Offshore drilling rigs are used for drilling and exploration activities in the offshore arena. The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs. The increase in the number of investments from operators, especially for deep and ultra-deep water activities, fuels the growth of the offshore drilling rigs market. Semi-submersibles and jackups dominate the global offshore drilling rigs market, owing to increasing shallow and deepwater explorations.
Pune, India -- (SBWIRE) -- 07/28/2016 -- The report "Offshore Drilling Rigs Market by Type (Jackup, Semi-Submersibles, Drillships), by Application (Shallow Water, Deepwater, Ultra-Deepwater) & Geography (North America, Latin America, Europe, the Middle East, Asia-Pacific, Africa, ROW) - Global Forecast to 2019" defines and segments the global offshore drilling rigs market, with an analysis and forecast of the revenue. The offshore drilling rigs industry is expected to grow from an estimated $65.77 billion in 2014 to $102.47.2 billion by 2019, at a CAGR of 9.27%.
Browse 84 market data tables and 29 figures spread through 199 pages and in-depth TOC on "Offshore Drilling Rigs Market Global Forecast to 2019"
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The progress of the offshore rigs market largely depends on growing exploration activities across the globe. The recent discoveries of oil and gas reserves in remote areas, along with increasing technological advancements in terms of equipment have made drilling operations more feasible and cost-effective. However, recent oil spill incidents in the offshore arena and stringent environment regulations on drilling activities would restrain the growth of this market.
The growth of the offshore drilling rigs market in these regions is propelled by factors such as growing offshore activities in the harsh environmental conditions of North Sea and depleting oil and gas reserves in the U.S. The CAGR of the European region is determined by growing offshore activities in the North Sea.
Transocean (Switzerland), COSL (China), Nabors (Bermuda), Ensco plc. (U.K.), Diamond Offshore Drilling (U.S.), KCA Deutag (U.K.), and Maersk Drilling (Denmark), are the major players that constitute a significant share of the global offshore drilling rigs market. These players are concentrating on growing markets and are investing heavily to meet the demand from these markets and to reduce contract backlogs.
Latin America: Largest market for offshore drilling
Latin America is estimated to be the largest market in the offshore drilling industry, followed by Asia-Pacific. The Asia-Pacific market is projected to lead the offshore drilling rigs market by the year 2019, with an estimated market size of $20.7 billion, followed by Latin America with $20.38 billion, and Africa with $19.62 billion.
The report analyzes and projects the offshore drilling rigs market size, by type, applications, and geography. The offshore drilling rigs market includes contract-drilling services with respect to type of offshore rigs such as jackups, semi-submersibles, and drillships. The report also contains market estimations on the basis of regions, namely Asia-Pacific, Europe, Africa, the Middle East, North America, Latin America, and Rest of the World (RoW). Offshore drilling activities are also analyzed in terms of shallow, deep, and ultra-deepwater activities.
This report also includes market share, value-chain analysis, Porters Five Force Analysis, and market metrics such as drivers, restraints, burning issues, winning imperative, and opportunities. In addition, it presents the competitive landscape and company profiles of 15 players in the market, including major companies providing contract-drilling services.
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