New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Jack-Up Rig Global Market Report 2023" - https://www.reportlinker.com/p06479779/?utm_source=GNW
, Noble Corporation, Halliburton Co, ENSCO Inc., KCA Deutag Group, A.P. Moller - Maersk, Schlumberger Ltd., Prosafe, Stena Drilling Ltd., and AKITA Drilling Ltd .
The global jack-up rig market is expected to grow from $3.09 billion in 2022 to $3.30 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The jack-up rig market is expected to reach $4.14 billion in 2027 at a CAGR of 5.8%.
The jack-up rig market consists of sales of independent leg type and mat leg type.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Jack-up rig refers to an elevated platform with a floating hull and extendable legs that can be lowered to the ocean floor, and raised above sea level as well. It is used in oil and gas extraction, especially drilling oil from deep-sea reservoirs.
North America was the largest region in the jack-up rig market in 2022. The regions covered in jack-up rig report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main jack-up rig market types are mobile offshore drilling units, turbine installation vessel, and barges.Mobile offshore drilling units (MODUs) refers to large structures designed to operate in deep water and harsh weather conditions, and are capable of drilling wells in water depths.
The various water depths are shallow water, deepwater, and ultra-deep water applied to oil and gas, and construction.
An increase in demand for oil and gas is expected to propel the growth of the jack-up rig market, going forward.Oil and gas refer to natural resources that are extracted from the earth’s subsurface and that are formed over millions of years from the remains of dead plants and animals.
The jack-up platform’s support ensures a solid foundation for the uninterrupted oil drilling process, so the increase in demand for oil and gas will propel the growth of the Jack-Up Rig market. For instance, in March 2021, according to International Energy Agency, a France-based autonomous intergovernmental organization that shapes energy policies, the global oil demand increased from 42.1 million barrels per day, in 2020 to 44.7 million barrels per day, in 2021, whereas the oil demand in Non-OECD countries also increased gradually to reach 51.7 million barrel per day, in 2021 from 48.9 million barrel per day, in 2020. Further, in July 2022, according to IEA, the global gas demand is set to rise by a total of 140 billion cubic meters (bcm) between 2021 and 2025. Therefore, an increase in demand for oil and gas is driving the growth of the jack-up rig market.
Technological advancement is a key trend gaining popularity in the jack-up rig market.Companies operating in the jack-up rig market are focusing on technological development to sustain their marketplace.
For instance, in 2021, Odfjell Drilling, a UK-based engineering, well services, and drilling company launched ‘Panorama,’ a digital technology-based performance portal for Jack-Up rig services.With the help of this new platform, operations can access the data, including drilling KPIs, operational constraints, and other operational guiding measures to enable quick decision-making.
The software provides wide-ranging access to both past and current operational data.
In August 2021, Eneti Inc., a Monaco-based offshore wind farm construction and services company, acquired Seajacks for an undisclosed amount. Through this acquisition combined resources are expected to expand in the fast-developing offshore wind sector and position Seajacks as a world leader in offshore wind turbine installation. Seajacks is a UK-based company engaged in jack-up rig services and management.
The countries covered in the jack-up rig market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The jack-up rig market research report is one of a series of new reports that provides jack-up rig market statistics, including jack-up rig industry global market size, regional shares, competitors with a jack-up rig market share, detailed jack-up rig market segments, market trends and opportunities, and any further data you may need to thrive in the jack-up rig industry. This jack-up rig market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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