What Fueled The Previous Growth In The Offshore Drilling Rigs Market?
The offshore drilling rigs market has seen considerable growth due to a variety of factors.
• The market size for offshore drilling rigs has seen significant growth in the past few years. It is expected to increase from $92.83 billion in 2024 to $100.03 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%.
The growth experienced in the historic period is due to factors such as demand for oil and gas, global energy patterns, and the regulatory environment.
What Is The Expected Growth In The Offshore Drilling Rigs Market Size?
The offshore drilling rigs market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for offshore drilling rigs is projected to experience robust growth in the coming years, escalating to $129.76 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%.
This growth within the forecast period can be credited to various factors such as economic variables, environmental issues and sustainability, geopolitical aspects, and the transition to renewable energy. The major trends anticipated during this forecast period encompass advancements in floating rig technology, digitalisation and automation, exploration of alternative energy sources, collaborative business models, as well as remote monitoring and maintenance.
What Main Forces Are Fueling Expansion In The Offshore Drilling Rigs Market?
The offshore drilling rigs market is anticipated to expand due to a surge in the number of exploratory wells. These wells, which are deep test holes dug both onshore and offshore by oil and gas exploration firms, help to identify confirmed reserves of recoverable gas and oil. As an illustration, the U.S. Energy Information Administration, a government entity, reported in December 2023 that oil production had spiked to 12.1 million b/d and natural gas production had escalated to 121.1 Bcf/d in December 2022. As a result, the elevated number of exploratory wells is accelerating the growth of the offshore drilling rigs market.
What Are The Primary Segments In The Global Offshore Drilling Rigs Market?
The offshore drilling rigs market covered in this report is segmented –
1) By Type: Jackups, Semisubmersibles, Drill Ships, Other Types
2) By Application: Shallow Water, Deepwater, Ultra-Deep Water
Subsegments:
1) By Jackups: Independent Leg Jackups, Mat Supported Jackups, Tender-Assisted Jackups
2) By Semisubmersibles: Column Stabilized Semisubmersibles, Deepwater Semisubmersibles
3) By Drill Ships: Ultra-Deepwater Drill Ships, Deepwater Drill Ships
4) By Other Types: Platform Rigs, Submersible Rigs, Floating Production Storage And Offloading (FPSO) Units
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Which Key Trends Are Driving Changes In The Offshore Drilling Rigs Market?
Prominent organizations engaged in offshore drilling rigs are concentrating on the creation of technological advancements like extensive emissions management. This aims to bolster environmental conformity, heighten functional effectiveness, and diminish their activities' carbon footprint while adhering to regulatory stipulations and fostering sustainability in the sector. Emissions management suite for offshore oil and gas encapsulates tools and methodologies designed for the monitoring, reporting, and curtailing of greenhouse gas emissions generated from drilling and production activities. For instance, Honeywell Technology Inc., an American multinational conglomerate with interests spanning various sectors such as aerospace, building technologies, performance materials, and safety and productivity solutions, unveiled a comprehensive emissions management suite for offshore oil and gas in August 2024. This provides integrated tools for real-time tracking, reporting, and analysis of greenhouse gas emissions, assisting companies in maintaining regulatory compliance and lessening their environmental footprint.
Who Are the Key Players in the Offshore Drilling Rigs Market?
Major companies operating in the offshore drilling rigs market include:
• Samsung Heavy Industries Co. Ltd.
• Rowan Companies Inc.
• Keppel Corporation Limited
• Hyundai Heavy Industries Co. Ltd.
• Schlumberger NV
• TRINIDAD DRILLING Ltd.
• Halliburton Company
• Baker Hughes Company
• Transocean Ltd.
• 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.
• Aban Offshore Limited
• Maersk Drilling
What Is The Most Dominant Region In The Offshore Drilling Rigs Market?
North America was the largest region in the offshore drilling rigs market in 2024.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
