Global Offshore Drilling Rigs Market Synopsis:
In its research report, Market Research Future (MRFR), highlights that the global Offshore Drilling Rigs Market 2020 is slated to grow exponentially over the assessment period, securing a substantial market valuation and a healthy 11.25% CAGR over the review period.
The offshore drilling rig market outlook reveals factors like the inclusion of top-end instruments to increase safety and reduce cost, which would bring down the cost. The market is also banking on investments in the sector that are rising due to the interests shown by governments and private organizations. Also, it is going to profit from the competition of the giants.
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Competitive Landscape:
- Halliburton (U.S.),
- Schlumberger (U.S.),
- Weatherford International Inc (U.S.),
- Seadrill (Bermuda),
- Aban Offshore Limited (India). China Oilfield Services Ltd. (China),
- Ensco plc (UK),
- Diamond Offshore Drilling Inc. (U.S.),
- Vantage Drilling Co. (U.S.),
- Pacific Drilling (U.S.),
- KCA Deutag (UK),
- Maersk Drilling (Denmark), and
- Nabors Industries Ltd (Bermuda),
- Nobel Corporation (U.K.)
Drivers and Restraints
Offshore drilling rigs are durable and able to withstand the harshest temperature and conditions in the world. Present offshore drilling ventures are attracting the oil industry’s focus. Rapid maturation of onshore oil fields has led to decreases in fossil fuel production. As the ultimate world oil production frontier, offshore exploration ventures are projected to attract heavy investment in the coming years, resulting in a major expansion of the global demand for offshore drilling rigs.
Offshore drilling rigs industry is projected to have a large number of advances over the forecast period due to continuous advancements in end-use industry coupled with rising demand for oil exploration and production expenditure. Multinationals and well-known businesses are also projected to have strong expansion activities on the sector.
Impact of COVID-19 on the Global Offshore Drilling Rig Market at: https://www.marketresearchfuture.com/report/covid-19-impact-offshore-drilling-rig-market
Offshore Drilling Rigs Industry Segmentation:
The offshore drilling rigs market has been segmented by MRFR analysts to understand details of the market and devise better strategies. These segments are operating depth and type.
By type, the global market report on the offshore drilling rigs can be segmented into Jackup Rigs, drillship, and semi-submersible rigs. Among these, the semi-submersible segments had the largest market share due to its ability to withstand the harshest conditions and ultra-deepwater where the depth is more than 3000 km.
By operating depth, the study on the global offshore drilling rigs market reveals three segments, deep water, shallow water, and ultra-deepwater. The ultra-deepwater segment had the better market coverage as most of the explorations are now happening in the ultra-deepwater area.
Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Latin America is the leading region, owing to the high potential offshore oil and gas reserves. In addition, factors such as high exploration & production (E&P) investment are leading to increased demand for drilling equipment and offshore rigs. The rise in oil & gas output in North America and the Middle East has forced operators to concentrate on offshore markets. Second, Mexican oil & gas industry liberalization is boosting demand for offshore drilling.
Asia Pacific is one of the leading Offshore Drilling Rigs Industry development areas. In the forecast period the rising demand for energy coupled with the increasing investment in offshore exploration activities will drive the market.
Industry News:
The slow downturn that started taking place in 2014 had hit hard the offshore drilling rigs this year. Since March, there were more than 40 terminations of various types of deals. This happened mostly in Africa and Western Europe. The year started on a positive note with promises of drilling corporations resuming their work in erstwhile closed areas. However, the market had to witness a global plummet in the demand for oil due to the pandemic attack. Regions like the US Gulf of Mexico, Canada, the Mediterranean, Latin America, India, Southeast Asia, Middle East, and Australia/New Zealand witnessed cancellation of contracts. The loss due to the COVID-19 crisis was so huge that several companies failed to cope with the situation. Noble Corp. a major company with influence on the market had to file bankruptcy.
In July 2020, the Danish company, Maersk Drilling, announced that they are planning to introduce technologies that would reduce the carbon emission rate. The company had announced that they intend to invest USD 1m in the California-based company Clean Energy Systems. This is to develop a path-breaking technology called Carbon-Negative Energy
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