The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

An increase in oil and gas demand is likely to promote innovation in jack up rig manufacturing, propelling the market during the forecast period.

The global jack up rig market is expected to grow from $3.09 billion in 2022 to $3.30 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The global jack-up rig market size is expected to reach $4.14 billion in 2027 at a CAGR of 5.8%.

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Global Jack Up Rig Market Segments Include:

• By Type: Mobile Offshore Drilling Units, Turbine Installation Vessel, Barges
• By Water Depth: Shallow Water, Deepwater, Ultra-Deep Water
• By Application: Oil And Gas, Construction
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global jack up rig market in 2021.

Major Market Players in the jack up rig market include Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd., Rowan Companies Inc., Shelf Drilling Ltd., China Oilfield Services Limited, Seadrill Limited., Noble Corporation.

Technological improvement is a major trend that is gaining traction in the jack-up rig market. Companies in the jack-up rig sector are focusing on technological improvement in order to stay competitive. Odfjell Drilling, a UK-based engineering, well services, and drilling company, for example, created ‘Panorama,’ a digital technology-based performance site for Jack-Up rig services, in 2021. Operations can gain access to data, including drilling KPIs, operational restrictions, and other operational guiding indicators, with the use of this new platform, allowing for swift decision-making. The software allows for broad access to both historical and current operating data.

The Jack Up Rig Global Market Report 2023  provides a jack up rig market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The jack up rig market forecast analyzes jack up rig market size, jack up rig market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A jack-up rig is a raised platform with a floating hull and extendable legs that can be lowered to the ocean floor as well as raised above sea level. It is utilised in the extraction of oil and gas, particularly in the drilling of oil from deep-sea reservoirs.

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