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

Jack Up Rigs Market size was valued at USD 2.73 billion in 2021 and is poised to grow from USD 2.89 billion in 2022 to USD 4.1 billion by 2030, growing at a CAGR of 5.02% in the forecast period (2023-2030).

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. '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'

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.

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.

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.