According to the research report titled ‘Global Jack-Up Rigs Market (Value, Volume): Analysis By Type, Application, Operating Depth, By Region, By Country (2021 Edition): Market Insights, Covid - 19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global jack-up rigs market amassed USD 81.4 billion in 2020 and is touted to grow momentously over 2021-2026.

 

Strict environmental regulations coupled with governmental initiatives on energy conservation, as well as growing cognizance about the quality of product are the major factors augmenting global jack-up rigs industry outlook.

 

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Increasing populace, rising demand of crude oil & natural gas, and technological innovations are also anticipated to boost the market growth during the analysis timeframe.

 

Moreover, worldwide jack-up rigs industry is poised to grow immensely post COVID 19, creditable to resumption of offshore drilling for production as the demand for gas & oil has soared since August 2020.

 

Speaking of type, the market is classified into independent leg type, and mat type. Based on application terrain, the industry is bifurcated into offshore wind turbine installation, mobile offshore drilling unit (MODUs), and others. Notably, MODUs are widely employed for oil & natural gas drilling as water depths ranging from 120 meters to 170 meters.

 

In terms of operating depth, worldwide jack-up rigs market is classified into deepwater and shallow water. Deepwater drilling involves creating holes in deep sea by drilling rig for oil mining. The depth can be from 1219 meters to 2133 meters.

 

Regionally, Asia Pacific industry has been growing significantly for past few years creditable to rising demand of gas & oil, low cost of production, and growing industrialization.

 

The competitive landscape of global jack-up rigs industry is defined by companies such as Halliburton Company, KCA Deutag, Maersk Drilling, NOV Inc., Noble Corporation plc, Schlumberger Limited, Keppel Offshore & Marine, Diamond Offshore Drilling Inc., Seadrill, and Valaris plc among others.