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In 2022, the jackup rig market is predicted to be worth $3.7 billion. The Jackup Rigs Market is expected to increase from $3.8 billion in 2023 to $5.6 billion in 2030, representing a CAGR (compound annual growth rate) of 6.50%. Market expansion is being driven by increased energy demand and rising investments in offshore drilling.
Offshore research in various depths of water requires the employment of drilling rigs. There are now seven distinct types of drilling rigs utilised for offshore operations. These include jackup rigs, semi-submersible rigs, drill ships, and others. Jackup rigs are specialised offshore drilling platforms that are supported by legs that extend to the seafloor. Mobile offshore drilling units (MODUs) include jackup rigs as a subset. The jackup design's main benefit is that it can be swiftly and readily mobilised while yet providing a stable and motionless drilling platform.
The technical advancements in mobile offshore drilling equipment are the main factor in the jackup rig market CAGR. Offshore drilling operations utilise structures or boats known as MODUs to explore for and produce oil and gas from undersea resources. Drill ships, jack-up rigs, and semi-submersible rigs that can be moved from one well to another are all used for oil and gas drilling operations in marine seas. Technological developments in the oil and gas E&P industry have increased production efficiency, decreased operating costs, and increased profit margins. Improvements in MODU technology will make offshore oilfields safer and more productive for E&P of both oil and gas. Technology advancements in offshore drilling rigs have allowed upstream oil and gas corporations to maximise oilfield production from offshore reserves. Therefore, during the forecast period, technological developments in MODUs will contribute to the expansion of the Jackup Rigs market.
Rapid industrialization and a rise in population. As a result, several nations are employing state-of-the-art technologies to search for previously untapped oil and gas reserves. Conventional oilfields are also producing less oil and natural gas. Oil and gas companies are expanding their investments in older oil and gas fields as a means of addressing this issue and boosting profitability from oilfields. Companies in the oil and gas industry are expanding their upstream investments to boost output. Investments in the upstream oil and gas sector are expected to rise, which will stimulate oil and gas E&P activities and drive demand for jackup rigs over the forecast period. Additionally, the current energy generation relies on nonrenewable resources for 36%. Oil and gas are necessary for the reliable operation of fossil fuel power plants. Rapid urbanisation and industrialization in developing economies have a positive effect on oil and gas output but have a negative effect on the need for jackup rigs. According to BP's Statistical Review of World Energy, 2022 report, annual global electricity consumption rose from 2020's 26889.2 TWH to 2021's 28466.3 TWH, a rise of 6.2%. The increasing demand for power suggests that the demand for Jackup Rigs will also increase.
Boom Jacks Type-based market segmentation includes both independent leg and mat jackups. The market share held by the type of units known as independent-leg units was substantial. Before the hull can be completely lifted out of the water, the independent-leg units must sink the legs into the seafloor. This method exposes the jackup MODU to the elements and the risk of "punch through" legs, which occur when one leg breaks through the crust while the others are flexed to a large degree. In swells of 5 feet and/or a total sea of 8 feet, these machines can often jack out of the water. If the hull rolls, pitches, or heaves far enough for the legs to touch the ocean floor, especially if the floor is rough, the legs could be severely damaged.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the five regions that make up the jack-up rigs market worldwide. The market for jack-up rigs is anticipated to be highly active in North America. The United States is boosting its efforts to obtain oil from offshore locations. Many of the oil wells in the United States are rather old and in need of repair, modification, and improvement. The United States has seen growth in its midstream and downstream industries. The United States has proposed several new offshore oil and gas sites. In the United States, offshore wind installations are likewise expanding rapidly. Offshore wind installations have increased thanks to support from the US government for alternative energy sources. The jack-up rig industry in North America is expected to benefit from these tendencies. The markets in the Middle East and Africa have the potential to boost the jack-up rigs industry. The Middle East is the world's leading oil and gas exporter. Existing Middle Eastern oil and gas production sites are a few years old, therefore they need regular maintenance to prevent downtime.
Report Coverage
Global Jackup Rigs research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Jackup Rigs report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Jackup Rigs competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Jackup Rigs market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Jackup Rigs market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Jackup Rigs market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Rowan Companies Inc. (U.K), Noble Corporation ple (UK), KCA DEUTAG Ltd. (Scotland). Maersk Drilling (Denmark), Diamond Offshore Drilling, Inc. (U S), COSL (China), Transocean Ltd. (Switzerland), Seadrill Limited(Bermuda), ENSCO PIc (UK), Halliburton (U.S.) and others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Jackup Rigs market based on the below-mentioned segments:
Global Jackup Rigs Market, By Type
Independent Leg Type
Mat-type Jackups
Global Jackup Rigs market, By Application
Mobile Offshore Drilling Units
Offshore Wind Turbine Installations
Global Jackup Rigs Market, By Operating Depth
Shallow Water
Deep Water
Ultra Deep Water
Global Jackup Rigs market, Regional Analysis
Offshore research in various depths of water requires the employment of drilling rigs. There are now seven distinct types of drilling rigs utilised for offshore operations. These include jackup rigs, semi-submersible rigs, drill ships, and others. Jackup rigs are specialised offshore drilling platforms that are supported by legs that extend to the seafloor. Mobile offshore drilling units (MODUs) include jackup rigs as a subset. The jackup design's main benefit is that it can be swiftly and readily mobilised while yet providing a stable and motionless drilling platform.
