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 LLC, global jack-up rigs market attained a valuation of USD 81.4 billion in 2020 and is expected to grow considerably through 2026.
 

Surging demand for crude oil and natural gas, intensifying regulatory norms regarding environment conservation, favorable government policies, and rising customer awareness regarding product quality are stimulating global jack-up rigs market. Besides, expanding population and technological advancements will continue to enhance the market development.
 

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Elaborating on the Covid-19 impact, expected surge in oil & gas demand post the pandemic will turn in strong profits for the industry in the upcoming years. In fact, the demand increased in August 2020 as several leading players started production through offshore drilling.  
 

Based on application, the market is split into offshore wind turbine installation, mobile offshore drilling unit, and others. Among these, mobile offshore drilling units are anticipated to witness a sustained demand. They are most commonly used in connection with natural gas/oil drilling. These units are generally utilized in water depths up to 120 m to 170m.
 

In terms of operating depth, global jack-up rigs market is bifurcated into shallow water and Deepwater.  Of these, Deepwater segment is expected to generate strong demand for submersible rigs as these have jack-up rigs with columns that are ballasted to stay fixated on a location by dynamic positioning systems or by mooring lines anchored to the seafloor.
 

From a geographical perspective, Americas (U.S., Mexico), Europe (Norway, U.K.), and Asia Pacific (China, Malaysia, India), and MEA (Saudi Arabia, UAE, Egypt) are the key growth avenues for businesses in this domain.
 

Experts cite that Asia Pacific market is touted to grow considerably in the forthcoming years, creditable to low production cost in Asian countries and rapid industrialization attracting manufacturers to investment in economies like India and China.
 

Considering the competitive landscape, major players influencing worldwide jack-up rigs industry trends are Keppel Offshore & Marine, Schlumberger Ltd., Noble Corp., Valaris plc., NOV Inc., Maersk Drilling A/S, Diamond Offshore Drilling Inc., KCA Deutag, Halliburton Company, and Seadrill Ltd.