Offshore Drilling Rigs Market- Roadmap for Recovery from COVID-19|Increase In Deepwater And Ultra-deepwater Drilling Activities to boost the Market Growth | Technavio

Technavio has been monitoring the offshore drilling rigs market and it is poised to grow by $ 3.92 bn during 2020-2024, progressing at a CAGR of almost 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global Offshore Drilling Rigs Market 2020-2024 (Photo: Business Wire)

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Frequently Asked Questions:

• What are the major trends in the market?
  
  High potential of offshore marginal fields is a major trend driving the growth of the market.
• At what rate is the market projected to grow?
  
  The year-over-year growth for 2020 is estimated at -7.15% and the incremental growth of the market is anticipated to be $ 3.92 bn.
• Who are the top players in the market?
  
  Archer Ltd., China Oilfield Services Ltd., Helmerich & Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, Patterson-UTI Energy Inc., Transocean Ltd., Valaris Plc, and Weatherford International Plc, are some of the major market participants.
• What is the key market driver?
  
  The increase in deepwater and ultra-deepwater drilling activities is one of the major factors driving the market.
• How big is the APAC market?
  
  The APAC region will contribute 42% of the market share.

   

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Archer Ltd., China Oilfield Services Ltd., Helmerich & Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, Patterson-UTI Energy Inc., Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. The increase in deepwater and ultra-deepwater drilling activities will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Offshore Drilling Rigs Market 2020-2024: Segmentation

Offshore Drilling Rigs Market is segmented as below:

• Type
  • Bottom-supported Rigs
  • Floating Rigs
• Geography
  • APAC
  • MEA
  • North America
  • Europe
  • South America

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Offshore Drilling Rigs Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling rigs market report covers the following areas:

• Offshore Drilling Rigs Market Size
• Offshore Drilling Rigs Market Trends
• Offshore Drilling Rigs Market Industry Analysis

This study identifies the high potential of offshore marginal fields as one of the prime reasons driving the offshore drilling rigs market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Offshore Drilling Rigs Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist offshore drilling rigs market growth during the next five years
• Estimation of the offshore drilling rigs market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the offshore drilling rigs market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of offshore drilling rigs market vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Type

• Market segments
• Comparison by Type
• Bottom-supported rigs - Market size and forecast 2019-2024
• Floating rigs - Market size and forecast 2019-2024
• Market opportunity by Type

Customer landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Competitive scenario
• Vendor landscape
• Landscape disruption
• Industry risks

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Archer Ltd.
• China Oilfield Services Ltd.
• Helmerich & Payne Inc.
• KCA Deutag Alpha Ltd.
• Nabors Industries Ltd.
• Noble Corp. Plc
• Patterson-UTI Energy Inc.
• Transocean Ltd.
• Valaris Plc
• Weatherford International Plc

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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