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Jack-Up Rig Market: Growth Trends, Industry Analysis, Size, and Share Report
Jack-Up Rig Global Market Report 2024
According to The Business Research Company's, 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 growth in the historic period can be attributed to oil and gas exploration activities, regulatory support and approvals, expansion of offshore oil and gas production, renewal and modernization, increased focus on arctic exploration..
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%. The growth in the forecast period can be attributed to growing offshore wind energy sector, recovery in oil prices, regional market expansion, stringent environmental standards, increasing offshore e&p investments.. Major trends in the forecast period include upgradation of aging fleets, deepwater and ultra-deepwater exploration, integration of digital technologies, cost-efficiency measures, market consolidation and collaboration..
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Market Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Jack-Up Rig Market 2024 Key Insights:
• The jack-up rig market will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Increasing Oil And Gas Demand Driving The Jack-Up Rig Market Expansion
• Technological Advancements Reshaping The Jack-Up Rig Market
• North America was the largest region in the jack-up rig market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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