ALBANY, New York, September 28, 2018 /PRNewswire/ --
The global offshore drilling rigs market has moderately competitive landscape observes Transparency Market Research (TMR). Some of the players operating in the global offshore drilling rigs market are Ensco, Tranocean, Seadrill, Diamond Offshore, and COSL. These key players are relying on the adoption of technological advancement in order to achieve effective machines and products to make the extracting process effective. Additionally, for effective machines and product, these players are focusing on entering into strategic partnerships and joint ventures.
(Logo: https://mma.prnewswire.com/media/664869/Transparency_Market_Research_Logo.jpg )
According to the TMR, the offshore drilling rigs market was valued at US$35,336.2 mn in 2017 and expected to reach the value of US$41,922.8 mn by the end of 2024 by expanding with the CAGR of 3.5% over the forecast years from 2017 to 2022. Based on the type, the global offshore drilling rigs market dominated by the semi-submersible rigs. The segmented expected to account for 41.7% share by the end of 2022. Based on North America dominated the global market for offshore drilling rigs and expected to remain dominant over the forecast period by collecting revenue of US$9,829.6 mn by the end of the forecast period in 2022. This growth is attributable to the highest offshore oil production in the world in the US.
Get PDF Brochure for Research Insights at: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=30770
Growing Exploration of Fossil Fuels to Drive Growth
Numerous countries are massively dependent on fossil fuels such as oil, gas, and coal in order to fulfill the rising need for energy. This rising demand is encouraging the number of offshore drilling activities which is key factor fuelling the growth of the global offshore drilling rigs market. The sources of the fossil fuels are present in deep inside the sea or earth crust, their drilling activities need the advanced technologies of drilling rigs. Offshore drilling rigs that can reach up the 7,500 feet deep about 200 miles away from the seashore are witnessing the higher demand for production of oil and gas from the offshore sources under deep sea. This higher demand is propelling the growth of the global offshore drilling rigs market.
Offshore oil production is a complicated process still accounting for the one-third of the total oil production. Currently, almost 900 platforms are used for the exploration of the oil and gas from water reservoirs. According to the US Energy Information Administration, more than 27 million barrels of the oil was produced by these platforms in 2015 from 50 countries. The countries such as Saudi Arabia, Brazil, Mexico, Norway, and the United States are leading to these drilling activities. A substantial rise in the activities from these countries is driving adoption of advanced drilling rigs which in turns fuelling growth of the offshore drilling rigs market.
Browse Research Release at https://www.transparencymarketresearch.com/offshore-drilling-rigs-market.html
Furthermore, these rigs are successful to avoid accidents in the drilling and spoilage of oil into the sea and lower risks during drilling process. Rising popularity of the drilling rigs owing to its benefits are expected to fuel its demand and continue to support growth of the global offshore drilling rigs market.
Strict Regulations to Ensure Safety of Aquatic Animals to Limit Growth
Despite these growth prospects, offshore drilling activities disturb the marine life, in turn, the ecological balance of the ocean. Numerous governments have imposed strict rules in order to ensure the safety of these marine animals. These strict regulations are limiting growth of the global offshore drilling rigs market. Also, growing concerns about the environment are encouraging the exploration of environmentally-friendly fuels. This is also a major factor hampering growth of the global offshore drilling rigs market. Nevertheless, demand for drilling rigs is expected to increase substantially over the forecast period and likely to provide numerous growth opportunities for key players operating in the global offshore drilling rigs market.
Request a Sample of Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=30770
This information is from the new report by TMR, titled "Offshore Drilling Rigs Market (Type - Jack up, Semi-Submersible, Drill Ships; Application - Shallow Water, Deep Water, Ultra Deep Water) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
Global Offshore Drilling Rigs Market has been segmented as presented:
By Type:
- Jack up
- Semi-Submersible
- Drill Ships
By Application:
- Shallow Water
- Deep Water
- Ultra Deep Water
By Geography:
- North America
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
Browse More Factory Automation Market Research Reports
Popular Research Reports by TMR:
- Power Distribution Unit (PDU) Market (Type - Basic, Metered, Monitored, and Switched; Power Phase - Single Phase and Three Phase; Applications - Telecommunication & Information Technology (Telecom & IT), Banking, Financial Services & Insurance (BFSI), Healthcare, Government, and Energy): https://www.transparencymarketresearch.com/power-distribution-unit-market.html
- Bulk Material Handling Products and Technologies Market (Type - Powder Materials (Material Feeding Systems, Weighing Systems, Conveying Systems, and Screening Systems), Iron Ores, Wood Chips, and Coal; End Use - Chemical, Construction, Energy, Food & Beverages, Mining, Metals, Oil and Gas, Pharmaceuticals, and Plastics): https://www.transparencymarketresearch.com/bulk-material-handling-products.html
- Industrial Automation Market (Automation Type - Distributed Control System (DCS), Programmable Logic Control Systems (PLC), Machine Vision Systems, Manufacturing Execution Systems (MES), Human Machine Interface (HMI), Supervisory Control and Data Acquisition (SCADA), Product Lifecycle Management (PLM), Plant Asset Management, Computer Numerical Control (CNC) Routers, and Electronic Control Units (ECU); Industry - Automotive and Transportation, Metals and Mining, Energy and Power System, Chemical, Material, and Food, Measurement and Instrumentation, Environment and Building Technologies, Heavy Industries, Oil and Gas, Pulp and Paper, and Hydro Power): https://www.transparencymarketresearch.com/industrial-automation-market.html
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Contact
Mr. Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
Research Blog: https://transparencyjournal.com/
