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Key Trends Shaping the Future Offshore Drilling Rigs Market From 2025-2034: Honeywell launches comprehensive emissions management suite for offshore oil and gas
Offshore Drilling Rigs Market
The offshore drilling rigs market is anticipated to expand with the rising count of exploratory wells. These exploratory wells, drilled both onshore and offshore by oil and gas exploration companies, are deep test holes to discover verifiable reserves of extractable gas and oil. The U.S. Energy Information Administration, a government agency, reported in December 2023 that oil production had surged to 12.1 million b/d in December 2022, and natural gas production had jumped to 121.1 Bcf/d. As a result of these climbing numbers of exploratory wells, the offshore drilling rigs market is experiencing a growth surge.
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What is the projected compound annual growth rate (CAGR) of the offshore drilling rigs market from 2025 to 2034, and what factors influence it?
The market size for offshore drilling rigs has seen robust growth in the past few years. The market, which is projected to rise from $92.83 billion in 2024 to $100.03 billion in 2025, is expected to register a compound annual growth rate (CAGR) of 7.7%. The growth experienced in the historic period is a result of energy demand, particularly for oil and gas, along with global energy trends and the regulatory landscape.
Expectations are high for substantial growth in the offshore drilling rigs market over the coming years, with predictions suggesting it will increase to a value of $129.76 billion by 2029, representing a compound annual growth rate (CAGR) of 6.7%. This forecasted growth period can be ascribed to multiple causes, including economic movements, environmental awareness and sustainability, geopolitical elements and the transition towards renewable energy. During the forecast period, the market is projected to be shaped by trends such as the advancement in floating rig technology, digitalisation and automation, exploration of alternative energy sources, the evolution of collaborative business models, as well as increased focus on remote monitoring and maintenance.
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How are the latest trends influencing the growth of the offshore drilling rigs market?
In a bid to enhance environmental compliance, operational efficiency, and reduce carbon footprints while meeting regulatory needs and enhancing industry sustainability, leading offshore drilling rig companies are exploring high-tech advancements such as comprehensive emissions management. This involves using tools and technologies intended for the supervision, reporting, and mitigation of greenhouse gas emissions generated during drilling and production activities. For instance, Honeywell Technology Inc., a multi-sector US-based multinational conglomerate, introduced an extensive emissions management suite for offshore oil and gas in August 2024. This comprehensive suite offers companies integrated tools for real-time analysis, reporting, and monitoring of greenhouse gas emissions, which are vital for regulatory compliance and reduction of environmental impact.
What are the major segments of the offshore drilling rigs market and their role in driving growth?
The offshore drilling rigs market covered in this report is segmented -
1) By Type: Jackups, Semisubmersibles, Drill Ships, Other Types
2) By Application: Shallow Water, Deepwater, Ultra-Deep Water
Subsegments:
1) By Jackups: Independent Leg Jackups, Mat Supported Jackups, Tender-Assisted Jackups
2) By Semisubmersibles: Column Stabilized Semisubmersibles, Deepwater Semisubmersibles
3) By Drill Ships: Ultra-Deepwater Drill Ships, Deepwater Drill Ships
4) By Other Types: Platform Rigs, Submersible Rigs, Floating Production Storage And Offloading (FPSO) Units
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Which regions are key players in the growth of the offshore drilling rigs market?
North America was the largest region in the offshore drilling rigs market in 2024.Middle East and Africa are expected to be the fastest growing regions in the forecast period. The regions covered in the offshore drilling rigs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the offshore drilling rigs market?
Major companies operating in the offshore drilling rigs market include Samsung Heavy Industries Co. Ltd., Rowan Companies Inc., Keppel Corporation Limited, Hyundai Heavy Industries Co. Ltd., Schlumberger NV, TRINIDAD DRILLING Ltd., Halliburton Company, Baker Hughes Company, Transocean Ltd., 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., Aban Offshore Limited, Maersk Drilling
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What Is Covered In The Offshore Drilling Rigs Global Market Report?
•Market Size Forecast: Examine the offshore drilling rigs market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the offshore drilling rigs market for a structured understanding.
•Key Players Overview: Analyze major players in the offshore drilling rigs market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the offshore drilling rigs market.
•Segment Contributions: Evaluate how different segments drive overall growth in the offshore drilling rigs market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the offshore drilling rigs market.
•Industry Challenges: Identify potential risks and obstacles affecting the offshore drilling rigs market.
•Competitive Landscape: Review strategic developments in the offshore drilling rigs market, including expansions, agreements, and new product launches.
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