Global Offshore Drilling Rigs, Market Trends, Opportunities, Report 2024

The Business Research Company recently released a comprehensive report on the Global Offshore Drilling Rigs Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The offshore drilling rigs market size has grown strongly in recent years. It will grow from $86.84 billion in 2023 to $93.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to oil and gas demand, global energy trends, regulatory environment.

The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $123.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to economic factors, environmental concerns and sustainability, geopolitical factors, renewable energy transition. Major trends in the forecast period include floating rig technology, digitalization and automation, alternative energy exploration, collaborative business models, remote monitoring and maintenance.

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Market Drivers and Trends:

An increase in the number of exploratory wells is expected to propel the growth of the offshore drilling rigs market. Exploratory wells are deep test holes dug by oil and gas exploration companies both onshore and offshore to uncover proven reserves of recoverable gas and oil. For instance, in March 2021, according to a press release published by RYSTAD Energy, a Norway-based independent energy research and business intelligence company, offshore drilling activity is expected to increase year on year by about 10% in both 2021 and 2022. This will bring the number of offshore wells drilled to nearly 2,500 in 2021, from less than 2,300 in 2020, and forecast that the corresponding number for 2022 will surpass 2,700. Therefore, the increase in the number of exploratory wells is driving the growth of the offshore drilling rigs market.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Samsung Heavy Industries Co. Ltd., Rowan Companies Inc., Keppel Corporation Limited, Irving Shipbuilding Inc., Hyundai Heavy Industries Co. Ltd., Friede & Goldman Ltd, Schlumberger NV, TRINIDAD DRILLING Ltd., Halliburton Company, Baker Hughes Company, Transocean Ltd., Ensco Plc, Diamond Offshore Drilling Inc., Noble Corporation, Seadrill, Weatherford International plc, Stena Drilling Ltd, China Oilfield Services Limited, Nabors Industries Limited, Saipem s. p. a., KCA Deutag, Parker Drilling Company, Sembcorp Marine Ltd., COSCO Shipyard Group Co. Ltd., NOV Inc., Pacific Drilling Company LLC, Hanwha Ocean Co. Ltd., Hercules Offshore Inc., Aban Offshore Limited, Maersk Drilling

Offshore Drilling Rigs Market 2024 Key Insights:

• The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $123.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Setting Sail For Success Expanding Exploratory Wells Drive Offshore Drilling Rigs Market Growth
• Tech Innovation At Sea Advancing Offshore Drilling Rigs With Cutting-Edge Technology
• North America was the largest region in the offshore drilling rigs market in 2023

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