Offshore Drilling Platforms Market Size, Forecasts by 2027

Posted by aartimule on October 19th, 2021

Offshore Drilling Platforms Market: Overview

• Drilling rigs are used in offshore exploration such as deep water, shallow water, and ultra-deep water. The different types of drilling rigs used for offshore operations are jackup rigs, semi-submersible rigs, drill ships, and others.
• The platform plays a vital role in overall operation of offshore drilling or production. An offshore drilling platform accommodates all the required equipment and workers needed for exploration and drilling.
• The drilling platform consists of a drilling rig derrick through which the drill string is lowered into the rock formation for drilling application. The drill string is operated by power unit or by rotary table directly on the platform.
• An oil production platform is self-sufficient in energy and water needs, comprising electrical generation, water declinators, and all other equipment required for drilling and production
• Based on application, different offshore drilling platforms are developed such as fixed platform, compliant platform, and floating platform. A fixed platform is erected on the legs that are fixed at the bottom of the sea. A floating platform is a small, semi-submersible platform held in position using a simple anchor or by its own power.

Key Drivers of Global Offshore Drilling Platforms Market

• Increase in demand for oil & gas due to urbanization, industrialization, and population growth drives the global offshore drilling platforms market
• Rise in exploration and new discovery of oil & gas deposits in deep and ultra-deep water propels the offshore drilling platforms market. The recent discovery by BP of more than 1 billion barrels of oil in its Thunder Horse field in the Gulf of Mexico is expected to witness exploration and drilling operations spanning several years.

Key Development

• In November 2017, Shell Australia completed the installation of Prelude, one of the world\'s largest offshore facility ever constructed and the largest floating liquefied natural gas platform. According to Shell Australia, Prelude can sustain harsh wind and sea conditions, including a one in 10,000-year storm.

North America to Account for Major Share of Global Offshore Drilling Platforms Market

• Based on region, the global offshore drilling platforms market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• The market in North America dominated the global offshore drilling platforms market in 2018. The trend is projected to continue during the forecast period owing to discovery of shale gas reserves in the U.S. and presence of large number of private oil companies in the region.
• Europe is anticipated to account for major share of the global offshore drilling platforms market during the forecast period. The North Sea has considerable number of installed offshore rigs, as it is one of the world’s largest area of offshore oil and gas exploitation.
• Middle East & Africa has significant oil reserves onshore and offshore. The offshore discoveries and development, particularly in the Red Sea region, by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to drive the offshore drilling platforms market in the region.
• The offshore drilling platforms market in Asia Pacific and Latin America is projected to grow at a sluggish pace during the forecast period. Increase in investments in energy generation and rise in offshore exploration activities are expected to drive the market in the region in the near future.

Key Players Operating in Global Offshore Drilling Platforms MarketGlobal Offshore Drilling Platforms Market: Top Companies

• Keppel Corporation Limited
• Sembcorp Marine Ltd.
• DSME Co., Ltd.
• Samsung Heavy Industries Co., Ltd.
• Hyundai Heavy Industries Co., Ltd.
• National Oilwell Varco
• CIMC Raffles Offshore Engineering Pte Ltd.
• CSIC
• CCCME
• Maersk Drilling
• Others

Global Offshore Drilling Platforms Market: Research Scope

Global Offshore Drilling Platforms Market, by Type

• Fixed Platform
  • Jackup Rigs
  • Steel Platforms
  • Concrete Platforms
  • Others (topsides, jackets)
• Compliant Platform
  • Tension-leg Platforms
  • SPAR
• Floating Platforms
  • Floating Production, Storage, and Offloading System (FPSO)
  • Semi-submersible Platform

Global Offshore Drilling Platforms Market, by Water Depth

• Shallow Water (< 300 meters )
• Deep Water (< 1500 meters) 
• Ultra Deep Water (> 1500 meters)