According to the research 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 MarketStudyReport, global floating rigs market was worth USD 61940.35 million in the year 2020 and is anticipated to grow substantially through 2026.
 

The expansion of global floating rigs market is attributed to the strict regulatory standards for environment preservation, favorable government policies on energy conservation, and rising consumer awareness about product quality.
 

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The industry is expected to record a boom post the COVID-19 outbreak, owing to increasing demand for oil & gas, and various manufacturers have started production of the offshore drilling. Moreover, rising technological advancements, and ever-increasing population are expected to fuel the market expansion during the forecast timeframe.
 

In terms of type, the industry is bifurcated into semisubmersible, and drillship. On the basis of application spectrum, worldwide floating rigs market is divided into deep water, ultra-deep water, and shallow water. Among these, ultra-deep water segment is poised to gain traction during the analysis period owing to growing demand for floating MDUs (Mobile Drilling Units).
 

Considering the regional landscape, the report studies the market trends across North America, Europe, Asia Pacific, and Middle East & Africa. Among these, Asia Pacific held a significant market share in the recent past owing to constant demand for oil & gas and is poised to grow substantially on account of low production cost in emerging economies like China and India.
 

The key players in global floating rigs market are Keppel Offshore & Marine Engineering Mumbai Pvt. Ltd., Maersk Drilling, Halliburton Company, Transocean Ltd., Noble Corporation plc, Ensco plc, Diamond Offshore Drilling Inc., Aban Offshore Limited, Schlumberger Limited, and Baker Hughes Company.