The new report published by Stratview Research, titled Offshore Drilling Rigs Market, is Segmented by Form Type (Liquid Offshore Drilling Rigs and Solid Offshore Drilling Rigs [Solid Carboxyl-Terminated Offshore Drilling Rigs and Solid Hydroxyl-Terminated Offshore Drilling Rigs]), by Application Type (Powder Coatings, Industrial Paints, Coil & Can Coatings, Automotive Paints, Flexible Packaging, 2k PU Coatings, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights:
The report suggests that the Offshore Drilling Rigs Market is likely to witness an impressive CAGR of 9.1% during the forecast period. The demand for offshore drilling rigs is driven mainly by rising expenditure on production and exploration coupled with the growing demand for energy from emerging economies.
Market Insights
Based on the device type, the market is segmented as jackup rigs, semi-submersible rigs, and drillships. The jackup rigs segment held the largest share of the market in 2019 and is expected to remain dominant during the forecast period. This segment is expected to expand with a lucrative CAGR owing to technological improvements and increasing viability of offshore oil & gas projects.
Based on the application type, the market is segmented as shallow water, deepwater, and ultra-deep water. The deepwater segment is projected to expand with a significant CAGR over the forecast period owing to huge demand from the upcoming exploration and production projects in countries such as Brazil, Nigeria, and others.
In terms of regions, Asia-Pacific is projected to be the largest and fastest-growing market for offshore drilling rigs during the forecast period. The Asia-Pacific’s market is expected to expand with a lucrative CAGR due to growing shallow and deepwater explorations in western Africa. The Latin American region and the Gulf of Mexico are also expected to contribute for significant demand.
Research Methodology
This report offers actionable insights and is the outcome of an extensive study comprising of secondary research, primary interviews with industry stakeholders, validation and triangulation with Stratview Research’s internal database. Experts at Stratview Research have conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
The report also covers market structure, market environment analysis, market segment trend and forecast, competitive landscape and dynamics, attractive market segments and associated growth opportunities, emerging trends, strategic growth opportunities for the existing and new players, and key success factors.
Key Players
Some of the key players in the Offshore Drilling Rigs Market mentioned in the report are -
Aban Offshore Limited
Atwood Oceanics
China Oilfield Services Limited
Diamond Offshore Drilling Inc.
Ensco PLC
Hercules Offshore Inc.
KCA Deutag
Maersk Drilling
Nabors Industries Ltd.
Noble Corporation
Pacific Drilling
Rowan Companies PLC
Seadrill Limited
Transocean Ltd.
Vantage Drilling.
Key Insights Presented in the Report:
- Market Drivers - After several interviews with the key players active in the Offshore Drilling Rigs Market, the researchers have listed down few factors that have majorly affected the growth of the key players. This can assist the users in formulating their growth strategies accordingly.
- Industry Life Cycle Analysis: The report consists of evolution of an industry or business based on its stages of growth and decline. The four phases of the industry life cycle that are covered in the study are the introduction, growth, maturity, and decline phases.
- Market Attractiveness – Taking into account the market size, and growth rate, and the level of competition and other constraints, the report also is aided with market attractiveness.
- Key success factors- KSFs refer to one of the crucial strategic tools. Correct understanding of the key success factors is a good base for a well-structured company differentiation. To help the user with proper development and execution of strategy.
Custom Research:
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About Us
Stratview Research is a global market research firm, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with insightful market data to aid strategic decision making. These exclusive reports are the result of extensive research and are available for key industries such as chemicals, composites, advanced materials, technology, renewable energy, and more.