Press release
Setting Sail For Success Expanding Exploratory Wells Drive Offshore Drilling Rigs Market Growth: Key Factor Driving The Growth In The Offshore Drilling Rigs Market
Offshore Drilling Rigs
What Is the Expected Offshore Drilling Rigs Market Size During the Forecast Period?
The offshore drilling rigs industry has experienced robust expansion in the prior years. The market, which stood at $92.83 billion in 2024, is set to increase to $100.03 billion in 2025, showing a compound annual growth rate (CAGR) of 7.7%. Factors such as oil and gas demand, worldwide energy patterns, and the regulatory atmosphere have contributed to the growth witnessed in the historic period.
The market size for offshore drilling rigs is predicted to witness significant expansion in the upcoming years. The market is projected to reach $129.76 billion by 2029, growing at a compounded annual growth rate (CAGR) of 6.7%. Economic factors, environmental considerations and sustainability, geopolitical factors, and the shift towards renewable energy contribute to the growth predicted for the forecast period. The period will also see key trends like the emergence of floating rig technology, the rise of digitalization and automation, exploration of alternative energy, the advent of collaborative business models, and the use of remote monitoring and maintenance.
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What Are the High-Growth Segments in the Offshore Drilling Rigs Market?
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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What Key Drivers Are Expected to Influence Future Offshore Drilling Rigs Market Growth?
The offshore drilling rigs market's expansion is anticipated to be driven by an uptick in the number of exploratory wells. These exploratory wells, deep test holes dug both onshore and offshore by oil and gas exploration corporations, are employed to discover confirmed reserves of extractable gas and oil. For example, the U.S. Energy Information Administration, a government agency in the US, reported in December 2023 that oil production had climbed to 12.1 million b/d in December 2022, while natural gas production had risen to 121.1 Bcf/d. As a result, the growth in the offshore drilling rigs market can be attributed to the increased number of exploratory wells.
Which Companies Hold the Largest Share Across Different Offshore Drilling Rigs Market Segments?
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
What Trends Are Driving Growth in The Offshore Drilling Rigs Market?
Key offshore drilling rigs corporations are concentrating their efforts on technological advancements like comprehensive emissions control, targeting greater adherence to environmental standards, heightened operational effectiveness, and lower carbon footprints. Their ongoing activities aim to satisfy regulatory criteria and boost industry sustainability. An emissions control program for offshore oil and gas deploys tools and technological solutions focused on overseeing, documenting, and minimizing drilling and production activities' greenhouse gas emissions. For instance, in August 2024, Honeywell Technology Inc., an American multinational conglomerate with interests spanning aerospace, building technologies, performance materials, and safety and productivity solutions, unveiled a comprehensive emissions management suite for offshore oil and gas. This suite offers integrated tools for ongoing monitoring, documentation, and greenhouse gas emissions analysis, assisting businesses in maintaining regulatory compliance and diminishing their environmental footprint.
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What Are the Emerging Geographies for The Offshore Drilling Rigs Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Offshore Drilling Rigs Market?
2. What is the CAGR expected in the Offshore Drilling Rigs Market?
3. What Are the Key Innovations Transforming the Offshore Drilling Rigs Industry?
4. Which Region Is Leading the Offshore Drilling Rigs Market?
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