A slew of developments are expected to impact the growth of the global offshore drilling rigs market during the period 2017-2022. In an attempt to capture these developments, Market Research Reports Search Engine (MRRSE) has included a new publication in its repertoire titled “Offshore Drilling Rigs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”. This report is a comprehensive take pertaining to the global offshore drilling rigs market and provides useful insights into the key indicators shaping the market, growth factors, and other technological innovations that are anticipated to positively influence market revenue growth during the period of forecast.

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Key Developments Trending the Global Offshore Drilling Rigs Market

A rapidly rising demand for sustainable energy has led to structured efforts by companies to create energy from unconventional sources. This factor is boosting market demand for offshore drilling rigs. Advancements in technology have enabled offshore drilling rigs to capture reserves of petroleum from very deep waters, which are farthest from the shore. Sophistication in oil extraction and drilling technologies has enabled the exploration of gas and oil at very great ocean depths.

Global Market Forecast

The global offshore drilling rigs market is anticipated to be valued at about US$ 35 Bn by the end of 2017 and this is expected to rise to just under US$ 42 Bn by 2022 end. This is reflective of a 3.5% CAGR in terms of value during the forecast period 2017 – 2022.

Market Segmentation & Forecast

The global offshore drilling rigs market is segmented based on application, type, and region. In terms of type, the global market is further segmented into drill ships, semi-submersible rigs, and jack up rigs. The jack up rigs segment is expected to lead the global market in terms of revenue, anticipated to hold 43% market value share by the end of 2017. This segment will register a value CAGR of 2.4% during the forecast period. By application, the global market is segmented into ultra-deep water drilling, deep water, and shallow water.

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Regional Forecast

The report tracks the performance of the global offshore drilling rigs market in the key regions of Europe, North America, Latin America, Middle East and Africa, Asia Pacific except Japan, and Japan. North America is expected to be an attractive regional market and will likely exhibit 3.9% value CAGR during the 2017-2022 period, and be valued at US$ 9,829.6 Mn towards the close of 2022. The second important regional market in the global offshore drilling rigs market is Europe, which is anticipated to witness a value CAGR of 3.7% during the period 2017 – 2022 and be valued at US$ 5,133.9 Mn by the end of the forecast period in 2022.

Competitive Assessment

Some of the leading players operating across the worldwide offshore drilling rigs market are featured in this report. These companies are Ensco, Diamond Offshore, Nabors Industries Limited, Tranocean, COSL, Ocean Rig, Paragaon Offshore, and Seadrill. Competitive market strategies like advancements in technology, JVs and partnerships, and expansion plans of these companies have been studied in the report at length. The report also features the hierarchy among the competition and pinpoints the success imperatives of the key players to establish and widen their presence in the global offshore drilling rigs market.

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