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Oceans cover more than 70% of the earth’s surface. The oceans contain a lot of reserves of minerals, oil, and natural gas. It can be used to produce primary energy, which has sufficient potential to fulfill the requirements of the whole world. The mining of the ocean floor is in development and demonstration phase. The offshore wind facilities are in growing phase and will grow exponentially in coming years. The advanced technologies have increased the life of all oil and gas wells, and new exploration of wells is also going at steady pace. All these activities require use of the jack-up rigs for offshore applications.
Based on the type, the jack-up rigs market can be segmented in mobile offshore drilling units, turbine installation vessel, and barges. Mobile offshore drilling units type of rig is commonly used in connection with oil and natural gas drilling. There are more jack-up rigs in the worldwide offshore rig fleet than any other type of mobile offshore drilling rig. The turbine installation vessel type of rig is commonly used in connection with offshore wind turbine installation. Barges can also refer to specialized vessels that are similar to an oil and gas platform but are used as a base for servicing other structures such as offshore wind turbines, long bridges, and drilling platforms. Based on water depth, the jack-up rig market is divided into shallow water, deep water, and ultra-deepwater.
Key Market Driver -
Key Market Driver – Expansion of offshore wind energy
Key Market Restraint -
Key Market Restraint – Low and fluctuating crude oil prices
The primary market driver for the global jack-up rigs market is the expansion of offshore wind energy production. Also, an increase in demand for oil and gas has resulted in the growth of the jack-up rigs market positively. As a result of low and fluctuating crude oil prices, investment in the oil and gas sector has reduced significantly. This acts as a key market restraint for the jack-up rigs market.
Some of the notable companies in the global jack-up rigs market are Seajacks, Van Oord, Ulstein, Transocean, Diamond Offshore Drilling, Inc., Nabors Industries, Rowan Companies, Schlumberger, Prosafe, Stena Drilling Ltd., Abbot Group, Acteon Group Ltd., China Oilfield Services Ltd, AKITA Drilling Ltd., Baker Hughes, and Atwood Oceanics.
The global jack-up rigs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to play a significant role in the jack-up rig market. Offshore oil exploration and extraction activities are increasing in the USA. The USA also has several old oil wells that require refurbishment, modernization, and upgradation. The midstream and downstream activities have increased in the US. Several new oil and gas offshore sites have been proposed in the US. The offshore wind installations are also growing in the US at a rapid rate. The government of USA is incentivizing the use of renewable energy and which has boosted offshore wind installations. From these trends, it is anticipated to boost the jack-up rig market in North America. Middle-East and African are expected to positively influence the jack-up rigs market. Middle-East region is the largest exporter of oil and gas in the world. The existing oil and gas production sites in the Middle-East are several years old and require regular maintenance activities to avoid downtime.
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Some of these sites require refurbishment, upgradation, and modernization to operate at the highest efficiency. The oil and gas reserves in the African region have been untapped and unexplored. The oil and gas exploration and extraction activities in the ocean water surrounding the African continent have been gaining traction. Africa has great potential for the offshore wind market, and offshore wind energy production has been steadily increasing in Africa. Asia-Pacific will play a significant role in the jack-up rig market. The offshore oil and gas activities in India, China, Southeast Asia, etc. have been gaining traction in the coming years. Offshore wind farms are gaining traction in China, Japan, Taiwan, South Korea, etc. Europe is a significant region for the jack-up rigs market. The oil and gas sites in UK, Norway, Russia, etc. require regular maintenance, and some places require modernization, upgradation & refurbishment. The Arctic ocean is new avenue for North American and European countries to explore hydrocarbon reserves. The offshore wind installation in Germany, UK, Belgium, Denmark, etc. has been increasing wind energy production on account of Renewable Directive of the EU.
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