Covid-19 Impact on Offshore Drilling Rigs Market Pegged for Robust Expansion by 2025

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Offshore drilling rigs market is likely to witness an impressive CAGR of 9.1% during the forecast period. The demand for offshore drilling rigs is driven mainly by rising expenditure on production and exploration coupled with the growing demand for energy from emerging economies.

The new report published by Stratview Research, titled Offshore Drilling Rigs Market, is Segmented by Form Type (Liquid Offshore Drilling Rigs and Solid Offshore Drilling Rigs [Solid Carboxyl-Terminated Offshore Drilling Rigs and Solid Hydroxyl-Terminated Offshore Drilling Rigs]), by Application Type (Powder Coatings, Industrial Paints, Coil Can Coatings, Automotive Paints, Flexible Packaging, 2k PU Coatings, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

Market Insights:

The report suggests that the Offshore Drilling Rigs Market is likely to witness an impressive CAGR of 9.1% during the forecast period. The demand for offshore drilling rigs is driven mainly by rising expenditure on production and exploration coupled with the growing demand for energy from emerging economies.

Segment Analysis

Based on the device type, the market is segmented as jackup rigs, semi-submersible rigs, and drillships. The jackup rigs segment held the largest share of the market in 2019 and is expected to remain dominant during the forecast period. This segment is expected to expand with a lucrative CAGR owing to technological improvements and increasing viability of offshore oil gas projects.

Based on the application type, the market is segmented as shallow water, deepwater, and ultra-deep water. The deepwater segment is projected to expand with a significant CAGR over the forecast period owing to huge demand from the upcoming exploration and production projects in countries such as Brazil, Nigeria, and others.

In terms of regions, Asia-Pacific is projected to be the largest and fastest-growing market for offshore drilling rigs during the forecast period. The Asia-Pacific’s market is expected to expand with a lucrative CAGR due to growing shallow and deepwater explorations in western Africa. The Latin American region and the Gulf of Mexico are also expected to contribute for significant demand.

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