Offshore Oil & Gas Rig Market Forecast 2027: Projected Growth and Opportunities | Techsci Research

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Growth Predicted for Offshore Oil Gas Rig
Market, Expected to Reach USD 22522.64 Million
by 2027
According to the 2017-2027 forecast by TechSci
Research, the global offshore oil and gas rig
market will experience a CAGR of 5.69 and reach
a value of USD22522.64 million by 2027. This
growth is driven by the increasing demand for
oil and gas due to robust economic activities
and the growth of various industries such as
automotive, construction, and manufacturing
worldwide. To explore, drill, and develop oil and
gas fields, exploration and production operators
rely on the oilfield services industry for
assets, labor, technology, and project
management services. Market players are
investing heavily in research and development
activities to find innovative solutions to make
oil exploration activities profitable, which is
expected to provide lucrative growth
opportunities for the industry in the next five
years.
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The cost of setting up a rig and drilling wells
is significant, which is why organizations are
hesitant to spend resources in an ineffective
location. However, the introduction of 3-D
seismic imaging technology has revolutionized
oil exploration activities. This technology uses
an energy source to send sound waves deep
through the earth's surface and geophones placed
on the surface to receive the noises that bounce
back up, which are then transferred to recorder
trucks. The data obtained is used to create a 3-D
structure of the contents inside the surface,
allowing engineers and geophysicists to make
informed decisions. Advancements in different
offshore drilling procedures and techniques are
also expected to positively impact market demand.
However, the global offshore oil and gas rig
market growth may be hindered by unstable oil
prices and high operational costs during the
forecast period. Browse over 170 market data
Figures spread through 212 Pages and an in-depth
TOC on "Global Offshore Oil Gas Rig Market" -
https//www.techsciresearch.com/report/offshore-oi
l-gas-rig- market/10638.html The global offshore
oil gas rig market is segmented into type,
water depth, regional distribution, and
company. The offshore oil and gas rig market is
categorized by water depth into shallow water,
deepwater, and ultra-deepwater. In 2021, shallow
water depth was the dominant market segment,
accounting for 64.67 of the total market share.
Jackups had the highest utilization rate at 82,
followed by drills at approximately 79 and
semi-drills at around 64, covering a
significant portion of the shallow water
segment. Jackups are typically used in shallow
and intermediate water depths due to their
limitations on leg length. The expanding Jackups
market
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• is expected to stimulate demand for this segment
  in the next five years.
• Major market players operating in the global
  offshore oil gas rig market are
• Halliburton Co.
• Valaris Limited
• Baker Hughes Company
• Sembcorp Marine Ltd
• Schlumberger Limited
• China Oilfield Services Limited
• Samsung Heavy Industries Co. Ltd
• Jindal Drilling Industries Limited
• Keppel Offshore Marine
• ADNOC Drilling
• Arabian Drilling Company
• Shelf Drilling, Ltd.
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• Customers can also request for 10 free
  customization on this report.
• Asia-pacific dominated the market in 2021 and
  captured 33.17 of the total market share. The
  market is expected to grow at a CAGR of 5.20 in
  the Asia-pacific region over the forecast period.
  There is a rise in the number of offshore
  development projects to support the growth of
  the developing economies across the region.
  China, India, Japan, Indonesia, and Thailand are
  developing at a significant rate, increasing
  energy resource consumption. The government of
  the emerging economies is investing substantial
  amounts in offshore

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exploration and production and promoting the
non-conventional energy resources across their
country. The surge in demand for offshore gas
and oil rigs, along with growing exploration and
production activities, are expected to propel the
global offshore oil gas rig market growth till
2027 said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global
management consulting firm. Offshore Oil Gas
Rig Market - Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast,
2017- 2027, Segmented By Type (Jackups,
Semisubmersibles, Drill Ships, and Others), By
Water Depth (Shallow Water, Deepwater
and Ultra-deepwater), and By Region, has
evaluated the future growth potential of global
offshore oil gas rig market and
provides statistics information on market size,
structure, and future market growth. The report
intends to provide cutting-edge market
intelligence and help decision makers take sound
investment decisions. Besides, the report also
identifies and analyzes the emerging trends
along with essential drivers, challenges, and
opportunities in global offshore oil gas rig
market. Download Free Sample Report -
https//www.techsciresearch.com/sample-report.aspx
?cid10638 About TechSci Research TechSci
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trends. Not bound by legacy, TechScis cutting-
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