May 07, 2021
According to the recent 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 was remunerated USD 81.4 billion in 2020 and is expected to record considerable growth during 2021-2026.
Global jack-up rigs market growth is driven by rising cognizance regarding product quality among customers, favorable government policies on energy conservations, and strict standards about environment safety.
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Moreover, mounting demand of crude oil and natural gas, along with booming population and technological advancements are accelerating market expansion. The industry is also projected to see a significant rise in demand following the COVID-19 pandemic, backed up a sharp incline in demand for oil & gas in August 2020, as many leading manufacturers began production on offshore drilling sites.
Based on type, the industry is split into mat type and independent leg type. As per application spectrum, the market is split into offshore wind turbine installation and mobile offshore drilling unit. MODUs (Mobile Offshore Drilling Units) are commonly used in water depths of up to 120 meters (390 feet), but some models can go as deep as 170 meters (560 feet), which encourages their adoption. They are designed to switch from one location to the next before anchoring themselves to the ocean floor with a rack and pinion gear system on each leg.
Elaborating on operating depth, global jack-up rigs market is divided into deepwater and shallow water. Deepwater drilling, also known as deep well drilling, is the practice of drilling holes in the deep sea using a drilling rig. Anything deeper than midwater (4000/5000 ft or 1219/1524 meters) but not ultra-deep is referred to as Deepwater. In the Gulf of Mexico, there are approximately 3400 Deepwater wells with depths greater than 150 meters, indicating a high potential for growth in this segment.
Considering the geographical outlook, Asia Pacific jack-up rigs industry size is expected to increase considerably during the forecast period. This can be ascribed to surging demand for oil & gas, low cost of production in Asian economies, along with rapid industrialization which is encouraging manufacturers to invest in countries like China and India.