Offshore Drilling Rigs Global Market To Perceive Accruals of USD ~ 99.67 Billion By 2022; Declares MRFR

"Global Offshore Drilling Rigs Market"

World Offshore Drilling Rigs Market   - Overview

The Offshore Drilling Rigs Market is perceiving an augmented demand worldwide attributing to the rising oil & gas exploration activities around the globe. Simultaneously, ever rising high demand for crude oil, depleting reservoirs coupled with the maturing O&G onshore wells are fostering the growth of Offshore Drilling Rigs market. Moreover, constant development of offshore reserves and rising deep water production influence the growth of the global offshore drilling market positively. Owing to all these factors; the market for Offshore Drilling Rigs is garnering a fabulous demand on the global platform.

Accrediting the exponential accruals the market is garnering currently, demonstrating the growth prospects globally, Market Research Future, recently published a meticulous study report giving out the complete market insights up till 2023. In its analysis MRFR foretells that the Global Offshore Drilling Rigs Market will ascend up to ~ 99.67 Billion USD by 2023, registering a striking CAGR during the anticipated period (2016 – 2022).

The gap between demand and supply in O&G sector has prompted the need for efficient search and extraction of oil and gas. Recent discoveries of offshore energy reserves in some of the regions have triggered the growth in the offshore drilling rigs market. Offshore drilling rigs systems are implemented to maximize oil and gas extraction. Additionally, a renewed interest in shale gas extraction has also driven the offshore drilling rigs market. Moreover, growth of the offshore drilling rigs market is propelled by factors such as growing offshore activities in the harsh environmental conditions of North Sea and depleting oil and gas reserves in the US Growing demand for deep-water activities in the Asia-Pacific region and further drilling into mid ocean are driving the demand for offshore drilling rigs globally.  

On the other hand, offshore drilling projects require a much longer timeline than onshore drilling rigs, this is a major factor that restricts the growth of the market in forecast period between 2016 and 2022. However, the rising investments in oil and gas activities are expected to provide impetus to the market growth during g the forecast period.

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Key Players

The major player operating in the market of offshore drilling rigs are

• Aban Offshore Limited,
• China Oilfield Services Ltd,
• Ensco plc,
• Diamond Offshore Drilling Inc.,
• Vantage Drilling Co.,
• Pacific Drilling,
• KCA Deutag,
• Maersk Drilling,
• Nabors Industries Ltd,
• Nobel Corporation
• others.

Industry News

In October, 2017 – Ensco plc ESV announced the completion of its acquisition of Atwood Oceanics, Inc.

In July, 2017 – GE GE and Maersk Drilling extended the scope of their digital partnership. The collaboration brings the next big step in innovative efficiency services to the offshore market and constitutes great value for customers by enhancing drilling productivity.

In January, 2017 – China Oilfield Services (COSL), the Chinese dominant offshore oil and gas drilling services provider, plans a substantial increase its revenue contribution from overseas projects in coming years, as it gradually recovers from the worst industry downturn since going public in 2002.

In June, 2016 – Diamond Offshore Drilling, Inc. DO and Trelleborg's offshore operation announced a Joint Development Agreement to develop, manufacture and market Helical Buoyancy riser technology developed by Diamond Offshore. This innovative, patented riser buoyancy design reduces riser drag and mitigates Vortex-Induced Vibration in offshore applications and enables improved operational efficiency.

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Jackup rigs will be the largest market

The recent discoveries of new oil & gas reserves combined with growing technological advancements in terms of equipment have made offshore drilling operations more feasible and cost-effective. The jackup rig operations have become cost effective because of the recent technological advancements in the equipment operations. The growth of the jackup rigs market is majorly driven by increased oil & gas exploration activities around the world. The rapid population growth and the increase in demand for energy in the region is expected to drive the growth of the jackup rigs market over the forecast period

Regional Analysis

Latin American is the leading region due to high offshore potential reserves of oil and gas. Moreover, factors such as increasing investments in exploration & production (E&P) lead to the increase the demand for drilling equipment and offshore rigs. The increase in global oil & gas production from North America and the Middle East has made operators focus on offshore markets. Secondly, liberalization of the Mexican oil & gas industry drives the demand for offshore drilling.

Asia-Pacific is one of the leading regions for growth in offshore drilling rigs market. The growing demand for energy coupled with the increasing investment in offshore exploration activities will drive the market in the forecast period. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region.

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