Offshore Drilling Rigs Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and by Water Depth : Global Opportunity Analysis and Industry Forecast, 2023-2032

Introduction

Offshore drilling rigs is the essential part of drilling below the seabed. This drilling method is used to extract natural sources of gas and oil from earth. Offshore drilling rigs are basically divided into three types that is jack-up rigs, semi-submersible rigs and drill ship. These drilling rings are used in shallow water, deep water and ultra-deep water. In shallow water jack-up rigs are used, semi-submersible rigs are used in deep water and in ultra-deep water drill ships are used in the offshore area. Offshore drilling rigs provides facilities to extract, store and process petroleum and natural gas.

Jack-up rigs are offshore rigs which are equipped with legs which can be lowered to the seabed such that the foundation is established highest to support the drilling platform. Semi-submersible is the type of offshore rigs which are submerged by water ballast system in such a way that at the time of drilling operation, the lower hull portion is below the water surface. Drillship is generally self-propelled and are conventional ships shape. These ships can be operated in a moored configuration.

Market Scope and Structure Analysis

COVID-19 Impact analysis

• The prices of oil were declined in the year 2020 due to the COVID-19 outbreak.
• The oil and gas industries were shut down during the COVID-19 pandemic which decreases the demand for offshore drilling rigs which affected the offshore drilling rigs market.
• Due to COVID-19 pandemic, the oil and gas upstream projects in the offshore area were delayed.
• The recovery of prices of the crude oil after 2020 is expected to be profitable for offshore drilling rigs market.

Top Impacting Factors

The demand for crude oil is increasing which drives the growth of offshore rigs market. Also, the maturing of onshore oil and gas wells will boost the demand for offshore drilling rigs market. The offshore discoveries are boosting the growth of the market. For deep and ultra-deep-water activities the investment from the operator is increasing and is driving the growth of offshore drilling rigs market. However, the volatility in crude oil can restrain the growth of offshore drilling rigs market.

The increasing demand for crude oil is driving the growth of offshore drilling rigs market. The maturing of onshore oil and gas wells will boost the demand of the market. The discoveries related to offshore are boosting the growth of market. The investment from the operator is increasing for deep and ultra-deep-water activities and is driving the growth of the offshore drilling rigs market. The instability in crude oil can restrain the growth of offshore drilling rigs market.

Market Trends

• Asia-pacific Is the largest consumer of oil and gas. The demand for energy and the investment in offshore exploration activities is increasing, this will drive the offshore drilling market in this region.
• LAMEA has high offshore oil and gas reservoirs. The demand for offshore rigs and drilling equipment is increasing due to the investment in exploration and production.
• Liberalization of Mexican oil and gas sector will boost the offshore drilling rigs market.
• To gain maximum revenue and opportunities in the market many companies rely on contracts for drilling.
• The market player has adopted strategies like contract extensions and agreement to enhance the productivity of oil and to fulfill the demand for offshore drilling.

Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the offshore drilling rigs industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the offshore drilling rigs market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the offshore drilling rigs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed offshore drilling rigs market analysis based on competitive intensity and how the competition will take shape in coming years

  Offshore Drilling Rigs Market Report Highlights

Aspects	Details
By Type	Jack-Up Rigs Semi-Submersible Drill Ships
By Water Depth	Shallow water Deepwater Ultra-deep water
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
Key Market Players	Weatherford International, Baker Hughes GE, China National Offshore Oil Corporation, Schlumberger, Halliburton, China Oilfield Services, Saipem, Rosneft, Transocean, National Iranian Oil Company