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Exploring Technological Advancements in the Jack-up Rig Market || Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd
Jack-Up Rig Market
The Business Research Company's Jack-Up Rig Global Market Report 2023 identifies the increase in demand for oil and gas is expected to propel the growth of the jack-up rig market, going forward. Oil and gas refer to natural resources that are extracted from the earth's subsurface and that are formed over millions of years from the remains of dead plants and animals. The jack-up platform's support ensures a solid foundation for the uninterrupted oil drilling process, so the increase in demand for oil and gas will propel the growth of the Jack-Up Rig market. For instance, in March 2021, according to International Energy Agency, a France-based autonomous intergovernmental organization that shapes energy policies, the global oil demand increased from 42.1 million barrels per day, in 2020 to 44.7 million barrels per day, in 2021, whereas the oil demand in Non-OECD countries also increased gradually to reach 51.7 million barrel per day, in 2021 from 48.9 million barrel per day, in 2020.
The global jack-up rig market size is expected to grow from $3.09 billion in 2022 to $3.30 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global jack-up rig market size is expected to reach $4.14 billion in 2027 at a CAGR of 5.8%.
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Major competitors in the jack-up rig market are Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd., Rowan Companies Inc., Shelf Drilling Ltd., China Oilfield Services Limited, Seadrill Limited., Noble Corporation.
A key trend in the jack-up rig market includes technological advancement. Companies operating in the jack-up rig market are focusing on technological development to sustain their marketplace. For instance, in 2021, Odfjell Drilling, a UK-based engineering, well services, and drilling company launched 'Panorama,' a digital technology-based performance portal for Jack-Up rig services. With the help of this new platform, operations can access the data, including drilling KPIs, operational constraints, and other operational guiding measures to enable quick decision-making.
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The jack-up rig market is segmented -
1) By Type: Mobile Offshore Drilling Units, Turbine Installation Vessel, Barges
2) By Water Depth: Shallow Water, Deepwater, Ultra-Deep Water
3) By Application: Oil And Gas, Construction
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the jack-up rig market.
The Business Research Company's "Global Jack-Up Rig Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Jack-Up Rig Market Include:
1. Executive Summary
2. Jack-Up Rig Market Characteristic
3. Jack-Up Rig Market Trends And Strategies
4. Jack-Up Rig Market - Macro Economic Scenario
5. Jack-Up Rig Market Size And Growth
……………
27. Jack-Up Rig Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Jack-Up Rig Market
29. Jack-Up Rig Market Future Outlook And Potential Analysis
30. Appendix
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