Offshore Drilling Rigs Market to Develop Rapidly by 2032

Offshore Drilling Rigs Market Overview

The market for offshore drilling rigs is expected to reach USD 70.6 billion by 2022. The market for offshore drilling rigs is expected to expand at a compound annual growth rate (CAGR) of 6.80% between 2023 and 2032, from an estimated USD 75.4 billion in 2023 to USD 127.6 billion by 2032.

The global offshore drilling rigs market is projected to grow at a CAGR of 6.80% during the forecast period. As per the offshore drilling rigs market research report, the global market for offshore drilling rigs is projected to grow swiftly. According to analysts, high investments in exploration & production (E&P) as well as increase in production of oil & gas will drive the market growth during the forecast period.

The offshore drilling rigs market research report offers a comprehensive analysis of the global offshore drilling rigs market and its operating depth, region, and type segments. The high cost of exploration along with growing investment needs are the elements that could influence the offshore drilling rigs market advancement throughout the forecast period. The offshore drilling rigs market research report by expert analysts is developed to assist organizations in the offshore drilling rigs market.

Market Segmentation

The global offshore drilling rigs market has been segmented based on operating depth, region, and type. On the basis of operating depth, the market for offshore drilling rigs is segmented based on deep water, shallow water, and ultra-water. Additionally, the market on the basis of type, is segmented into drillship, jack-up rig, and semi-submersible.

Major elements such as strict regulations and laws could obstruct the offshore drilling rigs market growth. However, according to the offshore drilling rigs market research report, increasing investment in offshore exploration activities along with the demand for energy fuels will propel growth throughout the forecast period. The offshore drilling rigs market is set to register growth at a high CAGR owing to these key factors. The exploration of operating depth, region, and type segments along with regional markets has been given in the global offshore drilling rigs market research report. The research analysts studying the offshore drilling rigs market have put out market forecasts in the offshore drilling rigs market research report in order to support offshore drilling rigs market-based companies. The offshore drilling rigs market research report provides an extensive understanding of the offshore drilling rigs market based on the information and forecasts till 2026.

Regional Overview

North America, Europe, Asia Pacific and the rest of the world regional market for offshore drilling rigs are predominantly covered in the global offshore drilling rigs market research report. Country-level offshore drilling rigs markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level offshore drilling rigs markets are covered in the report. In Asia-Pacific (APAC) region, the country-level offshore drilling rigs markets covered are Japan, India, China, and others. The offshore drilling rigs market research report also explores the regional market for offshore drilling rigs present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The offshore drilling rigs market research report also covers regional markets from the rest of the world alongside offshore drilling rigs markets of Africa and the Middle East.

Competitive Landscape

Exploration and production activities are presumed to drive the offshore drilling rigs market growth worldwide. The global offshore drilling rigs market could be challenged by concerns regarding the depletion of resources, nevertheless, organizations in the offshore drilling rigs market will carry the growth rate forward. The offshore drilling rigs market research report presents company profiles of major companies active in the offshore drilling rigs market globally. Furthermore, the global offshore drilling rigs market report offers an all-inclusive analysis of the market collected from the offshore drilling rigs market’s primary and secondary sources covering both decision makers and thought leaders. The offshore drilling rigs market research report highlights such key areas assisting businesses operating in the offshore drilling rigs market to build better growth strategies.

Industry News

The Singaporean conglomerate Keppel, Keppel Offshore & Marine (Keppel O&M) proposed sweeping institutional changes to put an end to new oil plants on the offshore and to invest in renewable energy more heavily. Major capital is expected to fund the individual divisions with funds of around $2.2 billion in production and construction firms, while the operating group currently retains orders valued at around $2.5 billion.