The offshore drilling Rigs market is pittedto reach USD XX billion by 2022, growing at a CAGR of XX% during the forecast period (2017- 2022.A drilling rig is a machine that creates holes in the earths surface. 

 

Drilling rigs can do a wide variety of tasks such as sample sub-surface mineral deposits, test rock, soil and groundwater physical properties and also can be used to install sub-surface fabrications, such as underground utilities, instrumentation, tunnels or wells. Oil and natural gas drilling rigs are used to identify geologic reservoirs and also create holes that permit the extraction of oil or natural gas from them.

 

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Market dynamics:

The progress of the offshore rigs market heavily depends on the growing exploration activities across the globe. The discoveries of oil and gas reserves in remote areas combined with increasing technological advancements mainly in terms of equipment have made drilling operations much more feasible and cost-effective. But recent oil spill incidents and strict environment regulations on drilling activities can restrain the growth of this market.

The growth of the offshore drilling rigs market in these regions is also propelled by factors such as the advent of offshore activities in the North Sea and depleting oil and gas reserves in the U.S. 

 

Market Segmentation:

Drilling rigs can be massive structures which have equipment used to drill water wells, oil wells, or natural gas extraction wells, or they can be really small and moved manually by one person. Drilling rigs can be mobile equipment which is mounted on trucks, tracks or trailers, or more permanent land or marine-based structures (such as oil platforms, commonly called offshore oil rigs even if they dont contain a drilling rig).

 

Geographical Analysis:

Latin America is touted to be the largest market in the offshore drilling industry, followed by Asia-Pacific. The Asia-Pacific market is projected to lead the offshore drilling rigs market by the year 2019, followed by Latin America and Africa

 

Key Players:

Transocean (Switzerland), COSL (China), Nabors (Bermuda), Ensco plc. (U.K.), Diamond Offshore Drilling (U.S.), KCA Deutag (U.K.), and Maersk Drilling (Denmark), are the major players in this market and constitute a significant part of the market.

 

Report Contents:

Market segments, Market Drivers, Restraints and Opportunities, Market Size & Forecast 2016 to 2022, Supply & Demand Value Chain, Market - Current Trends, Competition & Major Companies, Technology and R&D Status, Porters Five Force Analysis, Strategic and Critical Success Factor Analysis of Key Players

 

Regional Analysis:

> North America

> Latin America

> Western Europe

> Eastern Europe

> Asia Pacific

> Middle East and Africa

 

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This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.

 

Category: Energy and Utilities Market Research

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