BRICS Jack-up Rigs Market (Type - Independent Leg Type, and Mat-type Jackups; Water Depth - Shallow Water, Deep Water, and Ultra-deep Water; Application - Oil & Gas, and Offshore Wind Turbine Installations): Industry Analysis, Trends, Size, Share and Forecasts to 2027

BRICS Jack-up Rigs Market (Type - Independent Leg Type, and Mat-type Jackups; Water Depth - Shallow Water, Deep Water, and Ultra-deep Water; Application - Oil & Gas, and Offshore Wind Turbine Installations): Industry Analysis, Trends, Size, Share and Forecasts to 2027

Report Code: BRICS027 Region: BRICS Published: January, 2022

A recent report published by Infinium Global Research on BRICS jack-up rigs market provides an in-depth analysis of segments and sub-segments in the BRICS as well as regional jack-up rigs market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional jack-up rigs market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the BRICS jack-up rigs market. According to the report, the BRICS jack-up rigs market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.

Market Insight

The jack-up rig is a large structure with abilities of good drilling to explore, extract, store, and process petroleum and natural gas. It contains facilities to accommodate their workforce. Jack-up rig is generally engaged in activities on the continental shelf. It can also be used in lakes, inshore waters, and inland seas. Jack-up rigs can be used to drill exploration wells, appraisal wells, and development wells due to their mobility. Jack Up rigs can also work in environmental conditions such as high wind speeds and with major wave heights, as well as in water depths reaching 500 feet.

The jack-up rigs market is expected to be driven by factors such as growing demand for petroleum products and other crude oil-based products, global recovery of crude oil prices and, growth in shale gas extraction are some of the drivers promoting the growth in this market. Exploration and production of hydrocarbons in Russia is already carried out in cooperation with Chinese and Indian companies. Partnership with Brazilian companies that have unique experience in developing deep-water offshore fields can become potentially attractive. The possibility of importing the appropriate equipment and expertise is under discussion. Moreover, the rapidly growing offshore industry is further expected to augment the market size of the BRICS jack-up rigs market. The growth in the world BRICS jack-up rigs market is primarily restrained by the high cost of investment required for the installation of jack-up rigs. On the other hand, the increasing exploration activities that are being done by the government and navy of developed countries are likely to provide growth opportunities for the global jack-up rigs market. The spread of covid19 has adversely affected the functioning of all the industries including the jack-up rigs business. In BRICS countries, India had the highest total of confirmed cases of Covid-19, followed by Brazil, Russia, and South Africa, while China had the lowest figure. COVID-19 is expected to create unprecedented disruption in the already declining oil and gas sector and associated industries. The consumption of oil fell by 10% in March and 30% in April 2020, and the International Energy Agency (IEA) said a 6-10% reduction in demand in 2020. This unprecedented decline in demand directly impacted the jack-up rigs business.

Geographically, China holds the largest market share in the BRICS jack-up rigs market. China is the world’s second largest consumer of oil and gas, as well as the sixth largest producer of the same. China's oil consumption is increasing year by year as a big oil consumer. India is the fastest growing market as the country has two offshore sites currently live namely eastern offshore and western offshore. Western offshore produces India's most oil and gas. Petrobras, a state-owned Brazilian multinational corporation in the petroleum industry currently has a fleet of 19 drilling rigs operating offshore Brazil.

Segment Covered

The report on BRICS jack-up rigs market covers segments such as type, water depth, and application. On the basis of type, the sub-markets include independent leg type, and mat-type jackups. On the basis of water depth, the sub-markets include shallow water, deep water, and ultra-deep water. On the basis of application, the sub-markets include oil & gas, and offshore wind turbine installations.

Companies Profiled:

The report provides profiles of the companies in the market such as CNOOC LIMITED, Westwood Global Energy Group, Petrobras, Shelf Drilling Offshore Services, Greatship (India) Limited, Aban Offshore Limited, Eurasia Drilling, Jindal Drilling, and Asian Oilfield Add.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the BRICS jack-up rigs market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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