Offshore Drilling Rigs Market 2021: COVID-19 Impact In-Depth Analysis & Global Forecast to 2023
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.
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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. The demand for energy fuels is rising every year as a result of
increased industrialisation, energy security issues, globalization, and rising
developed countries' economic prosperity. Oil firms are switching to drilling
offshore, as the amount of oil extracted daily from offshore is substantially
higher than onshore. Offshore oilfields also have a longer lifetime than
onshore fields. 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.
Segmental Analysis
The
global demand for offshore drilling rigs has been segmented according to size
and scope of operation. The demand for offshore drilling rigs was segmented
into drillships, jackup rigs, and semi-submersibles, based on size. Among
these, due to the low cost and easy deployment compared to other types of rigs,
the jackup rigs segment is expected to constitute the major share of the global
offshore oil rigs market.
The
demand for offshore drilling rigs was segmented into shallow water, deep water
and ultra-deep water, based on operating depth. The deep and ultra profound
segment is expected to expand rapidly as the shallow water reserves are
depleting rapidly due to excessive extraction of fossil fuels.
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 market development areas. In the forecast period the
rising demand for energy coupled with the increasing investment in offshore
exploration activities will drive the market. Asia Pacific ranks among the
highest oil & gas users. Increasing demand would contribute to greater
regional exploration and development.
Competitive
Analysis
The
major market players operating in the global market as identified by MRFR are Halliburton
(U.S.), Schlumberger (U.S.), Weatherford International Inc (U.S.), Seadrill
(Bermuda), and 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.)
are among others.
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About Market Research Future:
Market
Research Future (MRFR) is a global market research firm that takes great
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