Press release
Jack-Up Rig Market Poised for 6 % Growth, Set to Hit $4.72 Billion by 2029
Jack-Up Rig Global Market Analysis
The jack-up rig market's expansion is predicted to be fueled by a rise in oil and gas demand. Oil and gas are natural resources extracted from beneath the earth's surface, created over millions of years from the decay of plants and animals. The sturdy base provided by the jack-up platform facilitates consistent oil drilling, hence the growth of the Jack-Up Rig market will be driven by heightened oil and gas demand. For example, HM Revenue & Customs, the UK's taxation, payments, and customs organization, reported in September 2024 that the total government revenues from UK oil and gas production rose from $1.52 billion in 2021 to 2022 to $9.8 billion in the financial year 2022 to 2023, a growth of $8.28 billion. Furthermore, the IEA stated in July 2022 that global gas demand is forecasted to increase by a total of 140 billion cubic meters (BCM) between 2021 and 2025. Consequently, the Jack-Up Rig market's expansion is being propelled by increased oil and gas demand.
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What is the future CAGR of the jack-up rig market, and how will it impact industry expansion?
The size of the jack-up rig market has seen robust expansion in the past few years. The market which was valued at $3.49 billion in 2024 will rise to $3.71 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.1%. This considerable growth during the historical period is due to factors such as oil and gas exploration activities, supportive regulations and approvals, scaling up of offshore oil and gas production, refurbishing and modernization, along with a heightened focus on arctic exploration.
In the coming years, the market size for jack-up rigs is anticipated to witness significant expansion, estimated to reach "$4.72 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.2%. This projected growth during the forecast period can be associated with the surge of the offshore wind energy sector, rebound in oil prices, regional market proliferation, strict environmental standards, and the rise in offshore exploration & production investments. Key trends that are expected to shape the market in the forecast period comprise the modernization of outdated fleets, exploration in deepwater and ultra-deepwater regions, the incorporation of digital technologies, measures to enhance cost-efficiency, as well as market consolidation and collaboration.
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What are the most significant trends transforming the jack-up rig market today?
Leading organizations in the jack-up rig domain are focusing on introducing cutting-edge products, such as high-specification jack-up rigs to boost operational effectiveness, strengthen safety measures, and fulfill the escalating needs of offshore oil and gas exploration. High-specification jack-up rigs refer to advanced offshore drilling stages devised for operations in deeper waters, fitted with sophisticated drilling abilities, safety elements, and automated systems to maximize efficiency and output. For example, in May 2024, a partnership between Saudi Aramco & Valaris known as ARO Drilling, unveiled Kingdom 2. The Kingdom 2 jack-up rig adheres to the Letourneau Super 116E Class standard and is perfectly apt for operations in the Arabian Gulf, offering the ability to operate in water depths of 200 to 330 feet and drill to a maximum depth of 30,000 feet. Equipped with a groundbreaking drilling control and power management system, it increases operational efficiency by integrating equipment and a mechanized drill floor. Housing up to 120 crew members, the rig is anticipated to substantially bolster offshore drilling procedures in the area.
Which key market segments comprise the jack-up rig market and drive its revenue growth?
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
Subsegments:
1) By Mobile Offshore Drilling Units (MODUs): Jack-Up Rigs, Semi-submersible Rigs, Drillships
2) By Turbine Installation Vessel: Wind Turbine Installation Vessels, Heavy Lift Vessels
3) By Barges: Deck Barges, Construction Barges, Transport Barges
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What regions are at the forefront of jack-up rig market expansion?
North America was the largest region in the jack-up rig market in 2024. The regions covered in the jack-up rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the jack-up rig market?
Major companies operating in the jack-up rig market include 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
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What Is Covered In The Jack-Up Rig Global Market Report?
• Market Size Forecast: Examine the jack-up rig market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the jack-up rig market for a structured understanding.
• Key Players Overview: Analyze major players in the jack-up rig market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the jack-up rig market.
• Segment Contributions: Evaluate how different segments drive overall growth in the jack-up rig market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the jack-up rig market.
• Industry Challenges: Identify potential risks and obstacles affecting the jack-up rig market.
• Competitive Landscape: Review strategic developments in the jack-up rig market, including expansions, agreements, and new product launches.
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