USD 68.55 billion
Offshore Drilling Rigs Market Size, Share, Growth Analysis, By Service(Drilling Services, Contract Drilling Services), By Delivery Mode(Bottom-supported platforms, Floating platforms, and Jack-up rigs), By Application(Shallow Water, Deep Water, Ultra-Deep Water), By End User(Oil Companies, Gas Companies, Offshore Contractors), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10C2025 |
Region:
Global |
Published Date: June, 2024
Pages:
178
|Tables:
116
|Figures:
77
Offshore Drilling Rigs Market Insights
Global Offshore Drilling Rigs Market size was valued at USD 68.55 billion in 2022 and is poised to grow from USD 73.25 billion in 2023 to USD 124.55 billion by 2031, at a CAGR of 6.86% during the forecast period (2024-2031).
There have been significant trends and developments in the global offshore drilling rigs market in recent years. Many elements in the oil and gas exploration-and production process affect such demand, such as technological advancements and the general economic environment.
Despite difficulties, the offshore drilling rigs market still offers room for growth. Unexplored offshore reserves and continued technological advancements offer opportunities for players in the industry.
In addition, technological innovation has become important to the market as well. To achieve higher efficiency, greater safety and better overall performance in offshore drilling rigs, firms are also integrating advanced technologies including automation and digitalization into their operations.
In addition to being more efficient in its operations, automation also reduces the need for human labor. This helps make work safer and cheaper.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Floating-supported platform
Fastest Growth
Bottom-supported platforms
Growth Rate
6.86% CAGR
Offshore Drlling Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Offshore Drilling Rigs Market Segmental Analysis
The global offshore drilling market is segmented based on service, delivery mode, application, end-user and region. Based on service, the market is segmented into Drilling Services and Contract Drilling Services. Based on delivery mode, the market is segmented into bottom-supported platforms, floating platforms, and jack-up rigs. Based on application, the market is segmented into Shallow Water, Deep Water, and Ultra-Deep water. Based on end user, the market is segmented into Oil Companies, Gas Companies, Offshore Contractors. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Analysis By Service
The contract drilling services segment is often the dominant segment in the global offshore drilling market. This is because many oil and gas companies prefer to outsource drilling operations to specialized contractors to leverage their expertise and equipment. The drilling services segment is expected to witness significant growth in the forecast period. Technological advancements, such as advanced drilling techniques and equipment, are driving the demand for drilling services. Companies providing drilling services are continuously innovating to improve drilling efficiency, safety, and environmental sustainability, which contributes to the segment's rapid growth.
Analysis By Delivery Mode
The dominant segment in the global offshore drilling market is often the floating platforms segment. This is due to the increasing exploration and production activities in deepwater and ultra-deepwater areas, where floating platforms are commonly deployed. The fastest-growing segment in the global offshore drilling market is expected to be the bottom-supported platforms segment. The demand for bottom-supported platforms is increasing in regions with shallow water depths, where these platforms offer a cost-effective solution for drilling operation.
Offshore Drilling Market By Delivery mode
To get detailed analysis on other segments, Request For Free Sample Report
Offshore Drilling Rigs Market Regional Insights
North America holds a dominant position in the offshore drilling market, primarily driven by the increasing exploration of natural gas, particularly shale gas. The region also benefits from a significant number of technological advancements and the presence of large oil reserves. On the other hand, the Asia-Pacific region is anticipated to exhibit the highest growth rate in the offshore drilling market. This growth can be attributed to the escalating exploration and production activities in the region, coupled with the rising demand for oil and gas.
Offshore Drilling Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Offshore Drilling Rigs Market Dynamics
Drivers
Growth in Urban Population
-
Around 4.4 billion individuals, which accounts for 56% of the global population, currently reside in urban areas. Projections indicate that by 2050, approximately 70% of the global population will be concentrated in cities, resulting in a significant increase in the urban population. Consequently, the demand for energy is also on the rise due to the growing urban population. Urban areas have considerably higher energy requirements compared to rural regions, primarily due to the elevated living standards and increased energy consumption associated with the lifestyles of metropolitan residents. The energy demand in urban areas is experiencing a substantial surge. Consequently, the market for offshore drilling is also expanding to meet the escalating energy requirements in metropolitan regions.
Restraints
Increased Operational Expenses
-
The operational costs associated with the market are on the rise, posing a challenge for industry players. These costs include various factors such as exploration, extraction, transportation, and maintenance, which contribute to the overall expenses incurred in the market.
