To stay ahead of the curve in a moderately competitive market, players are adopting various astute strategies in the global offshore drilling rigs market. For example, they are banking big time on latest technological progress to come up with more effective products that can achieve the task of creating holes in the earth subsurface to discover and extract oil. Then again, they are resorting to joint ventures and carefully-considered partnerships.
A research study by Transparency Market Research delves into such winning strategies of players and uncovers that leveraging those Ensco, Tranocean, Seadrill, Diamond Offshore, COSL, Ocean Rig, Nabors Industries Limited, and Paragon Offshore have emerged as key players in the market for offshore drilling rigs.
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It projects the market for offshore drilling rigs to attain a value of US$41,922.8 mn by 2022-end from US$35,336.2 mn in 2017 by rising at a 3.5% CAGR from 2017 to 2022.
The different types of offshore drilling rigs available in the market are semi-submersible rigs, jack up rigs, and drill ships. Jack up rigs, among them, pulls in maximum revenue, finds the TMR report. Going forward too, it is expected to hold on to its leading revenue share by accounting for almost 41.7% of it by 2022-end.
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Asia Pacific except Japan, Japan, North America, Latin America, Europe, and the Middle East and Africa are some of the prominent regions in the global offshore drilling rigs market that have been studied in the report. North America, of them, is the dominant revenue generator which is expected to pull in a revenue to the tune of US$9,829.6 mn by the end of the forecast period in 2022. This is because the U.S. in the region is one of the world’s biggest offshore oil producing countries.
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Substantial Reserves of Oil and Gas under Ocean Beds Drives Market
Massive reliance on fossil fuels such as coal, oil, and gas for satiating energy needs of the nations across the world is a primary growth driver in the global offshore drilling rigs market. Since most those are still buried deep inside the earth’s crust either on land or under the ocean beds, drillings rigs are required to get to them. Offshore drilling rigs are seeing solid demand since the about a third of the oil and gas produced worldwide is sourced from offshore reserves. “In fact offshore drilling rigs have come a long way – from the first ones built towards the end of 1800 meant for shallow waters near the coastline to the modern day ultra-sophisticated ones that can reach almost 7,500 feet deep about 200 miles away from the nearest shore. Thus, offshore oil production which was highly complex at one point in time has become commonplace at present,” adds the analyst who spearheaded the TMR report.