Offshore drilling rigs market size to grow by USD 2,821.26 million from 2022 to 2027, North America to account for 35% of the market growth

NEW YORK, May 10, 2023 /PRNewswire/ -- The offshore drilling rigs market size is estimated to grow by USD 2,821.26 million during 2022-2027. However, the growth momentum will be progressing at a CAGR of almost 3.16% during the forecast period. The market is segmented by type (bottom-supported rigs and floating rigs), application (shallow water, deepwater, and ultra-deepwater), and geography (North America, Middle East and Africa, Europe, APAC, and South America). The market share growth of the bottom-supported rigs segment will be significant during the forecast period.

Discover market potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. Download the PDF Sample Report

Information Services Market Insights -

Vendors: 15+, Including Archer Ltd., China Oilfield Services Ltd., Diamond Offshore Drilling Inc., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Parker Drilling Co., Patterson UTI Energy Inc., PR Marriott Drilling Ltd., Precision Drilling Corp., SAIPEM SpA, Schlumberger Ltd., Seadrill Ltd., Stena AB, Transocean Ltd., Valaris Plc, Weatherford International Plc, among others

Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors

Segments: Type (Bottom-supported rigs and Floating rigs), Application (Shallow water, Deepwater, and Ultra-deepwater), and Geography (North America, Middle East and Africa, Europe, APAC, and South America)

To understand more about the information services market, request a Free sample report

In 2017, the offshore drilling rigs market was valued at USD 15,497.32 million. From a regional perspective, North America held the largest market share, valued at 35%. The offshore drilling rigs market size is estimated to grow by USD $ 2,821.26 mn from 2023 to 2027 at a CAGR of 3.16% according to Technavio.

Offshore drilling rigs market - Customer LandscapeTo help companies evaluate and develop growth strategies, the report outlines –

Key purchase criteria

Adoption rates

Adoption lifecycle

Drivers of price sensitivity

For highlights on customer landscape analysis, download a sample!

Global Offshore drilling rigs market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including -

Archer Ltd.

China Oilfield Services Ltd.

Diamond Offshore Drilling Inc.

Helmerich and Payne Inc.

KCA Deutag Alpha Ltd.

Nabors Industries Ltd.

Noble Corp. Plc

NOV Inc.

Patterson UTI Energy Inc.

PR Marriott Drilling Ltd.

Precision Drilling Corp.

SAIPEM SpA

Schlumberger Ltd.

Seadrill Ltd.

Global Offshore Drilling Rigs Market – Market Dynamics

Market Driver

Rising investments in upstream oil and gas sector

High potential of offshore marginal fields

New oil and gas exploration policies

Market Trends

Discovery of new oil and gas resources

Technological advances in Mobile offshore drilling units (MODUs)

Rise in deepwater and ultra-deepwater E and P activities

Market Challenges

Environment concerns associated with oil and gas E and P activities

The uncertainty associated with low crude oil prices

Increasing the use of renewable energy

Drivers, & Challenges have an impact on market dynamics and can impact businesses. To Find more insights download the sample report!

The offshore drilling rigs market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

Why Buy?

Add credibility to strategy

Analyzes competitor's offerings

Get a holistic view of the market

Grow your profit margin with Technavio- Buy the Report

What are the key data covered in this Offshore Drilling Rigs Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the Offshore Drilling Rigs Market between 2023 and 2027

Precise estimation of the size of the Offshore Drilling Rigs Market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the Offshore Drilling Rigs Market industry across North America, Middle East and Africa, Europe, APAC, and South America

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of Offshore Drilling Rigs Market vendors

Gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Related Reports:

Offshore Rental Equipment Market- The offshore rental equipment market size is estimated to grow at a CAGR of 6.63% between 2022 and 2027. The market size is forecast to increase by USD 7,956.37 million.

Drilling Rig Market- The drilling rig market is estimated to grow at a CAGR of 6.16% between 2022 and 2027. The size of the market is forecast to increase by USD 15.36 billion.

Offshore Drilling Rigs Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.16%

Market growth 2023-2027

$ 2,821.26 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.15

Regional analysis

North America, Middle East and Africa, Europe, APAC, and South America

Performing market contribution

North America at 35%

Key countries

US, Saudi Arabia, China, Russia, and Brazil

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Archer Ltd., China Oilfield Services Ltd., Diamond Offshore Drilling Inc., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Parker Drilling Co., Patterson UTI Energy Inc., PR Marriott Drilling Ltd., Precision Drilling Corp., SAIPEM SpA, Schlumberger Ltd., Seadrill Ltd., Stena AB, Transocean Ltd., Valaris Plc, and Weatherford International Plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse Technavio's Energy Market Reports

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global offshore drilling rigs market 2017 - 2021

4.2 Types Segment Analysis 2017 - 2021

4.3 Applications Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Type

6.1 Market segments

6.2 Comparison by Type

6.3 Bottom-supported rigs - Market size and forecast 2022-2027

6.4 Floating rigs - Market size and forecast 2022-2027

6.5 Market opportunity by Type

7 Market Segmentation by Application

7.1 Market segments

7.2 Comparison by Application

7.3 Shallow water - Market size and forecast 2022-2027

7.4 Deepwater - Market size and forecast 2022-2027

7.5 Ultra-deepwater - Market size and forecast 2022-2027

7.6 Market opportunity by Application

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Middle East and Africa - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 APAC - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Saudi Arabia - Market size and forecast 2022-2027

9.11 Brazil - Market size and forecast 2022-2027

9.12 Russia - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Archer Ltd.

12.4 China Oilfield Services Ltd.

12.5 Diamond Offshore Drilling Inc.

12.6 Helmerich and Payne Inc.

12.7 KCA Deutag Alpha Ltd.

12.8 Nabors Industries Ltd.

12.9 Noble Corp. Plc

12.10 NOV Inc.

12.11 Parker Drilling Co.

12.12 Patterson UTI Energy Inc.

12.13 PR Marriott Drilling Ltd.

12.14 Precision Drilling Corp.

12.15 SAIPEM SpA

12.16 Transocean Ltd.

12.17 Valaris Plc

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/offshore-drilling-rigs-market-size-to-grow-by-usd-2-821-26-million-from-2022-to-2027--north-america-to-account-for-35-of-the-market-growth--technavio-301819818.html

SOURCE Technavio