USD 2.73 billion
Jack Up Rigs Market Size, Share, Growth Analysis, By Type(Independent Leg Type and Mat-type), By Application(Oil & Gas and Offshore Wind Turbine Installations), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10A2008 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|Tables:
59
|Figures:
75
Jack Up Rigs Market Insights
Jack Up Rigs Market size was valued at USD 2.89 billion in 2022 and is poised to grow from USD3.04 billion in 2023 to USD 4.49 billion by 2031, growing at a CAGR of 5.02% during the forecast period (2024-2031).
Jack up rigs are mobile offshore drilling units, or MODUs. It offers a stable and motionless platform for certain operations. They can serve as a landing zone for helicopters, a deck unloading area for various hulls, crew stations for various activities, and drilling and extraction capabilities. Jack up rigs are anchored in the seafloor. They can easily work in water as deep as 490 feet. They also aid in the exploration and extraction of resources in offshore areas. The market share of jack up rigs is increasing as industrial operations expand. Oil and gas industry R&D projects are being carried out in remote offshore regions, which is increasing demand for jack up rigs, which are self-elevating and motion free.
The expansion of offshore wind energy production is the primary market driver for the global jack-up rigs market. Furthermore, increased demand for oil and gas has resulted in positive growth of the jack-up rigs market. Investment in the oil and gas sector has decreased significantly as a result of low and fluctuating crude oil prices. This is a significant market restraint for jack-up rigs. The market value of jack up rigs is expected to rise at a faster rate in the near future. It is due to increased urbanisation and offshore industrial activities.
US Jack Up Rigs Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Independent Leg Type
Fastest Growth
Independent Leg Type
Growth Rate
5.02% CAGR
Global Jack Up Rigs Market, 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Jack Up Rigs Market Segmental Analysis
jack up rigs market is segmented based on the type, application and region. Based on type, the market is segmented into Independent Leg Type and Mat-type. Based on application, the market is segmented into Oil & Gas and Offshore Wind Turbine Installations. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Based on type, Independent leg jack up rigs are intended for use in water depths ranging from 45 to 150 metres. They can accommodate a drill string and heavy tools, and both legs are capable of carrying out drilling operations independently. These platforms can be towed to their final location, dropped on pre-positioned piles, or ballasted down onto the seabed. And Mat type Jack up Rigs are floating platforms with legs that rest on the seabed rather than on top-driven piles. Furthermore, the deck is not permanently attached to the legs and can be towed away. Mat-type rigs are typically used in harsher environments where the seabed is unstable or floating ice is a risk. Because these rigs are larger than independent leg-type jack-ups, they are better suited for offshore wind turbine installations. But there are several disadvantages of mat type like they are very susceptible to damage, they tow very slow and its upper hull has limited open deck storage space so the demand for Independent leg jack up rigs is high.
Analysis by Application
Based on application, In the oil and gas industry, jack up rigs are used for drilling and production operations in water depths of up to 350 meter. The primary benefits of using jack up over other types of offshore drilling platforms include their ability to be quickly deployed, lowered onto the seafloor, and easily moved between locations. Furthermore, they require fewer crew members than many other types of offshore drilling rigs, making them less expensive to operate. In the offshore wind turbine installation industry, jack up rigs are used to anchor deep-water foundations that support wind turbines. These installations are found in water depths ranging from 30 m to 150 m and necessitate a large base foundation capable of supporting significant loads at a relatively shallow depth. Furthermore, jack-up rigs are easily mobilised and deployed to a new location, making them ideal for this type of application. The drilling market is being driven by an increase in demand for oil and gas as a result of industrialization, urbanisation and population growth. As a result, the market for jackup rigs is expanding.
Global Jack Up Rigs Market By Type, 2021 (%)
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Jack Up Rigs Market Regional Insights
North America is expected to be a major player in the jack-up rig market. Offshore oil exploration and extraction activities in the United States are increasing. The United States also has several old oil wells that need to be refurbished, modernised, and upgraded. In the United States, midstream and downstream activities have increased. Several new offshore oil and gas sites have been proposed in the United States. Offshore wind installations are also rapidly expanding in the United States. The United States government is incentivizing the use of renewable energy, which has increased offshore wind installations. These trends are expected to boost the jack-up rig market in North America.
