Jack-up Drilling Platforms Market is expected to rise at a CAGR of 5.6% during 2021-2028
According to Vantage Market Research, the global jack-up drilling platforms market is projected to grow at a CAGR of 5.6% by 2028.
Increasing demand and rose in the investments to spur the market growth for jack-up drilling platforms
The government is investing more in offshore wind turbine drilling installation. In addition, the global energy demand is increasing at an alarming rate. These factors are expected to boost the jack-up drilling platforms market in the coming years.
Whereas, the major factor that is obstructing the market growth is the huge investments that occur during the installation process. In addition, the installation and repair purposes require a knowledgeable and well-trained person. Furthermore, the government has also banned the drilling and extraction activities in the offshore sector hence this will restrict the growth of the jack-up drilling platforms market.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has reduced as the use of public transport in cities was shut down. Therefore, due to disruptions in the supply chain of the oil and gas industry the overall jack-up drilling platforms market was drastically affected. Hence, the overall jack-up drilling platforms market was negatively impacted.
The jack-up drilling platforms market in segmented on the basis of product type the market is bifurcated into independent leg type and mat type jack-ups. Also, the market segmentation for jack-up drilling platforms can be done on basis of end-user or applications. Hence, by end-user is bifurcated into oil & gas and offshore wind turbine installations.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to the increasing demand in the oil and gas industry in this region.
Some of the major players operating in the global jack-up drilling platforms market include Noble Corporation plc, KCA DEUTAG Ltd., Maersk Drilling, Transocean Ltd., Rowan Companies Inc., Seadrill Limited, Halliburton, ENSCO Plc, Diamond Offshore Drilling Inc., Noble Corporation plc and COSL, among others.