Increasing Energy Demand To Propel The Growth of Global Offshore Drilling Rigs Market

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on  Offshore Drilling Rigs Market Research Report.

Market Overview:

With rapid rise in global population, the demand for energy and potential energy sources is skyrocketing. Oil and natural gas are the major non-conventional source of energy as currently, the energy production primarily relies on burning of fossil fuels. Offshore drilling rigs are constructed for exploration and production of crude oil and natural gas from the reservoirs that are present in the rock formations below the oceanic surface. Market Research Future (MRFR) has published a report stating that the global offshore drilling rigs market is marked to expand at a significant CAGR of 11.25% in the forthcoming years.

Market Drivers and Restraints:

Rapid maturation of onshore oil fields has caused decline in the production of fossil fuels. As the world's final frontier of oil production, offshore exploration projects are anticipated to receive heavy investments in the coming years, which is resulting in the significant expansion of the global offshore drilling rigs market. Increasing energy demand as a result of rapid urbanization, rising population and industrial development, is resulting in the rise of offshore drilling activities, which in turn is fueling the growth of the global offshore drilling rigs market. However, the complexities related to offshore drilling and extra cost required for activation of stacked rigs are likely to pose a threat for the expansion of the global offshore drilling rigs market during the forecast period.

Market Segmentation:

The global offshore drilling rigs market has been segmented on the basis of type and operating depth. Based on type, the offshore drilling rigs market has been segmented into drillships, jackup rigs and semi-submersibles. Among these, the jackup rigs segment is forecasted to constitute for the major share in the global offshore oil rigs market owing to the low cost and easy installation as compared to the other types of rigs. Based on operating depth, the offshore drilling rigs market has been segmented into shallow water, deep water and ultra-deep water. The deep and ultra-deep segment is anticipated to grow at a fast pace as the shallow water reserves are depleting rapidly due to excessive extraction of fossil fuels.

Regional Analysis:

Geographically, the offshore drilling rigs market has been segmented into four major regions such as Europe, North America, Asia Pacific, Latin America and the Middle East and Africa. Increasing exploration activities in the golden triangle of oil and natural gas that comprises of Gulf of Mexico, Brazil and West Africa are leading to the significant growth of the offshore drilling rigs market in the Latin America and the Middle East and Africa region. the Latin America region is leading the global offshore drilling rigs market owing to the presence of large number of offshore fossil fuel reserves in this region. The offshore drilling rigs market in the Asia Pacific region is projecting high growth potential owing to the increasing investment in offshore exploration activities in order to meet the growing demand for fossil fuel in this region.

Industry Updates:

In October 2018, researchers from Peter the Great St. Petersburg Polytechnic University have created a new method of nondestructive testing of drilling rig elements in the offshore oil wells. this method of diagnosis will ensure efficient oil production and reduce time and cost required for equipment repair.

In October 2018, Oil and Natural Gas Corporation (ONGC), India, has announced that it is planning to purchase 27 offshore drilling rigs to replace around half of its aging onshore rigs.

Key players:

The major players profiled by MRFR that are operating in the global off-shore drilling rigs market are Halliburton (the U.S.), Schlumberger (the U.S.), Weatherford International Inc (the U.S.), Seadrill (Bermuda), and Aban Offshore Limited (India), China Oilfield Services Ltd. (China), Ensco plc (the U.K.), Diamond Offshore Drilling Inc. (the U.S.), Vantage Drilling Co. (the U.S.), Pacific Drilling (the U.S.), KCA Deutag (the U.K.), Maersk Drilling (Denmark), and Nabors Industries Ltd (Bermuda), Nobel Corporation (the U.K.) are among others.