New York, According to a new market research report published by Global Insight Services “Offshore Drilling Rigs Market” is expected to grow by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Offshore drilling rigs typically consist of a platform, which is supported by legs or pontoons, and a derrick, which is used to drill the wells. The platform is usually located in shallow water, while the derrick is located on the deck of the rig. The drill pipe is used to connect the drill bit to the surface, while the drill string is used to rotate the drill bit.
The drilling process begins by creating a hole in the seabed, which is then lined with casing. The drill bit is then lowered into the hole and the drilling process begins. The drill string is used to rotate the drill bit, while the drill pipe is used to pump drilling fluid into the hole. This fluid helps to cool the drill bit and remove the cuttings from the hole.
Once the drilling is complete, the drill pipe is removed and the well is completed. The well is then ready to produce oil and gas.
Key Trends
Offshore drilling rigs are used for drilling operations in bodies of water more than 500 feet deep. The first offshore drilling rig was built in the 1930s, and the technology has since evolved to allow for operations in ever-increasing water depths. Today, offshore drilling rigs are used in a variety of settings, from the shallow waters of the Gulf of Mexico to the deepwater drilling taking place in the Gulf of Guinea.
Offshore drilling rigs are typically classified according to the water depth in which they are able to operate. Shallow water rigs are those that can operate in depths of up to 500 feet, while deepwater rigs are those that can operate in depths of up to 10,000 feet. The majority of offshore drilling rigs currently in operation are shallow water rigs, although the number of deepwater rigs is increasing as the technology continues to evolve.
Key Drivers
The major drivers for this market are the increasing demand for energy, the rise in oil & gas exploration activities, and the need for energy security.
The demand for offshore drilling rigs is increasing due to the rise in oil & gas exploration activities. The major oil & gas producing regions are the North Sea, the Gulf of Mexico, and the Asia Pacific. The North Sea is the largest market for offshore drilling rigs, followed by the Gulf of Mexico and the Asia Pacific.
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Market Segments
The Offshore Drilling Rigs Market is segmented by water depth, type, drilling method, application, and region. By water depth, the market is divided into shallow water, deepwater, and ultra-deep water. Based on the type the market is bifurcated into jack up rigs, semi-submersible rigs, and drill ships. By drilling method, it is categorized as conventional drilling rigs and directional drilling rigs. Whereas on the basis of the application, it is segmented into exploration and developmental & production. Region-Wise the market is segmented by North America, Europe, Asia-Pacific, and the rest of the world.
Key Players
The Offshore Drilling Rigs Market report includes players such as Transocean (Switzerland), Chevron (United States), ExxonMobil (United States), BP (United Kingdom), Total SA (France), Marathon Oil (United States), Noble Corporation (United States), CNOOC (China), ENI (Italy), and Repsol (Spain), among others.
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Reasons to buy Offshore Drilling Rigs Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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