Latest News- Offshore Drilling Rigs Market: Bottom supported rigs is expected to lead the Type segment during 2025-2029

The Offshore Drilling Rigs Market is being driven by Rising investments in upstream oil and gas sector

The Offshore Drilling Rigs Market is expected to grow at a CAGR of 6.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 23757.6 million. In the dynamic oil and gas industry, companies are relentlessly pursuing new discoveries to meet escalating demand, expand their revenue streams, and secure a competitive advantage. The market has witnessed a rejuvenation in exploration activities, with a significant focus on deepwater and ultra-deepwater regions. This surge was primarily driven by the identification of new offshore reserves and the imperative to monetize these discoveries. In 2024, the global oil and gas sector experienced a groundbreaking year, with an average of over 150 million barrels of oil equivalent discovered – nearly double the average of the preceding decade. One of the latest noteworthy discoveries occurred in April 2025, when Aramco announced the identification of 14 new oil and natural gas sites in Saudi Arabia's Eastern Province and the Empty Quarter desert. This strategic find marks a pivotal step forward in the Kingdom's endeavors to enhance its energy production and broaden its resource portfolio. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Bottom supported rigs
  • Floating rigs
• Application
  • Shallow water
  • Deepwater
  • Ultra-deepwater
• Product
  • Jackups
  • Drillships
  • Semisubmersibles
• Geography
  • North America
    • Canada
    • US
  • Middle East and Africa
    • Nigeria
  • APAC
    • China
    • India
  • Europe
    • UK
    • Norway
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising investments in upstream oil and gas sector
• High potential of offshore marginal fields
• New oil and gas exploration policies

However, the market also witnesses some limitations, which are as follows:

• Environment concerns associated with oil and gas E and P activities
• Uncertainty associated with low crude oil prices
• Increasing use of renewable energy

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Market Scope in Offshore Drilling Rigs Market Research Report

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Research Analysis Overview

The Offshore Drilling Rigs Market is witnessing significant advancements in drilling optimization, wellbore stability, and reservoir characterization through data acquisition and analytics, autonomous operations, digital twins, and cloud computing. Subsea robotics, multi-lateral drilling, hydraulic fracturing, and sand control are key technologies driving efficiency. Artificial lift, flow assurance, corrosion monitoring, integrity management, and asset integrity management ensure operational excellence. Remote and real-time monitoring, data visualization, performance reporting, environmental monitoring, and green technologies further enhance performance and sustainability.

Market Research Overview

The global oil and gas equipment and services market encompasses businesses involved in the manufacturing of upstream exploration and production (E&P) equipment, provision of related supplies, and execution of service contracts. This significant manufacturing sector caters to the demands of the oil and gas upstream sector. According to Technavio's market analysis, the global oil and gas equipment and services market is projected to expand at a moderate growth rate. Key driving factors include the rising energy demand and the power industry's robust expansion, leading to increased sales of drilling equipment, such as jackup rigs, semi-submersible rigs, drill ships, and associated technologies like dynamic positioning (DP), subsea engineering, drilling fluids, and mud pumps.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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