Jackup Rigs Market To Develop With Inflow Of Investment By 2022

Jackup Rigs Market To Be Spurred By Offshore Drilling Activities

Global Jackup Rigs Market -Overview

 The intensification in the race to acquire oil and gas reserve is estimated to spur the jackup rigs market 2020. The energy and power industry reports are produced by Market Research Future, which highlights market options for expansion. The market is predicted to witness a positive CAGR in the forecast period.

The rise in operations in major offshore production basins is predicted to enhance the jackup rigs market favorably. The upsurge in jackup rigs market trends is projected to create more momentum for the growth of the market in the coming period. The escalation in global demand for energy is estimated to help the jackup rigs market share for the duration of the forecast period.

Segmental Analysis

The segmental review of the jackup rigs market is conducted on the basis of type, application, operating depth, and region. Based on the type, the jackup rigs market is segmented into mat-type jackups and independent leg type.  The segment of application in the jackup rigs market consists of offshore wind turbine installations and oil & gas.  Based on the operating depth, the jackup rigs market is segmented into deep water, shallow water and ultra-deep water. Base on the regions, the jackup rigs market is segmented into North America, Europe, Africa, APAC, and the Middle East.

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Detailed Regional Analysis 

The regional examination of the jackup rigs market is conducted on the basis of regions like North America, Europe, Africa, APAC, and the Middle East. The current detection of fresh oil & gas reserves in distant areas, pooled with increasing technological advancements in terms of equipment, is creating a better scope for offshore drilling operations in terms of feasibility and cost-effectiveness. The jackup rigs market has been observing a modest development created by the mounting international demand for energy. Moreover, the rise in investment by operators into deep-water oil & gas exploration operations is estimated to benefit the overall market growth. At present, the regional market in the regions of North America, Europe and Africa are the largest for offshore drilling rigs, and due to the escalating funding in engineering and purchasing activity in the oil & gas exploration activities, these regions is likely to benefit the market for jackup rigs in the forecast period. The rising demand for deep-water activities in the Asia-Pacific region and additional drilling into mid-ocean is promoting the demand for jackup rigs in this region.   

Competitive Analysis

The upgrades in production methods are estimated to transform the potential of the market in the forecast period. The market is expected to record a stable growth rate in the coming years. The market competitors are expected to play a vital role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The competition in the market is manageable, which is inducing the entry of new players in the global market.

The strategic companies in the jackup rigs markets are Noble Corporation plc (UK), Seadrill Limited(Bermuda), KCA DEUTAG Ltd.(Scotland), Maersk Drilling (Denmark), Rowan Companies Inc.(U.K.), COSL (China), Transocean Ltd. (Switzerland), ENSCO Plc (UK),  Diamond Offshore Drilling, Inc. (U.S), Halliburton (U.S.) and others.