Offshore Drilling Rigs Market size was over USD 78.19 billion in 2024 and is anticipated to cross USD 179.47 billion by the end of 2037, witnessing more than 6.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of offshore drilling rigs is assessed at USD 82.32 billion.
The increased global demand for oil and gas is a crucial factor in the market's expansion. Global gas demand is anticipated to increase by 140 billion cubic meters between 2021 and 2025. Also anticipated for 2023 is an increase in global oil demand of 1.9 million barrels per day. The need for drilling rigs and other equipment is expanding as a result of manufacturers' need to extract more oil and gas.
The chances for the drilling rig industry to grow will also be driven by the latest developments in drilling rig technology. One of the main issues in drilling the deposits was environmental risks. However, cutting-edge drilling rigs have somewhat eliminated these problems. For instance, modern rigs can drill smaller holes, increasing extraction and reducing waste generation.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.6% |
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Base Year Market Size (2024) |
USD 78.19 Billion |
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Forecast Year Market Size (2037) |
USD 179.47 Billion |
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Regional Scope |
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Type (Jack-Up Rigs, Semi-Submersible, Drill Ships, Bottom Supported Rigs, Floater Rigs)
Offshore drilling rigs market from the jack-up rigs segment is anticipated to grow majorly with a share of 36% during the foreseen period. The expansion of the market is being driven by the steadily increasing demand for jack-up rigs, particularly in the Middle East. Leading jack-up fleet owners also predict that in the upcoming quarters, the global demand for contemporary jack-up fleets will approach 95%. Additionally, there are several offshore development projects in progress across the globe, and because jack-up drilling can operate in both severe conditions and moderate water depths, it is used in these projects for oilfield services.
Water Depth (Shallow Water, Deepwater and Ultra-deep Water)
Offshore drilling rigs market from the deepwater and ultra-deepwater segment is expected to hold a substantial share of 53% by the end of 2037. Large undiscovered oil and gas reserves are found in deepwater and ultra-deepwater locations. Oil and gas corporations increasingly concentrate on finding and producing hydrocarbon resources from these deepwater and ultra-deepwater areas as onshore and shallow-water reserves run out. It fuels the demand for drilling rigs equipped to work in such demanding conditions. To safeguard future energy supply, governments and energy firms also spend money on offshore exploration and production. Several places throughout the world, including the Gulf of Mexico, Brazil's pre-salt reserves, West Africa, and the Asia-Pacific region, are actively exploring and developing deepwater and ultra-deepwater regions. The increased need for deepwater and ultra-deepwater drilling rigs is a result of these investments.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Water Depth |
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North American Market Forecast
The offshore drilling rigs market in North America is expected to hold a share of 35% during the foreseen period. The growth can be attributed to the growing number of oil reserves increasing the demand for drilling rigs for extracting oil and further maintenance. Offshore oil and gas reserves have been found in the region in both the US and Canada. As per a report, Canada’s oil reserves, including its oil sands deposits, made up about 75% of the total. One of the largest oil shale reserves in the world is found in the United States. These areas have an abundance of energy resources, and both public and private organizations are investing in offshore drilling to increase oil output there.
APAC Market Statistics
Asia Pacific Offshore Drilling Rigs Market is anticipated to hold a share of 27% during the projected period. Asia Pacific nations are stepping up their offshore exploration and production (E&P) efforts to boost domestic energy production and lessen their reliance on foreign oil and gas imports. Due to developing nations like China, India, Japan, Indonesia, and Thailand, the Asia-Pacific region has experienced the fastest economic development in the entire world over the past ten years. Additionally, the steep increase in energy consumption brought on by rapid economic expansion has increased reliance on imported oil and gas. The region's nations are stepping up their investments in offshore exploration and production, which is anticipated to spur the development of offshore drilling rigs.
Author Credits: Dhruv Bhatia
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