A recent report on going study by Infinium Global Research on jackup rigs market provides in-depth analysis of segments and sub-segments in the global as well as regional jackup rigs market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional jackup 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 global jackup rigs market. According to the report, the global jackup rigs market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.
Jack-up rigs are a type of offshore drilling rig used to drill wells in shallow waters, typically less than 400 ft of water. 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 high wind speeds and with significant wave heights, as well as in water depths reaching 500 feet.
Globally, 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 is some of the drivers promoting the growth in this market. Moreover, the rapidly growing offshore industry, especially in the Gulf countries, is further expected to augment the market size of the Jack-Up Rigs market. The growth in the world 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. 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.
Among the geographies, North America and Europe are anticipated to experience the fastest growth in the jack-up rigs market. The factors such as the discovery of shale reserves in the U.S. and the presence of a large number of private oil companies in the region drives the jack-up rigs market. The Middle-East region is the largest exporter of oil and gas in the world and is expected to positively influence the jack-up rigs market. in the Middle East, the existing oil and gas production sites are several years old and require consistent maintenance activities to avoid downtime. Moreover, countries such as India and China are projected to drive the marine trade in the Asia Pacific regions.
The report on global jackup 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.
The report provides profiles of the companies in the market such as KCA Deutag, Diamond Offshore Drilling, Halliburton, Keppel Offshore & Marine, Maersk Drilling, Noble Corporation, Valaris Plc, NOV, Schlumberger Limited, and Seadrill.
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 jackup 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.