Global Offshore Drilling Rigs Market Insights & Industry Trends Studied during 2017 – 2022

Energy hungry countries compelled to rely on non-conventional sources is benefitting the global offshore drilling rigs market. Energy production, today, still largely relies on burning of fossil fuels that are mainly buried deep in the Earth’s crust, in rock formations, and deep in oceans. Almost one-third of the oil and gas produced across the world is sourced from offshore reserves. From the first oil rigs built in the late 1800s that could tap oil and gas reserves in shallow waters close to the coastline, the oil rigs that are used today are suitable for waters that are more than 7,500 feet deep and can be as much as 200 miles away from the nearest shore.

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Offshore oil production which was complicated at one time is increasingly becoming routine. At present, there are almost 900 large-scale oil and gas platforms that are used for the exploration of deep-water reserves.

As per the U.S. Energy Information Administration, in 2015, more than 27 million barrels of oil was produced offshore across 50 countries. The world’s largest offshore oil producing countries are Saudi Arabia, Brazil, Mexico, Norway, and the United States.

Apart from serving energy needs, offshore drilling has the prime advantage of reducing incidents of natural oil seepage in oceans. The benefits of offshore drilling are much more than the risks associated with offshore drilling pursuits.

Serving to prove to be a roadblock to the growth of the global offshore drilling market are concerns of environmental impact of offshore drilling and threat to marine life.

According to a report by Market Research Reports Search Engine (MRRSE), the global offshore drilling rigs market is likely to expand at a CAGR of 3.5% for the forecast period between 2017 and 2022. At this pace, the market will attain a valuation of US$41,922.8 mn by the end of 2022 from its evaluated worth of US$35,336.2 mn in 2017.

Global Offshore Drilling Rigs Market: Market Segmentation

The research report studies the global offshore drilling rigs market on the basis of type, application, and region. The segments of the market based on type are jack up rigs, semi-submersible rigs, and drill ships. On the basis of application, the market is segregated into shallow water, deep water, and ultra-deep water drilling.

The report studies the global offshore drilling rigs market across North America, Europe, Asia Pacific except Japan, Latin America, the Middle East and Africa, and Japan from a geographical perspective. Of them, North America is the most attractive market and is envisaged to post a 3.9% CAGR over the 2017-2022 forecast period.

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Global Offshore Drilling Rigs Market: Competitive Dynamics

This section of the report covers a detailed competitive profile of leading players in the global offshore drilling rigs market. The leading companies in this market are Tranocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragon Offshore, Ocean Rig, and Nabors Industries Limited. Following this, competitive strategies such as technological advancements, joint ventures, and strategic partnerships that leading markets are engaged in have been discussed at length. Lastly, the report covers current competitive hierarchy and the winning essentials of key stakeholders for competitive gains.

The global offshore drilling rigs market is segmented as follows;

Global Offshore Drilling Market, by Type

Jack up Rigs
Semi-Submersible
Drill Ships
Global Offshore Drilling Market, by Application

Shallow Water Drilling
Deep Water Drilling
Ultra Deep Water Drilling                   
Global Offshore Drilling Market, by Region

North America
Latin America
Europe
Asia Pacific except Japan
Japan
Middle East and Africa

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