Overview and Scope
Jack-up rig refers to an elevated platform with a floating hull and extendable legs that can be lowered to the ocean floor, and raised above sea level as well. It is used in oil and gas extraction, especially drilling oil from deep-sea reservoirs.
Sizing and Forecast
The jack-up rig market size has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to oil and gas exploration activities, regulatory support and approvals, expansion of offshore oil and gas production, renewal and modernization, increased focus on arctic exploration..
The jack-up rig market size is expected to see strong growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing offshore wind energy sector, recovery in oil prices, regional market expansion, stringent environmental standards, increasing offshore e&p investments.. Major trends in the forecast period include upgradation of aging fleets, deepwater and ultra-deepwater exploration, integration of digital technologies, cost-efficiency measures, market consolidation and collaboration..
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Segmentation & Regional Insights
The jack-up rig market covered in this report is segmented –
1) By Type: Mobile Offshore Drilling Units, Turbine Installation Vessel, Barges
2) By Water Depth: Shallow Water, Deepwater, Ultra-Deep Water
3) By Application: Oil And Gas, Construction
North America was the largest region in the jack-up rig market in 2023. The regions covered in the jack-up rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in demand for oil and gas is expected to propel the growth of the jack-up rig market going forward. Oil and gas refer to natural resources that are extracted from the earth’s subsurface and that are formed over millions of years from the remains of dead plants and animals. The jack-up platform’s support ensures a solid foundation for the uninterrupted oil drilling process, so the increase in demand for oil and gas will propel the growth of the Jack-Up Rig market. For instance, in March 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization that shapes energy policies, the global oil demand increased from 42.1 million barrels per day, in 2020 to 44.7 million barrels per day, in 2021, whereas the oil demand in Non-OECD countries also increased gradually to reach 51.7 million barrel per day, in 2021 from 48.9 million barrel per day, in 2020. Further, in July 2022, according to IEA, the global gas demand is set to rise by a total of 140 billion cubic meters (BCM) between 2021 and 2025. Therefore, an increase in demand for oil and gas is driving the growth of the jack-up rig market.
Key Industry Players
Major companies operating in the jack-up rig market report are Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd., Rowan Companies Inc., Shelf Drilling Ltd., China Oilfield Services Limited, Seadrill Limited., Noble Corporation, Halliburton Co., ENSCO Inc., KCA Deutag Group, A.P. Moller – Maersk A/S, Schlumberger Ltd., Prosafe SE, Stena Drilling Ltd., AKITA Drilling Ltd., Seajacks Limited, Van Oord Dredging and Marine Contractors BV, Ulstein Group ASA, Abbot Group Limited, Acteon Group Ltd., Sevan Drilling, Pacific Drilling, Northern Offshore Ltd., Maersk Drilling AS, Lamprell PLC, Technical Systems Company, Keppel Offshore & Marine, Sembcorp Marine, GustoMSC
The jack-up rig market report table of contents includes:
1. Executive Summary
2. Jack-Up Rig Market Characteristics
3. Jack-Up Rig Market Trends And Strategies
4. Jack-Up Rig Market – Macro Economic Scenario
5. Global Jack-Up Rig Market Size and Growth
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31. Global Jack-Up Rig Market Competitive Benchmarking
32. Global Jack-Up Rig Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Jack-Up Rig Market
34. Jack-Up Rig Market Future Outlook and Potential Analysis
35. Appendix
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