Market for offshore drilling rigs to reach $41.9 billion by 2024

Transparency Market Research reports that the market for offshore drilling rigs was valued at $35.336 billion in 2017 and will grow to $41.922 billion by the end of 2024.

Based on the type, the global offshore drilling rigs market was dominated by the semi-submersible rigs. The segment is expected to account for 41.7% of the market share by the end of 2022. North America dominated the global market for offshore drilling rigs and is expected to remain dominant over the forecast period, with companies supplying the market expected to collect a combined $9.829 billion in revenue by the end of 2022.

The rising demand for oil is encouraging the number of offshore drilling activities which is a key factor fueling the growth of the global offshore drilling rigs market. Offshore drilling rigs that can reach up the 7,500 feet deep about 200 miles from the shore are witnessing the higher demand for production of oil and gas. This higher demand is propelling the growth of the global offshore drilling rigs market.

Offshore oil production is a complicated process accounting for the one-third of the total oil production. Almost 900 platforms are used for the exploration of the oil and gas from water reservoirs. According to the U.S. Energy Information Administration, more than 27 million barrels of oil was produced by these platforms in 2015 from 50 countries. Saudi Arabia, Brazil, Mexico, Norway, and the United States are leading the world in offshore drilling.