According to the research report titled ‘Global Floating Rigs Market Size study with COVID-19 impact, by Type (Jackup Rigs, Semi-Submersibles Rigs, Drill ships Rigs), by Application (Shallow Water, Deepwater, Ultra-Deepwater) and Regional Forecasts 2020-2027‘, available with Market Study Report, global floating rigs market was valued at USD 102 billion in 2019 and is expected to grow with a CAGR of 9.3% during 2020-2027.
 

Increasing demand for oil & natural gas, better viability of deep-water and ultra-deep-water projects, price regulations, and rise in offshore exploration activities will propel the growth of global floating rigs market in the forecast period.
 

Floating rig is a mobile equipment designed for drill exploration and development of wells offshore. Based on the remoteness of area and depth of water, several types of rig are available. A floating rig gives a provision to store oil or natural gas until they are brought to the shore for further refining and marketing. As per the International Energy Agency (IEA), crude oil witnessed a demand of 100.6 million barrels across the globe in 2019, which was 96.2 million barrels in the year 2016. Hence, ever-increasing dependence on fossil fuels is augmenting global floating rigs market outlook.
 

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Increasing prevalence of COVID-19 has plummeted oil & gas demand and caused overabundance in global oil market, leading to acute shortage of storage capacities. Consequently, industrialists are lowering production by confining their rigs and oil wells to compensate for the financial complications, thereby hampering the demand for floating rigs in the recent future. Moreover, high investments and rising environment concerns are expected to impede global floating rigs industry trends during the forecast period.
 

Based on type, global floating rigs market is segmented into jackup rigs, drill ships rigs, and semi-submersibles rigs. With regards to the application spectrum, the industry is bifurcated into shallow water, ultra-deep-water, and deep-water.
 

As per regional analysis, Latin America was the major revenue contributor for worldwide floating rigs market in the recent past, mainly due to high potential of offshore oil & gas reserves, and increasing exploration & production (E&P) CAPEX in the region.
 

Major players operating in global floating rigs industry landscape include Maersk Drilling, Aban Offshore Limited, Nabors Industries Ltd., KCA Deutag, Atwood Oceanics Inc., Noble Corporation, Diamond Offshore Drilling Inc., Ensco PLC, China Oilfield Services Limited., and Hercules Offshore, Inc.