Drilling Rig Market Analysis

Drilling Rig Segmentation

Type (Drill Ships, Jack Up Rigs)

The jack up rigs segment is estimated to hold 60% share of the global drilling rig market by 2036. Moreover, this segment is set to have the fastest growth between 2023 and 2036. The demand for jack-up rigs is continuously rising especially in the region of the middle east is driving the segment’s growth. Moreover, leading jack-up fleet owners expect that the global demand for modern jack fleets will surpass 95% in the near quarters. Moreover, many offshore development projects are underway around the world, jack-up drilling is employed in these projects for oilfield services due to their ability to operate in moderate water depths and harsh environments.

Depth (Shallow, Deep Water)

The drilling rig market from deep water segment is expected to garner a notable share of around 55% in the year 2036. The higher number of deepwater reserves in the world will boost the segment growth. These wells require a drilling rig for constant maintenance and repair to prevent any environmental and security hazards. Deepwater reserves account for around 100 billion barrels of reserves globally, or roughly 10% of total reserves. The Gulf of Mexico alone has 3,400 deepwater wells. Moreover, deep water reserves primarily use two drilling rigs, the semi-submersible platforms, and drillships.

Our in-depth analysis of the market includes the following segments: