Offshore expenditure, dynamic oil prices and ultra-deep-water exploration driving growth of floating rigs market

According to a research report published by Azoth Analytics in March 2021, the Global Floating Rigs Market was valued at USD 61940.35 Million in the year 2020. Deepwater drilling, or Deep well drilling, is the process of creating holes by drilling rig for oil mining in deep sea. There are approximately 3400 deepwater wells in the Gulf of Mexico with depths greater than 150 meters. Deepwater is considered to be anything more than mid water (4000/5000 ft or 1219/1524 meters) but not ultra-deep. The top end of deepwater comes in at around 7000 feet (2133 meters). Semisubmersible rigs are used for deepwater drilling, these floating rigs have columns that are ballasted to remain on location either by mooring lines anchored to the seafloor or by dynamic positioning systems.

The major factor that is boosting the demand for the floating rigs is global increase in offshore expenditure, dynamic oil prices and ultra-deep-water exploration & production of crude oil and natural gas. High capital investments and time associated with manufacturing of rigs are the major constraints of the floating rigs market.  

America region holds the major Floating Rigs market share of around 42.11% in 2020. It is also projected to be a rapidly growing region during the forecast period. The market is estimated to expand significantly owing to the rise in production activities in the region.  

The market is also expected to register huge growth in demand post COVID-19 pandemic situation attributable to the demand for the oil & gas with several leading manufacturers started production of the offshore drilling. Additionally, growth in the rig industry due to technological advancements, rise in population, and increase in demand of crude oil and natural gas are major factors expected to drive the Floating Rigs market during the forecast period.  

The Azoth Analytics research report ‘Global Floating Rigs Market (2021 Edition) has analysed and segmented the Floating Rigs Market by Value (USD Million) and by Volume (Units). The report has also analysed the Floating Rigs by Type (Drillships, Semisubmersible) and by Application (Shallow Water, Deepwater, Ultra-Deepwater). The Global Floating Rigs Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Brazil, Norway, United Kingdom, China, India, Australia, Malaysia) for the historical period of 2016-2020 and the forecast period of 2021-2026.