According 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 Market Study Report, global floating rigs market was worth USD 61940.35 million in 2020 and is anticipated to record a healthy growth rate over 2021-2026.
 

As per the research findings, stringent regulatory framework pertaining to environment safety, government policies promoting energy conservation, and developing consumer consciousness about product quality are driving global floating rigs market growth.
 

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Further, post-Covid19 demand for floating rigs is set to boom as several leading manufacturers have shifted focus towards production to offshore drilling sites. Moreover, burgeoning population, technological advancements, and surging crude oil and natural gas demand are adding considerable traction to the industry development.
 

Based on application scope, global floating rigs market is fragmented into shallow water, deepwater, and ultra-deepwater. Among these, ultra-deepwater segment, existing beyond midwater (7000-12000 ft or 2134-3658 meters), is expected to witness an increased demand for floating MDUs (Mobile Drilling Units).
 

The market is also studied from the perspective of product type, which is segmented into semisubmersible and drillship.
 

Moving to geographical bifurcation, Americas (United States, Canada, Brazil, Mexico), Europe (Norway, United Kingdom), and Asia Pacific (Australia, Malaysia, India, China) are regions covered in the report. 
 

Experts analysts cites that Asia Pacific floating rigs industry size is touted to expand significantly in the upcoming years. This can be ascribed to mounting demand for oil & gas, along with growing focus of manufacturers towards investing in emerging economies like India and China due to low production cost and rapid industrialization.
 

Speaking of the competitive landscape, Keppel Offshore & Marine, Schlumberger Limited, Noble Corporation, Valaris plc, NOV Inc., Maersk Drilling A/S, Diamond Offshore Drilling Inc., KCA Deutag, Halliburton Company, and Seadrill Ltd are the top contenders in global floating rigs market sphere.