Growing Electric Vehicle Demand
-
The rising demand for electric vehicles (EVs) is impacting the market. As more consumers opt for EVs, the demand for traditional fossil fuels, including oil, may witness a decline, potentially affecting the market growth.
Varied Impact on Marine Organisms
-
The market's activities can have diverse effects on marine organisms. Exposure to oil can lead to detrimental consequences for adult fish, including stunted growth, liver enlargement, altered heart and respiration rates, fin erosion, and reproductive impairments. Fish eggs and larvae are particularly susceptible to harmful effects, both fatal and nonfatal. In some cases, even when fatal effects are not observed, oil contamination can render fish and shellfish unsuitable for human consumption. Consequently, these factors are anticipated to restrain the market's growth.
Request Free Customization of this report to help us to meet your business objectives.
Offshore Drilling Rigs Market Competitive Landscape
The global offshore drilling market features a competitive landscape with several key players operating in the industry. These companies focus on providing advanced drilling solutions and technologies to cater to the growing demand for oil and gas exploration in offshore regions. The market is characterized by intense competition, with players striving to enhance their drilling capabilities and expand their geographical presence. Companies in the market often engage in strategic collaborations, partnerships, and acquisitions to strengthen their market position and offer comprehensive drilling services to their clients. Additionally, these players prioritize research and development activities to drive innovation and improve operational efficiency. The competitive landscape of the global offshore drilling market is dynamic and driven by the constant pursuit of advanced drilling techniques and equipment to meet the increasing energy demands worldwide.
Top Player’s Company Profiles
- Transocean Ltd. (Switzerland)
- Seadrill Limited (United Kingdom)
- Noble Corporation plc (United Kingdom)
- Diamond Offshore Drilling, Inc. (United States)
- EnscoRowan (United Kingdom)
- Pacific Drilling S.A. (Luxembourg)
- Maersk Drilling (Denmark)
- Shelf Drilling, Ltd. (United Arab Emirates)
- COSL - China Oilfield Services Limited (China)
- Borr Drilling Limited (Bermuda)
- Vantage Drilling International (Cayman Islands)
- Valaris plc (United Kingdom)
- Nabors Industries Ltd. (Bermuda)
- Paragon Offshore (United Kingdom)
- Awilco Drilling PLC (United Kingdom)
- Sevan Drilling ASA (Norway)
- Northern Drilling Ltd. (Bermuda)
- Ocean Rig UDW Inc. (Marshall Islands)
- Fred. Olsen Energy ASA (Norway)
- Rowan Companies plc (United Kingdom)
Recent Developments
- June 2023: As per an official statement, Patterson-UTI Energy Inc. and NexTier Oilfield Solutions Inc have jointly declared their entry into a definitive merger agreement which the two sides describe as a "merger of equals" transaction entirely in stock
- August 2023: Expro has signed a definitive agreement for the acquisition of PRT Offshore, an offshore services company. Completion of this transaction will enable Expro to provide a comprehensive range of cost-efficient, technology orientated services and solutions for the subsea well access sector in North & Latin America (NLA).
Offshore Drilling Rigs Key Market Trends
- Rising Emphasis on Deepwater and Ultra-deepwater Exploration: A shift toward deepwater and ultra-deepwater exploration. With the decrease in traditional reserves, attention has been turning to more remote and difficult offshore areas. The need for a new generation of advanced drilling rigs qualified to operate in ever deeper waters naturally follows from this trend. One of the main drivers is technological innovation, and advances in drilling technologies, automation and digitalization continue to increase operational efficiency and enhance safety.
Offshore Drilling Rigs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global offshore drilling rigs market analysis shows a complex picture with several geographical themes and issues. As demand for energy grows, exploration moves out to ever deeper waters. This makes the market go round and round. Trends include technological advances and a concentration on deepwater And ultra-deepwater exploration. But the market is limited by its susceptibility to jumps in oil prices, strict regulatory standards and high operating costs. In terms of product type, jack-up rigs and drillships predominate. The latter is expected to grow the fastest in future. Looking at the figure regionally, it is the Middle East and North Africa who dominate with their many reserves. Three key market trends include a move towards sustainability, strategic collaboration and constant technological innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 68.55 billion |
| Market size value in 2031 | USD 124.55 billion |
| Growth Rate | 6.86% |
| Base year | 2023 |
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Offshore Drilling 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 Offshore Drilling 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 Offshore Drilling 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 Offshore Drilling 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 Offshore Drilling Rigs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Drilling 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.
USA (+1) 351-333-4748
