Asia-Pacific is projected to be the largest and fastest-growing market for offshore drilling rigs during the forecast period. The Asia-Pacific market is expected to expand with a lucrative CAGR due to growing shallow and deepwater explorations in western Africa. The Latin American region and the Gulf of Mexico are also expected to contribute to significant demand.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects offshore drilling rigs market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The offshore drilling rigs market is segmented into the following categories.

By Device Type

• Jackup Rigs
• Semi-submersible rigs
• Drillships

By Application Type

• Shallow Water
• Deepwater
• Ultra-Deep Water

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the device types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.