NEW YORK, Feb. 7, 2023 /PRNewswire/ -- The offshore drilling rigs market is moderately fragmented with regional vendors competing in regional markets. Vendors include offshore drilling rig owners and operators. The decline in crude oil prices has affected the offshore drilling industry, and the vendors struggled due to the reduced number of offshore drilling contracts. The offshore drilling rigs market size is forecast to grow by USD 2821.26 million estimated to grow at a CAGR of 3.16% from 2022 to 2027, according to Technavio. Request Latest PDF Sample Report

Offshore drilling rigs market 2023-2027: Scope

The offshore drilling rigs market report covers the following areas:

• Market Size

• Key Trends

• Competitive Analysis

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.

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Offshore drilling rigs market 2023-2027: Segmentation

• Type

The market growth in the bottom-supported rigs segment will be significant during the forecast period. In 2022, the bottom-supported rigs segment held a major share of the market due to the high adoption of jack-up rigs. Jack-up rigs can be classified into high-specification rigs, standard rigs, and harsh environment rigs. The increasing focus on oil discovery activities in Alaska and Scotland will increase the demand for high-specification and harsh environment jack-up rigs during the forecast period.

• Application

• Geography

North America will account for 35% of the market growth during the forecast period. The major contributors of revenue to the market in the region are the US, Canada, and Mexico. The growth of the market in the region is driven by increased drilling activities. The discovery of new oil and gas reserves in Alaska will increase the demand for offshore drilling rigs in the region.

Offshore drilling rigs market 2022-2026: Vendor analysis

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 are among some of the major market participants.

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Offshore drilling rigs market 2023-2027: Key highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist offshore drilling rigs market growth during the next five years

• Estimation of the offshore drilling rigs market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the offshore drilling rigs market

• Analysis of the market's competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of the offshore drilling rigs market, vendors

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The workover rigs market is projected to grow by USD 322.27 million with a CAGR of 3.9% during the forecast period 2021 to 2026. Furthermore, this report extensively covers the workover rigs market segmentation by application (onshore and offshore) and geography (North America, Middle East and Africa, APAC, Europe, and South America).

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. This report extensively covers market segmentation by application (onshore and offshore), type (crude oil and natural gas), and geography (North America, Middle East and Africa, Europe, APAC, and South America).

Table of Contents:

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

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