Offshore Drilling Rigs Market is expected to gather revenue of about US$9,829.6 mn by the end of 2022

Transparency Market Research observes the global offshore drilling rigs market has moderately competitive vendor landscape. Some of the prominent players operating in the global offshore drilling rigs market are Ensco, Seadrill, Tranocean, Diamond Offshore, and COSL. These players are adopting numerous strategies and such as product differentiation and production of efficient products for extracting oils. In order to achieve this, these players are trying to enter in to the joint ventures, partnerships, and mergers.

TMR estimates that the global offshore drilling rigs market is projected to attain value of US$41,922.8 mn by the end of 2022 with a CAGR of 3.5% over the forecast period from 2017 to 2022 from the value of US$35,336.2 mn in 2017. Based on the type of drilling rigs, the jack up rigs segment is expected to account for the leading share of about 41.7% by the end of 2022. Based on the region, North America dominated the global market and is expected to gather revenue of about US$9,829.6 mn by the end of 2022.

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Growing Activities of Extracting Oil and Gas Drives Growth

Exhausting resources of the non-renewable such as coal, oil, and fossil fuel coupled with over reliance on the non-renewable energy sources are encouraging the offshore drilling. Most of the resources of oil and fossil fuels are inside the earth’s crust or on the offshore. The offshore reservoirs are producing near about one third of the total oil and gas production. This is boosting adoption of offshore drilling rigs and propelling growth of the global offshore drilling rigs market. Additionally, offshore drills were built on coastline 7500 feet deep and 200 miles away from shore. The production of oil and gas was very difficult before the uptake of offshore drilling rigs which is propelling growth of the global offshore drilling rigs market.

Growing demand for the energy and fuel per year owing to increasing concerns over the energy conservation and security, industrialization, and globalization are encouraging the production of the offshore drilling. Adoption of rigs during offshore drilling is fuelling growth of the offshore drilling rigs market. Additionally, advantages such as alarming oil and gas reservoirs and strict regulations to drill the oil and gas in the populated areas without rigs is encouraging adoption of the global offshore drilling rigs market. Also, the offshore reservoirs have longer lifespan than onshore which is attracting manufacturers for improved production and is boosting growth of the offshore drilling rigs market.