Offshore Drilling Rigs Market 2024 Growing Activities of Extracting Oil and Gas Drives Growth

Energy hungry countries compelled to rely on non-conventional sources is benefitting the global offshore drilling rigs market. Energy production, today, still largely relies on burning of fossil fuels that are mainly buried deep in the Earth’s crust, in rock formations, and deep in oceans. Almost one-third of the oil and gas produced across the world is sourced from offshore reserves. From the first oil rigs built in the late 1800s that could tap oil and gas reserves in shallow waters close to the coastline, the oil rigs that are used today are suitable for waters that are more than 7,500 feet deep and can be as much as 200 miles away from the nearest shore.

Offshore oil production which was complicated at one time is increasingly becoming routine. At present, there are almost 900 large-scale oil and gas platforms that are used for the exploration of deep-water reserves.

As per the U.S. Energy Information Administration, in 2015, more than 27 million barrels of oil was produced offshore across 50 countries. The world’s largest offshore oil producing countries are Saudi Arabia, Brazil, Mexico, Norway, and the United States.

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Apart from serving energy needs, offshore drilling has the prime advantage of reducing incidents of natural oil seepage in oceans. The benefits of offshore drilling are much more than the risks associated with offshore drilling pursuits.

Serving to prove to be a roadblock to the growth of the global offshore drilling market are concerns of environmental impact of offshore drilling and threat to marine life.

According to a report by Transparency Market Research (TMR), the global offshore drilling rigs market is likely to expand at a CAGR of 3.5% for the forecast period between 2017 and 2024. At this pace, the market will attain a valuation of US$41,922.8 mn by the end of 2024 from its evaluated worth of US$35,336.2 mn in 2017.

Jack up Rigs Type Segment Anticipated to Remain Attractive through 2024

The report studies the global offshore drilling rigs market based on a few parameters. The segments of the market depending upon type are jack up rigs, semi-submersible rigs, and drill ships. Of them, jack up rigs represents the leading segment vis-à-vis revenue. The jack up rigs segment is expected to represent 43% of the overall market by 2017 end. Expanding at a CAGR of 2.4% between 2017 and 2024, the jack up rigs segment is expected to be worth US$17,111.0 mn by the end of 2024 representing 41.7% of the overall market.

In terms of application, the segments into which the global offshore drilling rigs market is divided are shallow water drilling, deep water drilling, and ultra-deep water drilling.

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Home to World’s Largest Offshore Drilling Facilities Makes North America Leader

The report studies the global offshore drilling rigs across North America, Europe, Asia Pacific except Japan, Latin America, the Middle East and Africa, and Japan. The TMR report projects North America to hold supremacy vis-à-vis revenue amongst all key regional segments until 2017 end. The trend is expected to continue until the end of the forecast period in 2024. The North America offshore drilling rigs market is expected to expand at a CAGR of 3.9% between 2017 and 2024, for the market to be worth US$9,829.6 mn by the end of 2024.

Europe is another key region for offshore drilling rigs. The region is expected to display the second-leading 3.7% CAGR between 2017 and 2024, for the market to attain a value of US$5,133.9 mn by the end of 2024.

Leading companies in the global offshore drilling rigs market mentioned in this report are Tranocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragaon Offshore, Ocean Rig, and Nabors Industries Limited.

Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html