The Asia-Pacific region will play an important role in the jack-up rig market. Offshore oil and gas activities in India, China, Southeast Asia, and elsewhere are expected to grow in the coming years. Offshore wind farms are gaining popularity in China, Japan, Taiwan, and South Korea, among other places. Europe is a significant market for jack-up rigs. Oil and gas sites in the United Kingdom, Norway, and Russia, for example, require regular maintenance, and some require modernization, upgradation, and refurbishment. The Arctic Ocean represents a new opportunity for North American and European countries to explore for hydrocarbon reserves. Because of the EU's Renewable Directive, offshore wind installations in Germany, the United Kingdom, Belgium, and Denmark have increased wind energy production.
Global Jack Up Rigs Market By Type, 2021-2030
- Largest
- Fastest
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Jack Up Rigs Market Dynamics
Drivers
Demand for Oil & Gas is Bolstering Market Growth
- The rising demand for oil and gas is driving up the demand for jack up rigs. Drilling activities have increased as cities and industries have grown. Jack up rigs provide a motion-free deck area for a variety of activities such as loading and unloading, private jet and helicopter landings, and others.
Restraints
High Cost to Hinder Market Growth
- Installation of jack up rigs necessitates a significant investment, which is out of reach for many end-users. This becomes a significant impediment to the development and expansion of jack up rig market share. The mechanism used in jack up rigs is complex, requiring highly trained personnel to install and repair it (if need be). This raises the cost of machine maintenance. The government also prohibits drilling and extraction activities in offshore areas, creating a barrier in the growing Jack up Rigs Market Trends.
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Jack Up Rigs Market Competitive Landscape
jack up rigs market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Player's Company Profiles
- Keppel Offshore & Marine Ltd.
- Sembcorp Marine Ltd.
- Lamprell plc
- China National Offshore Oil Corporation
- Dubai Drydocks World LLC
- DSME Co., Ltd.
- Jurong Shipyard Pte Ltd.
- Samsung Heavy Industries Co., Ltd.
- National Oilwell Varco, Inc.
- Noble Corporation plc
- KCA Deutag
- EnscoRowan plc
- Seadrill Limited
- Borr Drilling Limited
- Shelf Drilling, Ltd.
- Diamond Offshore Drilling, Inc.
- Maersk Drilling A/S
- Transocean Ltd.
- Pacific Drilling S.A.
- Vantage Drilling Company
Recent Developments
- In September 2022, Adnoc Drilling acquired two jack-up rigs for USD 140m to support production growth.
- In September 2022, Maersk Drilling was awarded a contract with INEOS E & PA/S drilling two development wells and intervention work offshore Denmark.
- In March 2022, Front-runners emerged for a key rig tender by India’s Oil & Natural Gas Corporation (ONGC) for the charter hire of two jack-up rigs to drill off the country’s east and west coasts.
Jack Up Rigs Key Market Trends
- The majority of Europe's oil and gas production comes from offshore reserves. The North Sea region produces the majority of the oil, and the majority of the oil comes from the United Kingdom and Norway. Increased offshore activity is expected to fuel demand for the European jack up rig market. Europe had 32 offshore rigs as of January 2022. With investment in shallow water yielding few discoveries and various field developments underway in the United Kingdom's shallow water areas, demand for jack up rigs increased in 2020. Furthermore, Valar is JU-248 (Gorilla VI) was awarded a four-well contract with Neptune Energy in the North Sea, which is expected to begin in September 2020 and last for two years.
Jack Up Rigs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our jack up rigs market analysis, Jack up rigs are mobile, which means they can be relocated if necessary. Because jack up rigs can elevate themselves and have adjustable and moveable limbs, this becomes a profitable option for the investor. The increased exploration activities conducted by the government and navy provide an opportunity for jack up rig manufacturers. Furthermore, demand for jack up rigs is increasing due to rising demand for oil and gas. whereas, the installation of jack up rigs necessitates a significant investment that is out of reach for many end-users, limiting market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.73 billion |
| Market size value in 2031 | USD 4.1 billion |
| Growth Rate | 5.02% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Jack Up Rigs Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Jack Up Rigs Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Jack Up Rigs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Jack Up Rigs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Jack Up Rigs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Jack Up Rigs Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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