Major players in the offshore drilling rigs market are Samsung Heavy Industries Co. Ltd, Loadmaster Universal Rigs Inc, Rowan Companies, Keppel Corporation Limited, Irving Shipbuilding Inc., Hyundai Heavy Industries Co. Ltd, Friede & Goldman Ltd, Schlumberger, and TRINIDAD DRILLING LTD.
The global offshore drilling rigs market is expected to grow from $77.66 billion in 2021 to $84.80 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The offshore drilling rigs market is expected to grow to $112.24 billion in 2026 at a CAGR of 7.3%.
The offshore drilling rigs market consists of sales of offshore drilling rigs by entities (organizations, sole traders, and partnerships) that are used for drilling wells, extracting and processing oil and natural gas, and temporarily storing products until landing for refining and sale.These refer to a massive structure that can hold hundreds of people at a time.
An offshore drilling rig must produce the same working circumstances as onshore drilling rigs, which may easily move from one location to another, and they must have various additional elements to adapt to the maritime environment.
The main types of offshore drilling rigs are jackups, semisubmersibles, drill ships, and other types.The jackups refer to a self-contained drilling rig and floating barge with lengthy support legs that may be independently raised and lowered.
With its legs up and the barge part floating in the water, the jackup is pulled to its destination. The different applications include shallow water, deepwater, and ultra-deep water.
North America was the largest region in the offshore drilling rigs market in 2021.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 and Africa.
An increase in the number of exploratory wells is expected to propel the growth of the offshore drilling rigs market.Exploratory wells are deep test holes dug by oil and gas exploration companies both onshore and offshore to uncover proven reserves of recoverable gas and oil.
For instance, in March 2021, according to a press release published by RYSTAD Energy, a Norway-based independent energy research and business intelligence company, offshore drilling activity is expected to increase year on year by about 10% in both 2021 and 2022.This will bring the number of offshore wells drilled to nearly 2,500 in 2021, from less than 2,300 in 2020, and forecast that the corresponding number for 2022 will surpass 2,700.
Therefore, the increase in the number of exploratory wells is driving the growth of the offshore drilling rigs market.
Advancement in technology is a key trend gaining popularity in the offshore drilling rigs market.Major companies operating in offshore drilling rigs are adopting advanced technologies to strengthen their position in the market.
For instance, in December 2021, Maersk Drilling, a Denmark-based drilling-rig operator has developed RigFlow, an innovative digital product, that has revolutionized how the drilling sector orchestrates operations.RigFlow digitalizes the information flow between the well plan and rig operations, allowing everyone involved to work more efficiently and transparently using real-time plans and operational instructions.
It’s being used on a variety of rigs by a variety of operators.
In April 2022, Keppel Corp., a Singapore-based manufacturer of offshore rigs merged with Sembcorp Marine. With the help of the merger, the combined business will look for prospects in renewable energy. Sembcorp Marine is a Singapore-based marine and offshore engineering company specializing in oil rig construction.
The countries covered in the offshore drilling rigs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The offshore drilling rigs market research report is one of a series of new reports 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.