Press release
Jack-Up Rig Market Poised to Hit $4.72 Billion by 2029 with Accelerating Growth Trends
Jack-Up Rig
Jack-Up Rig Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the jack-up rig industry has seen significant expansion. Its worth, which is projected to increase from $3.49 billion in 2024 to $3.71 billion in 2025, will do so at a compound annual growth rate (CAGR) of 6.1%. The escalation during the historical period can be traced back to multiple factors: oil and gas exploration endeavors, regulatory assistance and approval, the growth of offshore oil and gas production, rejuvenation and modernization activities, and a heightened interest in Arctic exploration.
How Will the Jack-Up Rig Market Size Evolve and Grow by 2029?
In the near future, the size of the jack-up rig market is predicted to experience significant expansion. The market size is set to reach "$4.72 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%. The anticipated growth during this period can be linked to factors such as the growth of the offshore wind energy sector, recovery in oil prices, expansion of regional market, strict environmental standards, and increased offshore exploration & production (e&p) investments. The forecast period is likely to witness trends such as fleet overhaul, deep-sea and ultra-deep-sea exploration, the use of digital technologies within the industry, measures aimed at cost-efficiency, and increased market consolidation and collaboration.
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What Drivers Are Propelling the Growth of Jack-Up Rig Market Forward?
The jack-up rig market is projected to expand as a result of rising oil and gas demand. Oil and gas, which are natural resources extracted from beneath the earth's surface and formed from the leftover remnants of plants and animals over millions of years, will stimulate this progression of the Jack-Up Rig market, given the robust support that the jack-up platform offers for continuous oil drilling processes. As an illustration, data from HM Revenue & Customs, the UK's tax, payments, and customs authority, shows that the total government revenues from UK oil and gas production surged to $9.8 billion in the 2022 to 2023 fiscal year from $1.52 billion in 2021 to 2022, a notable increase of $8.28 billion. Additionally, according to IEA in July 2022, the global demand for gas is forecasted to surge by 140 billion cubic meters (BCM) between 2021 and 2025. Consequently, the jack-up rig market is receiving a significant boost from the escalating demand for oil and gas.
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Which Emerging Trends Are Transforming the Jack-Up Rig Market in 2025?
Firms in the jack-up rig market are developing high-specification rigs to improve safety and offshore drilling efficiency. In May 2024, ARO Drilling, a joint venture between Saudi Aramco and Valaris, launched the Kingdom 2 jack-up rig, built to Letourneau Super 116E Class standards, for drilling in the Arabian Gulf at depths up to 30,000 feet with a capacity for 120 personnel.
What Are the Key Segments in the Jack-Up Rig Market?
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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Who Are the Key Players Shaping the Jack-Up Rig Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Jack-Up Rig Market?
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
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