June 07, 2021
According to the recent research report titled ‘Global Floating Rigs Market (Value, Volume): Analysis By Type (Drillship, Semisubmersible), Application, By Region, By Country (2021 Edition): Market Insights, Covid -19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report LLC, global floating rigs market is anticipated to grow momentously during 2021-2026.
Rising cognizance about product quality, favorable government policies on energy conservation, and strict norms regarding environment conservation are promulgating global floating rigs market growth.
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The report presents an in-depth analysis of this marketplace for the historical period (2016-2020) and the forecasts for 2021-2026, highlighting the key growth drivers, challenges, and opportunities governing the industry trajectory over the study period.
The businesses in the vertical is expected to witness an uptrend post the COVID-19 pandemic situation owing to surging demand for oil & gas with various top vendors starting production with offshore drilling. Additionally, growing rig industry on account of technical advances, booming populace, and mounting demand of crude oil and natural gas are adding significant traction to the market development.
Based on type, global floating rigs market is split into semisubmersible and drillship. As per application spectrum, the industry segmentation comprises ultra-deepwater, deepwater, and shallow water. Notably, ultra-deepwater is any depth more that midwater (2134-3658 meters or 7000-12000 ft). Ultra-deep fields are being explored and developed more often, and it is expected that a greater proportion of floaters will be placed in deeper water to maximize their capabilities.
Considering the geographical ambit, top regions influencing global floating rigs market remuneration are Americas (Mexico, Brazil, Canada, the United States), Europe (Norway, United Kingdom), and Asia Pacific (Malaysia, Australia, India, and China).
Rapid industrialization coupled with low production cost in Asian economies are encouraging manufacturers to increase investments in countries like China and India, contributing to Asia Pacific market outlook.
Coming to the competitive dashboard, Keppel Offshore & Marine, Maersk Drilling, Halliburton Company, Transocean Ltd., Noble Corporation plc, Ensco plc, Diamond Offshore Drilling Inc., Aban Offshore Limited, Schlumberger Limited, and Baker Hughes are the leading firms swaying global floating rigs market dynamics.
Lastly, the document evaluates the aforementioned behemoths on the basis of their position in the market, investment discretion, strategies, mergers & acquisitions, and new product development.