Market Synopsis
In its research report, Market Research Future (MRFR), highlights that the global offshore drilling rigs market 2020 is slated to grow exponentially over the assessment period, securing a substantial market valuation and a healthy 11.25% CAGR over the review period.
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Drivers and Restraints
Offshore drilling rigs are durable and able to withstand the harshest temperature and conditions in the world. Present offshore drilling ventures are attracting the oil industry's focus. Rapid maturation of onshore oil fields has led to decreases in fossil fuel production. As the ultimate world oil production frontier, offshore exploration ventures are projected to attract heavy investment in the coming years, resulting in a major expansion of the global demand for offshore drilling rigs. The demand for energy fuels is rising every year as a result of increased industrialisation, energy security issues, globalization, and rising developed countries' economic prosperity. Oil firms are switching to drilling offshore, as the amount of oil extracted daily from offshore is substantially higher than onshore. Offshore oilfields also have a longer lifetime than onshore fields. Offshore drilling rigs industry is projected to have a large number of advances over the forecast period due to continuous advancements in end-use industry coupled with rising demand for oil exploration and production expenditure. Multinationals and well known businesses are also projected to have strong expansion activities on the sector.
Segmental Analysis
The global demand for offshore drilling rigs has been segmented according to size and scope of operation. The demand for offshore drilling rigs was segmented into drillships, jackup rigs, and semi-submersibles, based on size. Among these, due to the low cost and easy deployment compared to other types of rigs, the jackup rigs segment is expected to constitute the major share of the global offshore oil rigs market.
The demand for offshore drilling rigs was segmented into shallow water, deep water and ultra-deep water, based on operating depth. The deep and ultra profound segment is expected to expand rapidly as the shallow water reserves are depleting rapidly due to excessive extraction of fossil fuels.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Latin America is the leading region, owing to the high potential offshore oil and gas reserves. In addition, factors such as high exploration & production (E&P) investment are leading to increased demand for drilling equipment and offshore rigs. The rise in oil & gas output in North America and the Middle East has forced operators to concentrate on offshore markets. Second, Mexican oil & gas industry liberalization is boosting demand for offshore drilling.
Asia Pacific is one of the leading Offshore drilling rigs market development areas. In the forecast period the rising demand for energy coupled with the increasing investment in offshore exploration activities will drive the market. Asia Pacific ranks among the highest oil & gas users. Increasing demand would contribute to greater regional exploration and development.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Halliburton (U.S.), Schlumberger (U.S.), Weatherford International Inc (U.S.), Seadrill (Bermuda), and Aban Offshore Limited (India). China Oilfield Services Ltd. (China), Ensco plc (UK), Diamond Offshore Drilling Inc. (U.S.), Vantage Drilling Co. (U.S.), Pacific Drilling (U.S.), KCA Deutag (UK), Maersk Drilling (Denmark), and Nabors Industries Ltd (Bermuda), Nobel Corporation (U.K.) are among others.
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