Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Jack-Up Rig Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global jack-up rig market is experiencing substantial growth, with market insights highlighting the sector's acceleration and forecasting continued expansion through to 2024. A crucial driver of this vigorous market progression is the ever-increasing demand for offshore oil and gas exploration, along with significant developments within the offshore wind energy domain.
Our recent research publication provides an in-depth analysis of the jack-up rig industry dynamics, revealing a projected climb from $3.3 billion in 2023 to $4.41 billion by 2028. The Compound Annual Growth Rate (CAGR) is expected to maintain a strong momentum at 5.8%, underpinned by several key factors including rising oil prices, investments in offshore infrastructure, and a marked rise in adherence to environmental standards.
North America remains the preeminent region in the jack-up rig market space while technological advancements are catalyzing the growth across the industry. Market participants are channeling resources into upgrading aging fleets, venturing into deepwater explorations, and implementing cutting-edge digital technologies to optimize operational efficiency and data-driven decision-making.
Recent trends shed light on the offshore wind energy sector's contribution to market growth, with an August 2022 report illustrating a surge in global offshore wind installations. Jack-up rigs, essential for deepwater turbine installation, are experiencing higher demand due to the burgeoning wind energy initiatives.
Vital types comprising the global jack-up rig market encompass mobile offshore drilling units, turbine installation vessels, and barges, meeting diverse needs in oil and gas extraction and renewable energy developments. Shallow water, deepwater, and ultra-deepwater drilling categories delineate the scope of application for these units, demonstrating versatility and operational prowess.
Key Highlights
- The jack-up rig market entails a diverse range of equipment including independent leg type and mat leg type.
- Technological innovations such as digital performance portals and next-generation offshore jack-ups contribute to operational enhancements.
- The increasing demand for oil and gas, coupled with the expansion of offshore wind energy installations, is spurring growth in the jack-up rig market.
This market research report dissects the complexities of the jack-up rig industry, presenting comprehensive statistics and a future outlook. Industry stakeholders will find this report indispensable for developing strategic decisions and gaining a competitive edge in the progressive jack-up rig market landscape.
As the global marketplace for jack-up rigs flourishes, the market research captures the essence of current trends, market drivers, and future opportunities, underpinning the critical nature of informed analysis in this space.
A selection of companies mentioned in this report includes
- Transocean Ltd.
- Diamond Offshore Drilling Inc.
- Nabors Industries Ltd.
- Rowan Companies Inc.
- Shelf Drilling Ltd.
- China Oilfield Services Limited
- Seadrill Limited.
- Noble Corporation
- Halliburton Co.
- ENSCO Inc.
- KCA Deutag Group
- A.P. Moller - Maersk A/S
- Schlumberger Ltd.
- Prosafe SE
- Stena Drilling Ltd.
- AKITA Drilling Ltd.
- Seajacks Limited
- Van Oord Dredging and Marine Contractors BV
- Ulstein Group ASA
- Abbot Group Limited
- Acteon Group Ltd.
- Sevan Drilling
- Pacific Drilling
- Northern Offshore Ltd
- Maersk Drilling AS
- Lamprell Plc
- Technical Systems Company
- Keppel Offshore & Marine
- Sembcorp Marine
- GustoMSC
For more information about this report visit https://www.researchandmarkets.com/r/on0fa7
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