Product Code: r10490
“Offshore Drilling Rigs Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on offshore drilling rigs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for offshore drilling rigs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The offshore drilling rigs market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 1) By Type: Jackups; Semisubmersibles; Drill Ships; Other Types
- 2) By Application: Shallow Water; Deepwater; Ultra-Deep Water
- Companies Mentioned: Samsung Heavy Industries Co. Ltd.; Rowan Companies Inc.; Keppel Corporation Limited; Irving Shipbuilding Inc.; Hyundai Heavy Industries Co. Ltd.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Offshore drilling rigs are substantial structures constructed to facilitate the extraction, processing, and storage of oil and natural gas. These rigs are employed for drilling wells, extracting and processing oil and natural gas, and temporarily storing products until they are transported for refining and sale.
The primary categories of offshore drilling rigs include jackups, semisubmersibles, drill ships, and various other types. Jackups are self-contained drilling rigs and floating barges with lengthy support legs that can be independently raised and lowered. When the legs are elevated and the barge part is afloat, the jackup is towed to its designated location. Its diverse applications encompass shallow water, deepwater, and ultra-deep water.
The offshore drilling rigs market research report is one of a series of new reports from The Business Research Company that provides offshore drilling rigs market statistics, including offshore drilling rigs industry global market size, regional shares, competitors with a offshore drilling rigs market share, detailed offshore drilling rigs market segments, market trends and opportunities, and any further data you may need to thrive in the offshore drilling rigs industry. This offshore drilling rigs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The offshore drilling rigs market size has grown strongly in recent years. It will grow from $86. 84 billion in 2023 to $93. 55 billion in 2024 at a compound annual growth rate (CAGR) of 7. 7%. The expansion observed in the historical period can be ascribed to the demand for oil and gas, global energy trends, and the regulatory environment.
The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $123. 03 billion in 2028 at a compound annual growth rate (CAGR) of 7. 1%. The anticipated growth in the forecast period can be linked to economic factors, environmental concerns, sustainability efforts, geopolitical factors, and the transition to renewable energy. Key trends in the projected period encompass the adoption of floating rig technology, the integration of digitalization and automation, exploration in alternative energy sources, the development of collaborative business models, and advancements in remote monitoring and maintenance.
The anticipated rise in the number of exploratory wells is poised to drive the expansion of the offshore drilling rigs market. These wells, conducted by oil and gas exploration companies both onshore and offshore, serve as deep test holes to uncover proven reserves of recoverable gas and oil. As reported in a March 2021 press release by RYSTAD Energy, a Norway-based independent energy research and business intelligence company, offshore drilling activity is expected to experience a year-on-year increase of approximately 10% in both 2021 and 2022. This surge is projected to result in nearly 2,500 offshore wells drilled in 2021, up from less than 2,300 in 2020, with a forecasted number exceeding 2,700 for 2022. Consequently, the heightened number of exploratory wells is a driving force behind the growth of the offshore drilling rigs market.
The growing demand for crude oil is also expected to fuel the expansion of the offshore drilling rigs market. Crude oil, also known as petroleum, is a fossil fuel composed of naturally occurring hydrocarbon compounds. It represents a liquid mixture of various organic compounds, predominantly hydrocarbons consisting of hydrogen and carbon atoms. According to the US Energy Information, approximately 15. 2% of the crude oil produced in the United States in 2021 contributes to the escalating demand. Hence, the increasing demand for crude oil plays a significant role in propelling the growth of the offshore drilling rigs market.
Technological advancements stand out as a prominent trend gaining traction in the offshore drilling rigs market. Major companies operating in this sector are adopting cutting-edge technologies to enhance their market position. For instance, in December 2021, Maersk Drilling, a Denmark-based drilling-rig operator, introduced RigFlow, a groundbreaking digital product that revolutionizes how the drilling sector coordinates operations. RigFlow digitalizes information flow between well plans and rig operations, facilitating more efficient and transparent collaboration through real-time plans and operational instructions. This technology is being utilized across various rigs by diverse operators.
Strategic partnerships and collaborations with start-ups and mid-sized companies are a strategic move by major companies in the offshore drilling rigs market to broaden their product and service offerings. Such collaborative efforts aid in expanding product portfolios and geographical reach. An example of this is the long-term strategic cooperation announced in June 2023 between Var Energi, a Norwegian offshore oil and gas producer, and Halliburton, a US oilfield services firm. This collaboration focuses on drilling services to enhance performance and value creation in Var Energi's exploration and production drilling across the Norwegian Continental Shelf. The contractual agreement spans five years, with an option for an additional four years.
In April 2022, Keppel Corp., a Singapore-based manufacturer of offshore rigs, merged with Sembcorp Marine. Through this merger, the combined business seeks opportunities in renewable energy. Sembcorp Marine, a Singapore-based marine and offshore engineering company specializing in oil rig construction, is part of this strategic move toward diversification.
