Offshore Drilling Rigs Market By Type (Semi-Submersible, Jackup Rigs, and Drill Ships), By Application (Shallow Water Drilling, Deep Water Drilling, and Ultra Deep Water Drilling), and By Region – Trends, Analysis and Forecast Till 2029

Offshore drilling rigs market accounted for USD 11092.5 Million in 2020 and is estimated to be USD 26825.5 Million by 2030 and is anticipated to register a CAGR of 9.3%.

An offshore drilling rig is also known as offshore platform or oil platform. Offshore drilling rig is a large structural facility for well drilling in order to explore, extract, store as well as process natural gas and petroleum which lies in rock formations beneath the seabed. An offshore drilling rig is fixed to ocean floor and it may consist of an artificial island or float. The drill operates through a hole in the hull. Drill ships can pilot to the drill site and then use a combination of anchors and propellers to correct for drift as the rig drills for oil. They can operate in deep water conditions. Semisubmersibles float on the surface of the ocean on top of huge, submerged pontoons. Depending on the terrain, you can choose between different types of drilling rigs: rotary drilling rigs, percussion drilling rigs, down the hole drilling rigs, top hammer drilling rigs, etc.

Rising demand oil across the globe

Increasing technological advancements in offshore drilling rig in order to face harsh environment, to meet increasing demand for oil and gas, and strict regulations against onshore drilling projects are some among the major factors propelling growth of the global market. Offshore natural oil and gas reservoirs have longer lifespan than onshore which is creating interest in the manufacturers to improve its production. This is propelling growth of the global offshore drilling rigs market. Government initiatives and bond with other countries on the export and import of oil is another driving factor for the growth of the target market. Increasing development in the technology of offshore drilling to meet the enormous demand for hydrocarbons is expected to increase the growth of offshore drilling rigs.

However, the adverse of such activities on the environment and unbalancing the natural process of the oceans, are the major factor hampering the growth of the target market.

The global offshore drilling rigs market is segmented based on type, application, and region.

On the basis of type of global offshore drilling rigs market the target market has been segmented into semi-submersible, jack up rigs, and drill ships. On the basis of application, the target market has been segmented into shallow water drilling, deep water drilling, and ultra-deep-water drilling.

Regional Insights:

In region the global offshore drilling rigs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  Asia Pacific is currently dominating the global offshore drilling rigs market due to abundant energy are available in these region and government support are expected to boost the growth of the target market. Latin America is expected to account major market share in terms of revenue as compared to that of other regions. The Gulf of Mexico is a large basin for oil production since the last decade. Offshore oil and gas production constitutes an indigenous energy source of hydrocarbon in Europe.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global offshore drilling rigs market report based on type, application, and region

Global Offshore Drilling Rigs Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global offshore drilling rigs market includes Halliburton Company, Schlumberger Limited, Weatherford International Inc, Seadrill Ltd., 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., and Nobel Corporation.

Shell PLC:

They announced a significant oil and gas discovery in an offshore well in Namibia. The drilling started for the Graff-1 well in December 2021 and has found resources estimated at 250-300 million barrels of oil and gas equivalent

• Halliburton Company
• Schlumberger Limited
• Weatherford International Inc
• Seadrill Ltd.
• 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