Offshore Drilling Rigs Market by Types (Drill Ships, Jackups, Semisubmersibles, and Others), Water Depth (Deep & Ultra-deepwater and Shallow Water), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
Offshore Drilling Rigs Market Outlook 2031
The global offshore drilling rigs market size was USD 70.60 Billion in 2022 and is projected to reach USD 127.63 Billion by 2031 expand at a substantial CAGR 6.8% during the forecast period, 2023–2031. The growth of the market is attributed to the reduction in crude oil prices and increasing exploration activities in offshore regions.
The offshore drilling is a mechanical process wherein the wellbore is drilled below the seabed. Offshore drilling rigs are used for drilling and exploration activities in the offshore area. The drilling is typically carried out to extract petroleum that lies in rock formations beneath the seabed. The offshore drilling has witnessed to the environmental challenges owing to the produced hydrocarbons and harmful materials used during the drilling operation.
The offshore drilling operations are carried out in multiple ways including bottom founded drilling rigs, combined drilling, and deepwater mobile offshore drilling units. The offshore drilling rigs are capable of operating in water depths up to 9,800 feet. In case of shallow water drilling, the mobile units are anchored to the seabed.
However, during deep & ultra-deepwater drilling that are typically greater than 4,900 feet, the semi-submersibles and drill ships are used in drilling location using dynamic positioning.
The COVID-19 pandemic had a dramatic impact on the dynamics of various industries. The nationwide lockdowns and stringent regulations resulted into the halting of industrial manufacturing and production. The outbreak of coronavirus caused disruption in supply-chain, production, at global level.
The pandemic situation resulted into the decline in oil prices and delays in oil & gas upstream projects in offshore areas, which had negatively impacted the growth of the offshore drilling rigs market.
Offshore Drilling Rigs Market Trends, Drivers, Restraints, and Opportunities
- Increasing shallow and deepwater explorations are the major factors anticipated to fuel the growth of the market in the coming years.
- High demand for crude oil and maturing of onshore oil & gas wells are expected to propel the market growth during the forecast period.
- Growing initiatives for ultra-deepwater projects and improved viability of deepwater are some of the factors spurring the market expansion.
- Rising concern regarding water pollution, disruption in aquatic ecosystems due to exploration activities, and volatility of crude oil is anticipated to hamper the market growth in the coming years.
- Ongoing research & developments and increasing number of investments from operators to undertake multiple projects are expected to offer immense opportunities for the market players in the long run.
Scope of The Offshore Drilling Rigs Market Report
The report on the global offshore drilling rigs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Offshore Drilling Rigs Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Drill Ships, Jackups, Semisubmersibles, and Others) and Water Depth (Deep & Ultra-deepwater and Shallow Water) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Seadrill Ltd; Samsung Heavy Industries Co. Ltd; Transocean Ltd.; Sembcorp Marine Ltd; and Keppel Corporation Limited |
Offshore Drilling Rigs Market Segment Insights
Jackups segment is anticipated to register at a substantial CAGR
Based on types, the market is segmented into drill ships, jackups, semisubmersibles, and others. The jackups segment is anticipated to register at a substantial CAGR during the projected period owing to the high demand for jackups rigs due to its operational compatibility at water depths ranging from 350 to 450 feet.
However, the drill ships segment is expected to register at a rapid pace during the forecast period due to its greater load capacity and high demand for remote offshore drilling. Moreover, the increasing demand for during deep & ultra-deepwater drilling activities is projected to expand the market segment during the forecast period.
Deep & Ultra-deepwater segment is expected to constitute a major market share
On the basis of water depth, the market is segregated into deep & ultra-deepwater and shallow water. The deep & ultra-deepwater segment is expected to constitute a major market share during the forecast period due to large-scale investments and upcoming projects in deep & ultra-deepwater.
Moreover, significant reduction in costs, critical technological breakthroughs, and expansion of oil & gas exploration activities are expected to propel the growth of the market segment during the projected timeline. On the other hand, the shallow water segment is projected to account for a key market share owing its easy access for inspection and provision for remote controlled system during emergency.
Middle East & Africa market is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Middle East & Africa is anticipated to dominate the market during the forecast period owing to the increasing expenditure on exploration & production activities and the rising demand for energy.
Moreover, the availability of large-scale offshore reserves and recent discoveries of oil & gas reserves in the eastern Mediterranean sea of the region are expected to boost the market expansion during the projected timeline. On the other hand, the market in North America is expected to grow at a significant rate during the forecast period due to increasing technological advancements in terms of equipment in the region.
Furthermore, the provision for feasible & cost-effective operation is anticipated to expand the growth of the market in the coming years.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Offshore Drilling Rigs Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Offshore Drilling Rigs Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Offshore Drilling Rigs Market - Supply Chain
4.5. Global Offshore Drilling Rigs Market Forecast
4.5.1. Offshore Drilling Rigs Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Offshore Drilling Rigs Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Offshore Drilling Rigs Market Absolute $ Opportunity
5. Global Offshore Drilling Rigs Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Offshore Drilling Rigs Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Offshore Drilling Rigs Demand Share Forecast, 2019-2026
6. North America Offshore Drilling Rigs Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Offshore Drilling Rigs Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Offshore Drilling Rigs Demand Share Forecast, 2019-2026
7. Latin America Offshore Drilling Rigs Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Offshore Drilling Rigs Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Offshore Drilling Rigs Demand Share Forecast, 2019-2026
8. Europe Offshore Drilling Rigs Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Offshore Drilling Rigs Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Offshore Drilling Rigs Demand Share Forecast, 2019-2026
9. Asia Pacific Offshore Drilling Rigs Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Offshore Drilling Rigs Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Offshore Drilling Rigs Demand Share Forecast, 2019-2026
10. Middle East & Africa Offshore Drilling Rigs Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Offshore Drilling Rigs Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Offshore Drilling Rigs Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Offshore Drilling Rigs Market: Market Share Analysis
11.2. Offshore Drilling Rigs Distributors and Customers
11.3. Offshore Drilling Rigs Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Seadrill Ltd
11.4.2. Samsung Heavy Industries Co. Ltd
11.4.3. Transocean Ltd.
11.4.4. Sembcorp Marine Ltd
11.4.5. Keppel Corporation Limited