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Market Research Future Published a Half-Cooked Research Report on Offshore Drilling Rigs Market Outlook Research Report.
Market Overview:
With rapid rise in global population, the demand for energy and potential energy sources is skyrocketing. Oil and natural gas are the major non-conventional source of energy as currently, the energy production primarily relies on burning of fossil fuels. Offshore drilling rigs are constructed for exploration and production of crude oil and natural gas from the reservoirs that are present in the rock formations below the oceanic surface. Market Research Future (MRFR) has published a report stating that the global offshore drilling rigs market is marked to expand at a significant CAGR of 11.25% in the forthcoming years.
Market Drivers and Restraints:
Rapid maturation of onshore oil fields has caused decline in the production of fossil fuels. As the world's final frontier of oil production, offshore exploration projects are anticipated to receive heavy investments in the coming years, which is resulting in the significant expansion of the global offshore drilling rigs market. Increasing energy demand as a result of rapid urbanization, rising population and industrial development, is resulting in the rise of offshore drilling activities, which in turn is fuelling the growth of the global offshore drilling rigs market. However, the complexities related to offshore drilling and extra cost required for activation of stacked rigs are likely to pose a threat for the expansion of the global offshore drilling rigs market during the forecast period.
Market Segmentation:
The global offshore drilling rigs market has been segmented on the basis of type and operating depth. Based on type, the offshore drilling rigs market has been segmented into drillships, jackup rigs and semi-submersibles. Among these, the jackup rigs segment is forecasted to constitute for the major share in the global offshore oil rigs market owing to the low cost and easy installation as compared to the other types of rigs. Based on operating depth, the offshore drilling rigs market has been segmented into shallow water, deep water and ultra-deep water. The deep and ultra-deep segment is anticipated to grow at a fast pace as the shallow water reserves are depleting rapidly due to excessive extraction of fossil fuels.
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