According to report the global offshore drilling rigs market is likely to expand at a CAGR of 3.5% between 2017 and 2022, for the market to become worth US$41,922.8 mn by the end of 2022 from US$35,336.2 mn in 2017. The report presents valuable insights about how the global offshore drilling rigs market will sail through between 2017 and 2022
Albany, NY -- (SBWIRE) -- 10/06/2017 -- A new report added to the repository of Market Research Reports Search Engine, "Offshore Drilling Rigs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022" is a comprehensive repository of information, providing market share, size, and forecast.
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The research report on the global offshore drilling rigs market provides a comprehensive overview of developments in the said market during the 2017-2022 period. It provides detailed insights into market indicators, growth trends, and technological advancements that are expected to have a bearing on the market dynamics over the aforementioned forecast period.
The report looks into key market segments and provides market size estimates and estimates of revenue contribution of each of the leading segments over the 2017-2022 forecast period. Following this, the report discusses industry statutes and industry policies that are in the purview of oil and gas exploration activities that market participants need to adhere to. This is followed by a market attractiveness analysis that is depicted pictorially that existing as well as new market participants can leverage for business decision making.
Global Offshore Drilling Rigs Market: Trends and Opportunities
The incessantly increasing demand for energy that have led to efforts to tap into non-conventional resources is positively impacting the global offshore drilling rigs market. Offshore drilling rigs have evolved manifold from wharf-based rigs that were used in late 1800s. Today, offshore drilling rigs can tap into petroleum reserves in waters that are more than 7,500 feet deep, and are as much as 200 miles away from the nearest shore. These rigs are equipped with advanced technology and are supported on poles that can be as long as 10,000 feet. With unparalleled development in oil exploration technologies, rigs incorporated with useful elements from different models have been developed for specific needs.
Offshore oil production which was complicated at one time has now become routine. Currently, there are around 900 large-scale oil and gas platforms that are being used to tap deep-water reserves. With drilling and extraction technology becoming increasingly sophisticated, oil and gas at even greater depths can be tapped.
According to the U.S. Energy Information Administration, in 2015, more than 27 million barrels of oil was produced offshore across more than 50 countries. Saudi Arabia, Brazil, Mexico, Norway, and the United States are the top countries for offshore crude oil production. Almost one-third of oil and gas explored comes from offshore resources. This is likely to increase to increase in the coming years, as there exist abundant oil and gas reserves in deep seas. However, the nearing exhaustion of shallow water oil and gas fields is leading companies to tap into reserves at greater depths.
Global Offshore Drilling Rigs Market: Market Segmentation
The research report studies the global offshore drilling rigs market on the basis of type, application, and region. The segments of the market based on type are jack up rigs, semi-submersible rigs, and drill ships. On the basis of application, the market is segregated into shallow water, deep water, and ultra-deep water drilling.
The report studies the global offshore drilling rigs market across North America, Europe, Asia Pacific except Japan, Latin America, the Middle East and Africa, and Japan from a geographical perspective. Of them, North America is the most attractive market and is envisaged to post a 3.9% CAGR over the 2017-2022 forecast period.
Global Offshore Drilling Rigs Market: Competitive Dynamics
This section of the report covers a detailed competitive profile of leading players in the global offshore drilling rigs market. The leading companies in this market are Tranocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragon Offshore, Ocean Rig, and Nabors Industries Limited. Following this, competitive strategies such as technological advancements, joint ventures, and strategic partnerships that leading markets are engaged in have been discussed at length. Lastly, the report covers current competitive hierarchy and the winning essentials of key stakeholders for competitive gains.
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The global offshore drilling rigs market is segmented as follows;
Global Offshore Drilling Market, by Type
- Jack up Rigs
- Drill Ships
Global Offshore Drilling Market, by Application
- Shallow Water Drilling
- Deep Water Drilling
- Ultra Deep Water Drilling
Global Offshore Drilling Market, by Region
- North America
- Latin America
- Asia Pacific except Japan
- Middle East and Africa
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