- The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs.
- Increasing investments with high E&P Capex in these regions are also propelling the growth of the deepwater market.
- Latin America is estimated to be the largest market in the offshore drilling industry.
The global offshore drilling rigs market value is expected to reach $102.5 billion by 2019, growing at a CAGR of 9.27% from 2014 to 2019. Offshore drilling rigs are used for drilling and exploration activities in the offshore arena. The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs. 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. Semi-submersibles and jackups dominate the global offshore drilling rigs market, owing to increasing shallow and Deepwater explorations.
Transocean (Switzerland), COSL (China), Nabors (Bermuda), Ensco plc. (U.K.), Diamond Offshore Drilling (U.S.), KCA Deutag (U.K.), and Maersk Drilling (Denmark), are the major players that constitute a significant share of the global offshore drilling rigs market. These players are concentrating on growing markets and are investing heavily to meet the demand from these markets and to reduce contract backlogs.
Growing demand for deepwater activities in the Asia-Pacific region and further drilling into mid ocean is driving the demand for mid and deep-water floaters. Additionally, increasing investments with high E&P Capex in these regions are also propelling the growth of the deepwater market. Drillships currently have the largest market size because of increasing ultra-deep water activities in growing offshore regions across the world.
The growth of the offshore drilling rigs market in these regions 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. The CAGR of the European region is determined by growing offshore activities in the North Sea.
Scope of the Report:
The global offshore drilling rigs market is analyzed in terms of revenue for the aforesaid applications, types, and by region.
- North America
- Latin America
- Middle East
- Rest of the World (RoW)
- Shallow water
- Ultra-Deep water
- Jackup Rigs
- Semi-Submersible Rigs
Latin America: Largest market for offshore drilling
Latin America is estimated to be the largest market in the offshore drilling industry, followed by Asia-Pacific. The Asia-Pacific market is projected to lead the offshore drilling rigs market by the year 2019, with an estimated market size of $20.7 billion, followed by Latin America with $20.38 billion, and Africa with $19.62 billion.