About Jackup Rigs
A jackup rig, a type of mobile offshore drilling unit (MODU), is utilized in offshore drilling for oil and gas exploration and production. Specifically designed for operation in relatively shallow waters, these rigs excel in drilling depths ranging from a few dozen to a couple of hundred feet. The term jackup denotes the rig's unique capability to elevate itself above the water's surface using extendable legs. The demand for jackup rigs is rising because of ascending demand for oil and gases.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.5% |
Competition among existing players is due to the Jackup Rigs market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Jackup Rigs market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Jackup Rigs market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Noble Corporation PLC (United Kingdom), Maersk Drilling AS (Denmark), Seadrill Ltd (Singapore), Borr Drilling Ltd. (New York), KCA DEUTAG Drilling Ltd.(United KIngdom), Nabors Industries Ltd.(Canada), Valaris PLC (United Kingdom) and Saipem SpA (Italy) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Rowan Companies (United Kingdom .), Noble Corporation plc (United KIngdom ), KCA DEUTAG Ltd.(Scotland), Maersk Drilling (Denmark, Diamond Offshore Drilling, Inc. (U.S), COSL (China), Transocean Ltd. (Switzerland), Seadrill Limited (Bermuda), ENSCO Plc (UK) and Halliburton (US).
Segmentation Overview
AMA Research has segmented the market of Global Jackup Rigs market by Type (Mobile Offshore Drilling Units, Turbine Installation Vessel, Barges, Independent Leg Type and Mat-Type), Application (Oil and Gas, Mobile Offshore Drilling Units and Offshore Wind Turbine Installations) and Region.
On the basis of geography, the market of Jackup Rigs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Operating Depth, the sub-segment i.e. Shallow Water will boost the Jackup Rigs market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of digital technologies and automation for improved operations and safety and Aging offshore infrastructure drives the need for decommissioning services, creating a trend in repurposing jackup rigs
Market Growth Drivers:
Growing demand for oil and gas drives the need for offshore exploration, boosting the use of jackup rigs and Prevalence of shallow water oil and gas reserves favors the application of jackup rigs
Challenges:
High competition among rig operators can lead to pricing pressures and reduced profit margins and Stringent environmental regulations and compliance requirements pose challenges to jackup rig operation
Restraints:
Jackup rigs are not suitable for deepwater drilling, limiting their application in certain offshore regions
Opportunities:
jackup rig operators to expand into new offshore drilling markets globally and Demand for upgrades and retrofits to enhance the capabilities and lifespan of existing jackup rigs
Market Leaders and their expansionary development strategies
In June 2023, ADNOC Company has inked an agreement to acquire two premium High-Specification Gusto MSC CJ46 design offshore jack-up drilling units acquisition goes in line with ADNOC Drilling’s fleet expansion and growth strategy, which is a key enabler of ADNOC’s accelerated production capacity growth to meet rising global energy demand.
In October 2022, Lamprell and International Maritime Industries (IMI) announced the successful completion of the load-out and float-off of the second jackup drilling unit being constructed for IMI.The new rig will now undergo intensive mechanical completion and commissioning before being transferred to IMI’s yard in Ras Al Khair.
Key Target Audience
Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.