Major companies operating in the in the offshore drilling rigs market report are Samsung Heavy Industries Co. Ltd., Rowan Companies Inc., Keppel Corporation Limited, Irving Shipbuilding Inc., Hyundai Heavy Industries Co. Ltd., Friede & Goldman Ltd, Schlumberger NV, TRINIDAD DRILLING Ltd., Halliburton Company, Baker Hughes Company, Transocean Ltd., Ensco Plc, Diamond Offshore Drilling Inc., Noble Corporation, Seadrill, Weatherford International plc, Stena Drilling Ltd, China Oilfield Services Limited, Nabors Industries Limited, Saipem s. p. a., KCA Deutag, Parker Drilling Company, Sembcorp Marine Ltd., COSCO Shipyard Group Co. Ltd., NOV Inc., Pacific Drilling Company LLC, Hanwha Ocean Co. Ltd., Hercules Offshore Inc., Aban Offshore Limited, Maersk Drilling
North America was the largest region in the offshore drilling rigs market in 2023. Middle East and Africa are expected to be the fastest growing regions in the forecast period. The regions covered in the offshore drilling rigs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the offshore drilling rigs market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The offshore drilling rigs market consists of sales of barges, submersibles, platforms, jackups, and floaters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary
2. Offshore Drilling Rigs Market Characteristics
3. Offshore Drilling Rigs Market Trends And Strategies
4. Offshore Drilling Rigs Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Offshore Drilling Rigs Market Size and Growth
- 5.1. Global Offshore Drilling Rigs Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Offshore Drilling Rigs Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
- 5.3. Global Offshore Drilling Rigs Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Offshore Drilling Rigs Market Segmentation
- 6.1. Global Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Jackups
- Semisubmersibles
- Drill Ships
- Other Types
- 6.2. Global Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Shallow Water
- Deepwater
- Ultra-Deep Water
7. Offshore Drilling Rigs Market Regional And Country Analysis
- 7.1. Global Offshore Drilling Rigs Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 7.2. Global Offshore Drilling Rigs Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Offshore Drilling Rigs Market
- 8.1. Asia-Pacific Offshore Drilling Rigs Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.3. Asia-Pacific Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Offshore Drilling Rigs Market
- 9.1. China Offshore Drilling Rigs Market Overview
- 9.2. China Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.3. China Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Offshore Drilling Rigs Market
- 10.1. India Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.2. India Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Offshore Drilling Rigs Market
- 11.1. Japan Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.2. Japan Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Offshore Drilling Rigs Market
- 12.1. Australia Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.2. Australia Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Offshore Drilling Rigs Market
- 13.1. Indonesia Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.2. Indonesia Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Offshore Drilling Rigs Market
- 14.1. South Korea Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.2. South Korea Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Offshore Drilling Rigs Market
- 15.1. Western Europe Offshore Drilling Rigs Market Overview
- 15.2. Western Europe Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.3. Western Europe Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Offshore Drilling Rigs Market
- 16.1. UK Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.2. UK Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Offshore Drilling Rigs Market
- 17.1. Germany Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.2. Germany Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Offshore Drilling Rigs Market
- 18. 1. France Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18. 2. France Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Offshore Drilling Rigs Market
- 19. 1. Italy Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19. 2. Italy Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Offshore Drilling Rigs Market
- 20.1. Spain Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.2. Spain Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Offshore Drilling Rigs Market
- 21.1. Eastern Europe Offshore Drilling Rigs Market Overview
- 21.2. Eastern Europe Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.3. Eastern Europe Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Offshore Drilling Rigs Market
- 22.1. Russia Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.2. Russia Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Offshore Drilling Rigs Market
- 23.1. North America Offshore Drilling Rigs Market Overview
- 23.2. North America Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.3. North America Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Offshore Drilling Rigs Market
- 24.1. USA Offshore Drilling Rigs Market Overview
- 24.2. USA Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.3. USA Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Offshore Drilling Rigs Market
- 25.1. Canada Offshore Drilling Rigs Market Overview
- 25.2. Canada Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.3. Canada Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Offshore Drilling Rigs Market
- 26.1. South America Offshore Drilling Rigs Market Overview
- 26.2. South America Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.3. South America Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Offshore Drilling Rigs Market
- 27.1. Brazil Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.2. Brazil Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Offshore Drilling Rigs Market
- 28.1. Middle East Offshore Drilling Rigs Market Overview
- 28.2. Middle East Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.3. Middle East Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Offshore Drilling Rigs Market
- 29.1. Africa Offshore Drilling Rigs Market Overview
- 29.2. Africa Offshore Drilling Rigs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.3. Africa Offshore Drilling Rigs Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Offshore Drilling Rigs Market Competitive Landscape And Company Profiles
- 30.1. Offshore Drilling Rigs Market Competitive Landscape
- 30.2. Offshore Drilling Rigs Market Company Profiles
- 30.2.1. Samsung Heavy Industries Co. Ltd.
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1. 4. Financial Performance
- 30.2.2. Rowan Companies Inc.
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2. 4. Financial Performance
- 30.2.3. Keppel Corporation Limited
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3. 4. Financial Performance
- 30.2. 4. Irving Shipbuilding Inc.
- 30.2. 4.1. Overview
- 30.2. 4.2. Products and Services
- 30.2. 4.3. Strategy
- 30.2. 4. 4. Financial Performance
- 30.2. 5. Hyundai Heavy Industries Co. Ltd.
- 30.2. 5.1. Overview
- 30.2. 5.2. Products and Services
- 30.2. 5.3. Strategy
- 30.2. 5. 4. Financial Performance
31. Global Offshore Drilling Rigs Market Competitive Benchmarking
32. Global Offshore Drilling Rigs Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Offshore Drilling Rigs Market
34. Offshore Drilling Rigs Market Future Outlook and Potential Analysis
- 34.1 Offshore Drilling Rigs Market In 2028 - Countries Offering Most New Opportunities
- 34.2 Offshore Drilling Rigs Market In 2028 - Segments Offering Most New Opportunities
- 34. 3 Offshore Drilling Rigs Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies
35. Appendix
- 35.1. Abbreviations
- 35.2. Currencies
- 35.3. Historic And Forecast Inflation Rates
- 35. 4. Research Inquiries
- 35. 5. The Business Research Company
- 35. 6. Copyright And Disclaimer