PUNE, India, May 18, 2017 /PRNewswire/ -- Market Research Future published a half cooked research report on "Global Offshore Drilling Rigs Market Research Report - Forecast to 2022" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Global Offshore Drilling Rigs Market – Overview
Until last year the news headlines like - "The offshore drilling market has deteriorated in line with falling oil prices" were making rounds in the News World. However, Market Research Future confirms that it is a thing of the past. In a recently published, deep drilling study report on Offshore Drilling Rigs Market; pointing to the latest trends which will provide an impetus to the growth of the market, MRFR asserts that the global Offshore Drilling Rigs Market will witness an exponential growth. Further, MRFR roughly mentions that the global Offshore Drilling Rigs Market will reach to a whooping amount of approximately 99.67 Billion USD.
Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum which lies in rock formations beneath the seabed. Offshore exploration and development wells are often drilled from mobile offshore drilling units (MODUs). Offshore drilling rigs are classified, mainly based on their movability and how deep the sea bed is. Depending on the water depth and remoteness of the location, these "rigs" may be jack-ups, or semisubmersibles, or drill ships depending upon the depth of the sea fields. There are a variety of offshore vessels, which will not only help in the exploration and drilling activities but also supply to the excavation and construction units.
The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs. Moreover, continuous development of offshore reserves and rising deep water production are likely to positively influence the growth of the global offshore drilling market. However, offshore drilling projects require a much longer timeline than onshore drilling rigs, which act as a major barrier to the growth of the market.
Global Offshore Drilling Rigs Market – Key Players
There have been significant investments made in recent times, in the oil and gas engineering and procurement activities, especially in the Asia-Pacific and Middle East regions, where there is a huge demand for offshore drilling activities. Key Players are opting out to adopt more innovative operational cost cutting measures such as minimizing manning levels, moving rigs out of oversupplied regions, cluster-stacking fleets. Additionally; Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players.
Identified and profiled in MRFR analysis; some of the major player operating in the market of offshore drilling rigs are Aban Offshore Limited, China Oilfield Services Ltd, Ensco plc, Diamond Offshore Drilling Inc., Vantage Drilling Co. and Pacific Drilling. Other prominent players of the market include KCA Deutag, Maersk Drilling, Nabors Industries Ltd, Nobel Corporation and others.
Global Offshore Drilling Rigs Market – Segmentation
The offshore drilling rigs Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Comprises Drillships, Jackup rigs, semi-submersibles.
Segmentation by Operating Depth: Comprises shallow water, deep water, ultra-water.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Global Offshore Drilling Rigs Market – Synopsis & Scenario
Offshore drilling rigs are used for drilling and exploration activities in the offshore arena. The market is also expected to gain traction from the rising investments in oil and gas activities. Moreover, growth of the offshore drilling rigs market is propelled by factors such as growing offshore activities in the harsh environmental conditions of North Sea and depleting oil and gas reserves in the U.S. Growing demand for deep-water activities in the Asia-Pacific region and further drilling into mid ocean are driving the demand for jackup rigs in the region. The increase in the number of investments from operators, especially for deep and ultra-deep water activities, fuels the growth of the offshore drilling rigs market.
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Global Offshore Drilling Rigs Market – Regional Analysis
Latin American is the leading region due to high offshore potential reserves of oil and gas. Moreover, factors such as increasing investments in exploration & production (E&P) lead to the increase the demand for drilling equipment and offshore rigs. The increase in global oil & gas production from North America and the Middle East has made operators focus on offshore markets. Secondly, liberalization of the Mexican oil & gas industry drives the demand for offshore drilling. Latin America is leading the market of offshore drilling rigs due to equipped with increased cargo capacity and enhanced crew amenities and automation system.
Asia-Pacific is one of the leading regions for growth in offshore drilling rigs market. The growing demand for energy coupled with the increasing investment in offshore exploration activities will drive the market in the forecast period. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region. The demand for offshore drilling rigs in the Asia Pacific region is expected to rise the demand for growing exploration activities in Southeast Asia.
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SOURCE Market Research Future