• Blog
  • Offshore Drilling Rigs Market Growth Analysis | 2023-2028

    Offshore Drilling Rigs Market Growth Analysis | 2023-2028

    Offshore Drilling Rigs Market Growth Analysis | 2023-2028
    Report code - SROG135 Delivery - 2 Weeks
    Offshore Drilling Rigs Market Size, Share, Trends, Dynamics, Forecast, & Growth A See more...

    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.

     Offshore-Drilling-Rigs-Market-Insights

    Want to know more about the market scope? Register Here

    What are offshore drilling rigs?

    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.

    Offshore Drilling Rigs Market Highlights

    Market Size in 2022

    USD 105.68 billion

    Market Size in 2028

    USD 176.43 billion

    Market Growth (2023-2028)

    8.81% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    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.

    Offshore-Drilling-Rigs-Market-Dynamics

    Want to have a closer look at this market report? Click Here

    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.

    Offshore-Drilling-Rigs-Market-Regional-Insights

    Know the high-growth countries in this report. Register Here

    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)

    Offshore-Drilling-Rigs-Market-Segmentation

    Click Here, to learn the market segmentation details.

    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.

    Research Methodology

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Offshore Drilling Rigs Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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.

    Frequently Asked Questions (FAQs)

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

    The offshore drilling rigs market was estimated at USD 105.68 billion in 2022.

    The offshore drilling rigs market is likely to reach USD 176.43 billion in 2028.

    The offshore drilling rigs market is expected to witness an impressive growth of 8.81% CAGR in the foreseeable future.

    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., and Vantage Drilling are among the key players in the market.

    Asia-Pacific is expected to be the largest market during the next five years.

    The jackup rigs segment is expected to remain dominant segment in the market in the coming years.