Investment and Growth Opportunities in the Jackup Rigs Market |...

Investment and Growth Opportunities in the Jackup Rigs Market

Posted 2023-10-04 09:25:59

Overview

The jack-up rig market is expected to grow from USD 3.6 billion in 2023 to USD 5.6 billion by 2032, at a CAGR of 5.50%. Jack-up rigs are mobile offshore drilling units (MODUs) that can be raised or lowered above the sea surface using legs. They are typically used in shallow water depths, up to 400 feet. Jack-up rigs are versatile and can be used for a variety of tasks, including oil and gas exploration and production, offshore wind turbine installation, and maintenance.

The jackup rigs market research report offers a comprehensive analysis of the global jackup rigs market and its operating depth, type, and applications segments. The lack of technological advancement along with decreasing dependence on oil sources are the elements that could influence the jackup rigs market advancement throughout the forecast period. The jackup rigs market research report by expert analysts is developed to assist organizations in the jackup rigs market.

Market Segmentation

The global jackup rigs market has been segmented based on operating depth, type, and applications. On the basis of operating depth, the market for jackup rigs is segmented based on deep water, shallow water, and ultra deep water. Additionally, the market on the basis of type, is segmented into independent leg type and mat-type jackups. The global market for jackup rigs is also covered based on the applications segment which is further split into oil and gas and offshore wind turbine installations.

Major elements such as strict government policies for the oil and gas industry could obstruct the jackup rigs market growth. However, according to the jackup rigs market research report, cost-effective offshore drilling operations along with technological advancements in the equipment segment will propel growth throughout the forecast period. The jackup rigs market is set to register growth at a high CAGR owing to these key factors. The exploration of operating depth, type, and applications segments along with regional markets has been given in the global jackup rigs market research report.

The research analysts studying the Offshore drilling rigs market have put out market forecasts in the jackup rigs market research report in order to support jackup rigs market-based companies. The jackup rigs market research report provides an extensive understanding of the jackup rigs market based on the information and forecasts till 2032.

Regional Overview

North America, Europe, Asia Pacific and the rest of the world regional market for jackup rigs are predominantly covered in the global jackup rigs market research report. Country-level jackup rigs markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level jackup rigs markets are covered in the report.

In Asia-Pacific (APAC) region, the country-level jackup rig operations markets covered are Japan, India, China, and others. The jackup rigs market research report also explores the regional market for jackup rigs present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The jackup rigs market research report also covers regional markets from the rest of the world alongside jackup rigs markets of Africa and the Middle East.

Competitive Landscape

· Rowan Companies Inc. (U.K.)

· Noble Corporation plc (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.)

Industry News

The contractor for oil and gas drilling plants ADES has entered into a new Admarine 5 drilling plant contract in the Gulf of Suez, Egypt. The deal with a top-ranking customer spans a six-month period for a further six months, thus further enhanceing ADES' role and visibility of sales, said ADES without telling who the customer was. The new contract is scheduled to start by February 2021 at a broadly similar regular rate as opposed to the previous contract. Details on previous contractual terms were not, however, issued.

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