The technical advancements in mobile offshore drilling equipment are the main factor in the jackup rig market CAGR. Offshore drilling operations utilise structures or boats known as MODUs to explore for and produce oil and gas from undersea resources. Drill ships, jack-up rigs, and semi-submersible rigs that can be moved from one well to another are all used for oil and gas drilling operations in marine seas. Technological developments in the oil and gas E&P industry have increased production efficiency, decreased operating costs, and increased profit margins. Improvements in MODU technology will make offshore oilfields safer and more productive for E&P of both oil and gas. Technology advancements in offshore drilling rigs have allowed upstream oil and gas corporations to maximise oilfield production from offshore reserves. Therefore, during the forecast period, technological developments in MODUs will contribute to the expansion of the Jackup Rigs market.
Rapid industrialization and a rise in population. As a result, several nations are employing state-of-the-art technologies to search for previously untapped oil and gas reserves. Conventional oilfields are also producing less oil and natural gas. Oil and gas companies are expanding their investments in older oil and gas fields as a means of addressing this issue and boosting profitability from oilfields. Companies in the oil and gas industry are expanding their upstream investments to boost output. Investments in the upstream oil and gas sector are expected to rise, which will stimulate oil and gas E&P activities and drive demand for jackup rigs over the forecast period. Additionally, the current energy generation relies on nonrenewable resources for 36%. Oil and gas are necessary for the reliable operation of fossil fuel power plants. Rapid urbanisation and industrialization in developing economies have a positive effect on oil and gas output but have a negative effect on the need for jackup rigs. According to BP's Statistical Review of World Energy, 2022 report, annual global electricity consumption rose from 2020's 26889.2 TWH to 2021's 28466.3 TWH, a rise of 6.2%. The increasing demand for power suggests that the demand for Jackup Rigs will also increase.
Boom Jacks Type-based market segmentation includes both independent leg and mat jackups. The market share held by the type of units known as independent-leg units was substantial. Before the hull can be completely lifted out of the water, the independent-leg units must sink the legs into the seafloor. This method exposes the jackup MODU to the elements and the risk of "punch through" legs, which occur when one leg breaks through the crust while the others are flexed to a large degree. In swells of 5 feet and/or a total sea of 8 feet, these machines can often jack out of the water. If the hull rolls, pitches, or heaves far enough for the legs to touch the ocean floor, especially if the floor is rough, the legs could be severely damaged.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the five regions that make up the jack-up rigs market worldwide. The market for jack-up rigs is anticipated to be highly active in North America. The United States is boosting its efforts to obtain oil from offshore locations. Many of the oil wells in the United States are rather old and in need of repair, modification, and improvement. The United States has seen growth in its midstream and downstream industries. The United States has proposed several new offshore oil and gas sites. In the United States, offshore wind installations are likewise expanding rapidly. Offshore wind installations have increased thanks to support from the US government for alternative energy sources. The jack-up rig industry in North America is expected to benefit from these tendencies. The markets in the Middle East and Africa have the potential to boost the jack-up rigs industry. The Middle East is the world's leading oil and gas exporter. Existing Middle Eastern oil and gas production sites are a few years old, therefore they need regular maintenance to prevent downtime.
Report Coverage
Global Jackup Rigs research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Jackup Rigs report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Jackup Rigs competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Jackup Rigs market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Rowan Companies Inc. (U.K), Noble Corporation ple (UK), KCA DEUTAG Ltd. (Scotland). Maersk Drilling (Denmark), Diamond Offshore Drilling, Inc. (U S), COSL (China), Transocean Ltd. (Switzerland), Seadrill Limited(Bermuda), ENSCO PIc (UK), Halliburton (U.S.) and others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Jackup Rigs Market from 2021 to 2030.
- Market Forecast for Jackup Rigs Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Jackup Rigs competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Jackup Rigs
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Jackup Rigs market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Jackup Rigs market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Rowan Companies Inc. (U.K), Noble Corporation ple (UK), KCA DEUTAG Ltd. (Scotland). Maersk Drilling (Denmark), Diamond Offshore Drilling, Inc. (U S), COSL (China), Transocean Ltd. (Switzerland), Seadrill Limited(Bermuda), ENSCO PIc (UK), Halliburton (U.S.) and others.
Primary Target Market
- Market Players of Jackup Rigs
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Jackup Rigs market based on the below-mentioned segments:
Global Jackup Rigs Market, By Type
Independent Leg Type
Mat-type Jackups
Global Jackup Rigs market, By Application
Mobile Offshore Drilling Units
Offshore Wind Turbine Installations
Global Jackup Rigs Market, By Operating Depth
Shallow Water
Deep Water
Ultra Deep Water
Global Jackup Rigs market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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