Offshore Drilling Rigs Market Regional Analysis:
North American Market Insights
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 Insights
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.
