Offshore Drilling Rigs Market Trends & Dynamic Forecast to 2027
The global offshore drilling rigs market is progressing rapidly. The market growth attributes to the rising demand for energy fuels per year, increasing industrialization, and concerns related to energy security. Besides, the growing globalization and rising economic growth boost the market, driving energy demand worldwide. Moreover, alarming depletion of O&G reservoirs, new offshore discoveries, and strict regulations to drill in populated areas on the land escalate the market growth.
According to Market Research Future (MRFR), the global offshore drilling rigs market valuation is expected to expand at approximately 11.25% CAGR throughout the forecast period (2018 to 2023). The oil & gas industry worldwide is witnessing a robotic revolution, investing heavily in the developments and integration of automated technologies in offshore drilling activities. High expansion activities by well-established companies propel the growth of the market.
These developments play a vital role in substantiating the market growth, helping offshore drilling rigs systems to reduce costs, and enhance efficiency & security in drilling activities. Additionally, continuous developments in the end-use industry, coupled with the growing demand for exploration and production expenditure in the oil industry, foster the growth of the market. Increase in offshore discoveries and the demand for oil and gas, alongside strict regulations of onshore drilling projects, push the market growth.
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Global Offshore Drilling Rigs Market – Segments
The report is segmented into three dynamics;
By Type : Drillship, Jack-up Rig, Semi-Submersible, and others.
By Operating Depth: Shallow Water, Deep Water, Ultra-Water, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Offshore Drilling Rigs Market – Regional Analysis
North America dominates the global offshore drilling rigs market. The region is the largest consumer of oil & gas. Resultantly, the largest market share predominantly attributes the rising numbers of offshore drilling activities in the region. Besides, huge advances in drilling technologies, alongside the presence of industry players in the region, drive the growth of the market. These players have been continually working on to integrate their robotics in the field of oilfields.
Moreover, the rising uptake of robotics in oilfields and high investments in exploration & production (E&P) accelerate the demand for drilling equipment and offshore rigs. Latin America holds a significant share in the region due to high offshore potential oil and gas reserves. Also, the liberalization of the Mexican oil & gas sector drives the demand for offshore drilling.
Europe stands second in the global offshore drilling rigs market. The presence of well-developed infrastructure drives the market growth, and the increasing demand for fossil fuels in the region substantiates the market growth. Most of the European countries have initiated transformed regulations towards the usage of robotics in oilfield applications, fostering the growth of the market.
Additionally, increasing R&D activities & investments for the modifications in drilling systems act as major tailwinds for the growth of the market. Norway accounts for the leading market and the largest revenue generator in the region.
The Asia Pacific offshore drilling rigs market is proliferating. The region is a key consumer of oil & gas, which leads to substantiated exploration and production in the area. Factors such as the augmenting demand for energy and increasing investment in offshore exploration activities boost the market growth. Moreover,
India and China are continually increasing investments in improving drilling technologies and robotics in offshore oilfields. Furthermore, the rapid economic growth and the demand for new autonomous technology from the burgeoning oil & gas sector propel the regional market.
Global Offshore Drilling Rigs Market – Competitive Analysis
Highly competitive, the offshore drilling rigs market appears to be fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as collaboration, acquisition, partnership, product & technology launch, and expansion. Players also focus on new product development initiatives and geographical expansion. They make substantial R&D investments in developing
a technology entirely on a different level compared to their competition. The market is predicted to witness relentless innovations and new products that would eventually result in intense competition among the climate control system manufacturers.
Players leading the global offshore drilling rigs market Weatherford International Inc (US), Halliburton (US), Schlumberger (US), Seadrill (Bermuda), Aban Offshore Limited (India), Ensco plc (UK), China Oilfield Services Ltd. (China), Vantage Drilling Co. (US), Diamond Offshore Drilling Inc. (US), Pacific Drilling (US), Maersk Drilling (Denmark), Nobel Corporation (UK) KCA Deutag (UK), and Nabors Industries Ltd (Bermuda), among others.
Industry/ Innovation/ Related News
October 02, 2020 —- Icon Offshore Berhad (ICON – Malaysia), a leading offshore support vessel (OSV) provider in Southeast Asia, announced the acquisition of the jack-up drilling rig Perisai Pacific 101, a subsidiary of Perisai Petroleum Teknologi Bhd that owns and operates a drilling rig. The deal also includes the purchase of intellectual property of Perisai Drilling Sdn Bhd, Perisai Drilling Holdings Sdn Bhd, and PPTB.
These proposed acquisitions would provide the Icon Group with an opportunity to own and operate the rig and run the offshore drilling business as a stand-alone model, chartering it out for drilling, exploration appraisals, and development. Upon completion, the acquisitions would provide the enlarged Icon Group with an additional income source.
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