Middle East to Present Most Promising Growth Opportunities to Global Jack-up Rig Market

Published Date : May 02, 2017

Albany, New York, May 2, 2017: A recent market research report added to the vast research report portfolio of MarketResearchReports.biz presents a detailed analytical account of the present growth dynamics and future growth prospects of the global market for jack-up rigs. The report is titled “Global Jack-up Rig Market- Industry Analysis & Outlook (2017-2021).

The report presents an overview of the key factors that are expected to have a significant influence on the overall development of the market over the period between 2017 and 2021, including growth drivers, restraints, trends, and opportunities. The market for jack-up rigs has been examined for regional markets such as West Africa, Southeast Asia, South America, North Sea, Middle East, the U.S. Gulf of Mexico, West Africa, and Mexico.

Rigs refer to giant machines or structures that form a critical part of the process of drilling wellbores. The machine consists parts such as mud pumps, mud tanks, derrick or mast, rotary table, draw works, auxiliary equipment, power generation equipment, and drill string. Some rigs are used on surface while some or used on water and are often built on large ships or barges.

The global demand for jack-up rigs is expected to expand at a significant pace in the next few years owing to the vast rise in the demand for oil and gas from the ever rising global population, the massive pace of urbanization and industrialization across developing economies, and the promising pace of economic growth across the global market. The market is expected to benefit the most from the soaring numbers of offshore drilling activities and the increased need for premium and ultra-premium machines to support the highly complex drilling and exploration activities on offshore sites.

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However, the market is also expected to be hindered by a number of factors over the report’s forecast period. Some of the key challenges faced by the global jack-up rig market are the unpredictability in global prices of oil and gas and the rapidly depleting sources of oil and gas across established markets. The recent depression suffered by the global oil market that resulted mostly from overproduction and reduced demand has also affected the market’s growth prospects to a certain extent.

From a geographical standpoint, the global market for jack-up rigs is presently dominated by the Middle East market. The Middle East market is expected to continue to remain one of the key contributors to the development of the global jack-up rig market in the next few years as well. The key factors expected to support the development of the jack-up rig market in Middle East include the rising demand across new projects in UAE and Qatar.

Some of the leading companies operating in the global jack-up rig market are Keppel Corporation, CIMC, Marine Industries, Lamprell Plc., and Sembcorp.

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