Offshore Drilling Rigs Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“Offshore drilling rigs market is driven by factors like high demand for petrochemical and crude oil by several industries, such as plastics, energy, transportation, high demand for crude oil derived goods like kerosene, gasoline, diesel, and increasing passenger and goods transportation due to globalization.�
Global offshore drilling rigs market is anticipated to grow significantly in the forecast period due to increase in demand for oil and gas. Offshore drilling rigs are equipped with legs, fixed to the seabed for the oil extraction process. They support the established drilling platform with different depth heights. Semi-submersible rigs are utilized in the deep water area, jack-up rigs are utilized in shallow water area, and drill ships are utilized in ultradeep water areas of the offshore field. Offshore drilling rigs market is driven by factors like high demand for petrochemical and crude oil by several industries, such as plastics, energy, transportation, paints & coatings, textiles, etc., growing investments in ultradeep and deep offshore exploration activities, high demand for crude oil derived goods like kerosene, gasoline, diesel, and increasing passenger and goods transportation due to globalization. Moreover, increasing demandsupply gap due to unsteady political conditions in Middle East and Africa is driving exploration activities in North America and Europe, which ultimately propels the market growth. However, growing environmental concerns and associated governmental regulations are hampering the market. Increasing number of growth strategies adopted by market players like mergers and acquisitions, contract agreements is trending in the market. Nonetheless, growing environmental concerns caused by petrochemical products is challenging the market growth. Offshore drilling rig market is categorized based on type, services, application, and geography. Based on type, market is divided into jack-up rig, drillship, and semi-submersible. Jack-up rig segment is expected to lead the market due to increased use in shallow water activities. Jack-ups are also witnessing an increasing demand in the Middle East and Africa and Europe regions.