According to the report titled ‘Global Floating Rigs Market (Value, Volume): Analysis By Type (Drillship, Semisubmersible), Application, By Region, By Country (2021 Edition): Market Insights, Covid -19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global floating rigs market was worth USD 61940.35 million in 2020 and is expected to register significant growth during 2021-2026.
 

As per the report findings, the progression of global floating rigs market is boosted by rigid regulatory standards related to environment conservation, favorable government initiatives for energy conservation, along with increasing consumer cognizance about product quality. Besides, population surge, and technological advancements in the field are further augmenting the industry outlook.
 

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Post the COVID-19 pandemic situation, the industry growth graph is anticipated to gain pace owing to rise in demand for oil and gas since August 2020, encouraging major manufacturers to begin production of offshore drilling.
 

Based on type, the market is classified into drillship, and semisubmersible, while various applications include shallow water, deepwater, and ultra-deepwater.
 

The ultra-deepwater segment is expected to generate massive revenues for global floating rigs market during 2021-2026, owing to widespread deployment of floating MDUs (Mobile Drilling Units). These floaters are equipped with high-pressure mud pumps and have the capability of drilling in water depths of over 7,500 feet. This field is being extensively explored and enhanced so as to deploy a higher number of floaters in the near future.
 

Regionally speaking, Middle East & Asia, Americas, Asia Pacific, and Europe are considered to understand the dynamics of the business sphere. The report cites that Asia Pacific market is expanding considerably during 2021-2026, attributable to escalating demand for oil & gas, low production costs, growing industrialization, and rising investments of the manufacturers in countries like India and China.
 

Key players like Keppel Offshore & Marine Ltd., Maersk Drilling A/S, Halliburton Company, Transocean Ltd., Noble Corporation plc, Diamond Offshore Drilling, Inc., Aban Offshore Ltd., Valaris plc (Ensco Rowan plc), Schlumberger Limited, and Baker Hughes Company are profiled in global floating rigs market report.