Offshore Drilling Rigs Market
Offshore Drilling Rigs Market (Type - Jack up, Semi-Submersible, Drill Ships; Application - Shallow Water, Deep Water, Ultra Deep Water) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
- Energy & Natural Resources
- 170 Pages
Global Offshore Drilling Rigs Market: Snapshot
Energy hungry countries compelled to rely on non-conventional sources is benefitting the global offshore drilling rigs market. Energy production, today, still largely relies on burning of fossil fuels that are mainly buried deep in the Earth’s crust, in rock formations, and deep in oceans. Almost one-third of the oil and gas produced across the world is sourced from offshore reserves. From the first oil rigs built in the late 1800s that could tap oil and gas reserves in shallow waters close to the coastline, the oil rigs that are used today are suitable for waters that are more than 7,500 feet deep and can be as much as 200 miles away from the nearest shore.
Offshore oil production which was complicated at one time is increasingly becoming routine. At present, there are almost 900 large-scale oil and gas platforms that are used for the exploration of deep-water reserves.
As per the U.S. Energy Information Administration, in 2015, more than 27 million barrels of oil was produced offshore across 50 countries. The world’s largest offshore oil producing countries are Saudi Arabia, Brazil, Mexico, Norway, and the United States.
Apart from serving energy needs, offshore drilling has the prime advantage of reducing incidents of natural oil seepage in oceans. The benefits of offshore drilling are much more than the risks associated with offshore drilling pursuits.
Serving to prove to be a roadblock to the growth of the global offshore drilling market are concerns of environmental impact of offshore drilling and threat to marine life.
According to a report by Transparency Market Research (TMR), the global offshore drilling rigs market is likely to expand at a CAGR of 3.5% for the forecast period between 2017 and 2022. At this pace, the market will attain a valuation of US$41,922.8 mn by the end of 2022 from its evaluated worth of US$35,336.2 mn in 2017.
Jack up Rigs Type Segment Anticipated to Remain Attractive through 2022
The report studies the global offshore drilling rigs market based on a few parameters. The segments of the market depending upon type are jack up rigs, semi-submersible rigs, and drill ships. Of them, jack up rigs represents the leading segment vis-à-vis revenue. The jack up rigs segment is expected to represent 43% of the overall market by 2017 end. Expanding at a CAGR of 2.4% between 2017 and 2022, the jack up rigs segment is expected to be worth US$17,111.0 mn by the end of 2022 representing 41.7% of the overall market.
In terms of application, the segments into which the global offshore drilling rigs market is divided are shallow water drilling, deep water drilling, and ultra-deep water drilling.
Home to World’s Largest Offshore Drilling Facilities Makes North America Leader
The report studies the global offshore drilling rigs across North America, Europe, Asia Pacific except Japan, Latin America, the Middle East and Africa, and Japan. The TMR report projects North America to hold supremacy vis-à-vis revenue amongst all key regional segments until 2017 end. The trend is expected to continue until the end of the forecast period in 2022. The North America offshore drilling rigs market is expected to expand at a CAGR of 3.9% between 2017 and 2022, for the market to be worth US$9,829.6 mn by the end of 2022.
Europe is another key region for offshore drilling rigs. The region is expected to display the second-leading 3.7% CAGR between 2017 and 2022, for the market to attain a value of US$5,133.9 mn by the end of 2022.
Leading companies in the global offshore drilling rigs market mentioned in this report are Tranocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragaon Offshore, Ocean Rig, and Nabors Industries Limited.
Global Offshore Drilling Rigs Market: Overview
The research report on the global offshore drilling rigs market provides a comprehensive overview of developments in the said market during the 2017-2022 period. It provides detailed insights into market indicators, growth trends, and technological advancements that are expected to have a bearing on the market dynamics over the aforementioned forecast period.
The report looks into key market segments and provides market size estimates and estimates of revenue contribution of each of the leading segments over the 2017-2022 forecast period. Following this, the report discusses industry statutes and industry policies that are in the purview of oil and gas exploration activities that market participants need to adhere to. This is followed by a market attractiveness analysis that is depicted pictorially that existing as well as new market participants can leverage for business decision making.
Global Offshore Drilling Rigs Market: Trends and Opportunities
The incessantly increasing demand for energy that have led to efforts to tap into non-conventional resources is positively impacting the global offshore drilling rigs market. Offshore drilling rigs have evolved manifold from wharf-based rigs that were used in late 1800s. Today, offshore drilling rigs can tap into petroleum reserves in waters that are more than 7,500 feet deep, and are as much as 200 miles away from the nearest shore. These rigs are equipped with advanced technology and are supported on poles that can be as long as 10,000 feet. With unparalleled development in oil exploration technologies, rigs incorporated with useful elements from different models have been developed for specific needs.
Offshore oil production which was complicated at one time has now become routine. Currently, there are around 900 large-scale oil and gas platforms that are being used to tap deep-water reserves. With drilling and extraction technology becoming increasingly sophisticated, oil and gas at even greater depths can be tapped.
According to the U.S. Energy Information Administration, in 2015, more than 27 million barrels of oil was produced offshore across more than 50 countries. Saudi Arabia, Brazil, Mexico, Norway, and the United States are the top countries for offshore crude oil production. Almost one-third of oil and gas explored comes from offshore resources. This is likely to increase to increase in the coming years, as there exist abundant oil and gas reserves in deep seas. However, the nearing exhaustion of shallow water oil and gas fields is leading companies to tap into reserves at greater depths.
Global Offshore Drilling Rigs Market: Market Segmentation
The research report studies the global offshore drilling rigs market on the basis of type, application, and region. The segments of the market based on type are jack up rigs, semi-submersible rigs, and drill ships. On the basis of application, the market is segregated into shallow water, deep water, and ultra-deep water drilling.
The report studies the global offshore drilling rigs market across North America, Europe, Asia Pacific except Japan, Latin America, the Middle East and Africa, and Japan from a geographical perspective. Of them, North America is the most attractive market and is envisaged to post a 3.9% CAGR over the 2017-2022 forecast period.
Global Offshore Drilling Rigs Market: Competitive Dynamics
This section of the report covers a detailed competitive profile of leading players in the global offshore drilling rigs market. The leading companies in this market are Tranocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragon Offshore, Ocean Rig, and Nabors Industries Limited. Following this, competitive strategies such as technological advancements, joint ventures, and strategic partnerships that leading markets are engaged in have been discussed at length. Lastly, the report covers current competitive hierarchy and the winning essentials of key stakeholders for competitive gains.
The global offshore drilling rigs market is segmented as follows;