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Jack-Up Rig Market Size, Outlook Report 2024 To 2033
Jack-Up Rig Market Size
As per the report, the jack-up rig market size has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The jack-up rig market size is expected to see strong growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Increasing Oil And Gas Demand Driving The Jack-Up Rig Market Expansion
An 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 the 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. Further, in July 2022, according to IEA, the global gas demand is set to rise by a total of 140 billion cubic meters (BCM) between 2021 and 2025. Therefore, an increase in demand for oil and gas is driving the growth of the jack-up rig market.
Technological Advancements Reshaping The Jack-Up Rig Market
Technological advancement is a key trend gaining popularity in the jack-up rig market. 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. The software provides wide-ranging access to both past and current operational data.
The jack-up rig market covered in this report 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
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Major companies operating in the jack-up rig market report are Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd., Rowan Companies Inc., Shelf Drilling Ltd., China Oilfield Services Limited, Seadrill Limited., Noble Corporation, Halliburton Co., ENSCO Inc., KCA Deutag Group, A.P. Moller - Maersk A/S, Schlumberger Ltd., Prosafe SE, Stena Drilling Ltd., AKITA Drilling Ltd., Seajacks Limited, Van Oord Dredging and Marine Contractors BV, Ulstein Group ASA, Abbot Group Limited, Acteon Group Ltd., Sevan Drilling, Pacific Drilling, Northern Offshore Ltd, Maersk Drilling AS, Lamprell Plc, Technical Systems Company, Keppel Offshore & Marine, Sembcorp Marine, GustoMSC
Contents of the report:
1. Executive Summary
2. Jack-Up Rig Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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