Jackups is Expected to Dominate the Global Floating Rigs Market
Exploration
and Production Activities and Technological Advancements is a major factor
attributable to the growth of the market.
According to TechSci
Research report, “Global Floating
Rigs Market - By Country, Competition, Forecast & Opportunities, 2028”. The Global Floating Rigs is anticipated to project robust
growth in the forecast period with a CAGR of 7.02% through 2028. Over the long term,
factors such as increased global energy demand and exploration activities for
untapped regions are expected to drive the market during the forecasted period. Based on Application, Deepwater
and Ultra-deepwater Segment to Witness Significant Growth. Deepwater and ultra-deepwater
regions hold vast untapped oil and gas reserves. As onshore and shallow-water
reserves deplete, oil and gas companies increasingly focus on exploring and
extracting hydrocarbon resources from these deepwater and ultra-deepwater
locations. It drives the demand for drilling rigs capable of operating in such
challenging environments. Advances in drilling technologies, equipment, and
subsea systems significantly improved the feasibility and efficiency of
drilling operations in deepwater and ultra-deepwater areas. Innovations such as
dynamic positioning systems, advanced drilling techniques, and remotely
operated vehicles (ROVs) enable safer and more efficient drilling in these
challenging offshore environments. The availability of advanced technology
opened up previously inaccessible deepwater reserves, thereby driving the
segment's growth.
Moreover, deepwater
and ultra-deepwater regions are known to host sizable oil and gas reserves.
These reserves often include higher production potential compared to onshore
and shallow-water fields. The large reserves in these offshore areas make them
attractive investment opportunities for oil and gas companies, driving the
demand for offshore drilling rigs capable of operating in these environments. In
July 2022, Jindal Drilling & Industries revealed that it had secured a
contract from Oil & Natural Gas Corporation (ONGC) to deploy the Jack-up
Rig Discovery I. It is on a three-year charter hire basis, with an Estimated
Daily Rate (EDR) of USD 46,907.57. The Jack-up, as mentioned above, Rig
Discovery I, is engaged in operations under an existing contract awarded by
ONGC to Jindal Drilling & Industries.
Therefore, as per the
above points, deepwater and ultra-deepwater segments are expected to grow
significantly during the forecasted period.
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Based on Region, Middle-East
and Africa to Witness Significant Growth. The Middle East and Africa region are
known for their rich hydrocarbon reserves, particularly in offshore locations.
Countries such as Saudi Arabia, United Arab Emirates, Qatar, Nigeria, Angola,
and Egypt include substantial offshore oil and gas reserves. These regions'
exploration and production activities drive the demand for offshore drilling
rigs.Many countries in the Middle East and Africa are actively exploring and
developing new offshore fields to enhance their oil and gas production
capacities. For example, ongoing projects in the Persian Gulf and the Red Sea
in the Middle East exist. Countries like Angola, Nigeria, and Mozambique invest
in offshore fields in Africa. These new developmentts create opportunities for
offshore drilling rig operators and service providers. Moreover, governments in
the Middle East and Africa implemented favorable policies and regulations to
attract offshore oil and gas investments. These policies include tax
incentives, streamlined permitting processes, and partnerships with
international oil companies. Such supportive government initiatives contribute
to the growth of the offshore drilling rigs market in the region. The Middle
East and Africa regions also invest in developing offshore infrastructure,
including ports, pipelines, and storage facilities. This infrastructure
development supports offshore drilling activities' growth, enabling efficient
logistics and transportation of extracted resources. The presence of
well-developed infrastructure attracts offshore drilling rig operators to the
region.
Therefore, per the
above points, the Middle East and Africa region are expected to grow
significantly during the forecasted period.
Key market players in
the Global Floating Rigs Market are
following:-
- Keppel Corporation
Limited
- Samsung Heavy
Industries Co. Ltd
- Sembcorp Marine Ltd
- Daewoo Shipbuilding
& Marine Engineering Co. Ltd
- Hyundai Heavy
Industries Co. Ltd
- Friede & Goldman
Ltd
- Damen Shipyards Group
- Irving Shipbuilding
Inc.
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“The global floating
rigs market is influenced by several key drivers that shape its growth and
dynamics. Firstly, the demand for offshore exploration and production, driven
by the need for new hydrocarbon reserves to meet global energy demands, remains
a primary driver. Exploration in deepwater and ultra-deepwater regions, known
for their vast untapped reserves, continues to propel the market. Technological
advancements are crucial; they enhance operational efficiency and safety,
making drilling in challenging offshore environments more feasible.
Environmental and regulatory compliance is another driver, as stringent
regulations necessitate eco-friendly practices and safety measures, driving the
demand for advanced floating rigs. Moreover, economic factors such as oil and
gas prices, geopolitical stability in key producing regions, and global energy
demand significantly impact the market. The transition to renewable energy
sources and the adoption of sustainable practices also shape the industry,
offering new opportunities for floating rigs in offshore wind and wave energy
projects. In summary, the global floating rigs market's growth is influenced by
a complex interplay of technological innovation, energy market dynamics,
regulatory requirements, and environmental considerations.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Floating Rigs Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented by Type (Jackups, Semisubmersibles,
Drill Ships, and Other Types), Application (Shallow Water, Deepwater and
Ultra-deepwater), By Region, Competition 2018-2028 has evaluated the future growth potential
of Global Floating Rigs Market and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global Floating Rigs Market.
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