USD 68.55 billion
Offshore Drilling Rigs Market Size, Share, Growth Analysis, By Type(Jack-up Rigs, Semi-submersible Rigs), By Water Depth(Shallow Water, Deepwater), By End User(Oil Companies, Gas Companies) - Industry Forecast 2024-2031
Report ID:
SQMIG10C2025 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|
Tables:
91 |
Figures:
76
Offshore Drilling Rigs Market Insights
Global Offshore Drilling Rigs Market size was valued at USD 68.55 billion in 2022 and is poised to grow from USD 73.25 billion in 2023 to USD 124.55 billion by 2031, at a CAGR of 6.86% during the forecast period (2024-2031).
There have been significant trends and developments in the global offshore drilling rigs market in recent years. Many elements in the oil and gas exploration-and production process affect such demand, such as technological advancements and the general economic environment.
Despite difficulties, the offshore drilling rigs market still offers room for growth. Unexplored offshore reserves and continued technological advancements offer opportunities for players in the industry.
In addition, technological innovation has become important to the market as well. To achieve higher efficiency, greater safety and better overall performance in offshore drilling rigs, firms are also integrating advanced technologies including automation and digitalization into their operations.
In addition to being more efficient in its operations, automation also reduces the need for human labor. This helps make work safer and cheaper.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Floating-supported platform
Fastest Growth
Floating-supported platform
Growth Rate
6.86% CAGR
Global Offshore Drlling Market ($ Bn)
Country Share for North America Region (%)
Global Offshore Drilling Market By Delivery mode ($ Bn)
Global Offshore Drilling Market By Delivery mode (%)
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Offshore Drilling Rigs Market Segmental Analysis
The global offshore drilling rigs market is segmented into four major segments i.e. by type, water depth, end user, and region. Based on rig, it is divided into jack-up rigs, semi-submersible rigs, drillships, and others. Based on water depth, it is bifurcated as shallow water, deepwater, ultra-deepwater. Based on end users it is segregated into oil companies, gas companies, offshore contractors. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, South America.
Analysis by Type
Traditionally jack-up rigs have ruled the roost in the market, particularly so for shallow and some deepwater areas. These rigs are versatile, economical and can work in different water depths. Because they can be towed and jacked up above the water, their mode of deployment is flexible.
Drillships may be one of the fastest-growing rig types. They can work in deep or ultra-deepwater areas, and are equipped with advanced drilling technology. The increasing demand for drillships may be fueled by the desire to explore untapped deepwater reserves.
Analysis by Deepwater Segments
Deepwater segments are probably set to dominate the market. More and more recently, as technology has allowed exploration and production activities to move farther off-shore into ever deeper waters. In deep water there are a lot of untapped oil and gas reserves, making them attractive for exploration and production.
In different water depth segments, ultra-deepwater is probably the fastest growing. These may also spur increased exploration and production activities for ultra-deepwater. As companies need to find new reserves in order to maintain production levels, the battle for ultra-deepwater exploration rights is heating up.
Global Offshore Drilling Market By Delivery mode, 2023 (%)
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Offshore Drilling Rigs Market Regional Insights
The offshore drilling market is expected to continue being dominated by the Middle East and North Africa region. This is because the oil and gas reserves in this region are considerable, especially in Saudi Arabia, United Arab Emirates and Qatar.
The Asia-Pacific region is forecast to be one of the fastest growing regions in the offshore drilling market. Rising energy demand, a rapidly industrializing world and activities in emerging markets all drive this growth. Expanding economies in the region are investing heavily in offshore drilling to ensure a steady energy supply.
Global Offshore Drilling Market By Region, 2024-2031
- Largest
- Fastest
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Offshore Drilling Rigs Market Dynamics
Drivers
Increasing Demand for Energy, particularly Oil and Gas
- Increasing world energy demand, especially for oil and gas, has led exploration and production activities to extend into the offshore realm. As traditional onshore reserves increasingly become difficult to exploit, the focus is naturally turning toward offshore prospects. This in turn means increased demand for drilling rigs. Also important is continuous progress in drilling techniques, automation and digitalization that make offshore operations much safer as well more efficient.
Restraints
High Inherent Cyclical Nature of the Oil and Gas Industry
- The inherent cyclical nature of the oil and gas industry has been one limit on this market. The market is particularly prone to be volatile owing to changes in the price of crude oil, economic uncertainty and geopolitical stresses. These factors affect investment level which then determine the demand for offshore drilling rigs. Challenges in complying with regulations also create limitations, as environmental and safety standards become increasingly stringent. This affects operations and means that more spending is needed to reach compliance levels required by regulators.
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Offshore Drilling Rigs Market Competitive Landscape
The offshore drilling Rigs market has a highly dynamic competitive environment and is composed of a range of established players, drilling contractors, as well as rig manufacturers. Most major oil and gas companies run their own rigs, while offshore drilling contractors provide drilling services to many clients. Rig manufacturers provide high technology drilling equipment and technologies which the industry needs.
Top Player’s Company Profiles
- Valaris plc (formerly Ensco Rowan)
- Schlumberger Limited
- Halliburton Company
- Seadrill Limited
- Noble Corporation plc
- Transocean Ltd.
- Baker Hughes Company
- China Oilfield Services Limited (COSL)
- Nabors Industries Ltd.
- Saipem S.p.A.
- Aker Solutions ASA
- TechnipFMC plc
- Weatherford International plc
- Diamond Offshore Drilling, Inc.
- Petrofac Limited
- Helmerich & Payne, Inc.
- Yantai CIMC Raffles Offshore Ltd.
- Pacific Drilling S.A.
- CIMC Enric Holdings Limited
- Maersk Drilling A/S
Recent Developments
- June 2023: As per an official statement, Patterson-UTI Energy Inc. and NexTier Oilfield Solutions Inc have jointly declared their entry into a definitive merger agreement which the two sides describe as a "merger of equals" transaction entirely in stock
- August 2023: Expro has signed a definitive agreement for the acquisition of PRT Offshore, an offshore services company. Completion of this transaction will enable Expro to provide a comprehensive range of cost-efficient, technology orientated services and solutions for the subsea well access sector in North & Latin America (NLA).
Offshore Drilling Rigs Key Market Trends
- Rising Emphasis on Deepwater and Ultra-deepwater Exploration: A shift toward deepwater and ultra-deepwater exploration. With the decrease in traditional reserves, attention has been turning to more remote and difficult offshore areas. The need for a new generation of advanced drilling rigs qualified to operate in ever deeper waters naturally follows from this trend. One of the main drivers is technological innovation, and advances in drilling technologies, automation and digitalization continue to increase operational efficiency and enhance safety.
Offshore Drilling Rigs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global offshore drilling rigs market analysis shows a complex picture with several geographical themes and issues. As demand for energy grows, exploration moves out to ever deeper waters. This makes the market go round and round. Trends include technological advances and a concentration on deepwater And ultra-deepwater exploration. But the market is limited by its susceptibility to jumps in oil prices, strict regulatory standards and high operating costs. In terms of product type, jack-up rigs and drillships predominate. The latter is expected to grow the fastest in future. Looking at the figure regionally, it is the Middle East and North Africa who dominate with their many reserves. Three key market trends include a move towards sustainability, strategic collaboration and constant technological innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 68.55 billion |
| Market size value in 2031 | USD 124.55 billion |
| Growth Rate | 6.86% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Drilling Rigs Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Drilling Rigs Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Offshore Drilling Rigs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Drilling Rigs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Drilling Rigs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Drilling Rigs Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Offshore Drilling Rigs Market Report Snapshots
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