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 earth’s 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.
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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. Mostly in onshore oil and gas fields, once a well has been drilled, the drilling rig will be moved away from the well and a service rig (a smaller rig) that is built for completions will be moved on to the well to get the well on the line. This in turn frees up the drilling rig making it able to drill another hole and hence streamlines the operation as well as allowing for the advent of certain special services, like completions vs. drilling.
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. The CAGR of the European region is determined by growing offshore activities in the North Sea.
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 don’t contain a drilling rig).
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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
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.
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