Increasing investments and oilfield services concepts to drive the global offshore oil and gas rig market growth in the forecast period, 2023-2027.
According to TechSci Research report, “Offshore Oil & Gas Rig Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the global offshore oil and gas rig market was valued at USD14735.78 million in 2021 and is expected to grow at a CAGR of 5.69% to reach USD22522.64 million by 2027. The demand for oil & gas is rising rapidly owing to the strong economic activities and growth of prominent industry verticals, including the automotive, construction, and manufacturing industries across the globe. The growing oilfield services industry can provide assets, labor, technology, and project management services. They help the exploration and production operators by enabling them to explore, drill and develop oil & gas fields. Also, the market players are making high-end investments in research and development activities to find innovative solutions to make the oil exploration activity profitable, which is expected to create lucrative growth opportunities for the market players in the next five years. Setting up a rig and digging wells to extract oil and gas is a costly process which is major reason organizations are not willing to spend a significant amount of money and effort in an ineffective location. The advent of 3-D seismic imaging technology is one of the significant advancements in oil exploration activities. The 3-D seismic imaging bounces and travels differently based on the material it goes through. In this procedure, an energy source is used to send sound waves deep through the earth's surface. Geophones are placed on the earth's surface that receives the noises that bounce back up and transfer the data to recorder trucks. Engineers and geophysicists study the data obtained and, with that data, are able to create a 3-D structure of the contents inside the surface. The information gained is useful and used by the oil & gas market players to make informed decisions. Similarly, the advent of different techniques and offshore drilling procedures that can help with the oil exploration and production process is expected to influence the market demand positively.
However, unstable oil prices and the high operational costs may hinder the global offshore oil & gas rig market growth in the forecast period.
Browse over 170 market data Figures spread through 212 Pages and an in-depth TOC on "Global Offshore Oil & Gas Rig Market"
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The global offshore oil & gas rig market is segmented into type, water depth, regional distribution, and company.
Based on water depth, the market is divided into shallow water, deepwater, and ultra-deepwater. Shallow water depth dominated the market in 2021 and captured 64.67% of the overall market share. Jackups have 82% utilization, followed by drills at around 79% and semi-drills at around 64%, covering a large percentage in shallow water. Jackups are used in shallow and intermediate water depth as they have limitations on leg length. The growing Jackups market is expected to fuel the segment demand over the next five years.
Major market players operating in the global offshore oil & gas rig market are :
- Halliburton Co.
- Valaris Limited
- Baker Hughes Company
- Sembcorp Marine Ltd
- Schlumberger Limited
- China Oilfield Services Limited
- Samsung Heavy Industries Co. Ltd
- Jindal Drilling & Industries Limited
- Keppel Offshore & Marine
- ADNOC Drilling
- Arabian Drilling Company
- Shelf Drilling, Ltd.
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“Asia-pacific dominated the market in 2021 and captured 33.17% of the total market share. The market is expected to grow at a CAGR of 5.20% in the Asia-pacific region over the forecast period. There is a rise in the number of offshore development projects to support the growth of the developing economies across the region. China, India, Japan, Indonesia, and Thailand are developing at a significant rate, increasing energy resource consumption. The government of the emerging economies is investing substantial amounts in offshore exploration and production and promoting the non-conventional energy resources across their country. The surge in demand for offshore gas and oil rigs, along with growing exploration and production activities, are expected to propel the global offshore oil & gas rig market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Offshore Oil & Gas Rig Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Type (Jackups, Semisubmersibles, Drill Ships, and Others), By Water Depth (Shallow Water, Deepwater and Ultra-deepwater), and By Region”, has evaluated the future growth potential of global offshore oil & gas rig market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global offshore oil & gas rig market.
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