Jack-Up Rig Global Market Report 2024

The jack-up rig market has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The expansion observed in the historical period can be attributed to activities related to oil and gas exploration, regulatory support and approvals, the expansion of offshore oil and gas production, initiatives for renewal and modernization, and an increased emphasis on Arctic exploration.

The jack-up rig market is expected to see strong growth in the next few years. It will grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to the burgeoning offshore wind energy sector, a rebound in oil prices, the expansion of regional markets, adherence to stringent environmental standards, and a rise in investments in offshore exploration and production. Key trends projected for the forecast period encompass the upgrading of aging fleets, exploration in deepwater and ultra-deepwater regions, the integration of digital technologies, measures for cost-efficiency, and trends toward market consolidation and collaboration.

The anticipated surge in demand for oil and gas is poised to drive the growth of the jack-up rig market in the coming years. Oil and gas, derived from the earth's subsurface and formed over millions of years from the remains of deceased plants and animals, are crucial natural resources. Jack-up platforms play a pivotal role in ensuring a stable foundation for uninterrupted oil drilling processes. The rise in demand for oil and gas, exemplified by data from the International Energy Agency in March 2021, indicates a global increase in oil demand from 42.1 million barrels per day in 2020 to 44.7 million barrels per day in 2021. Furthermore, non-OECD countries witnessed a gradual increase in oil demand, reaching 51.7 million barrels per day in 2021 from 48.9 million barrels per day in 2020. Additionally, the IEA projected a global gas demand increase of 140 billion cubic meters (BCM) between 2021 and 2025 in July 2022. Consequently, the escalating demand for oil and gas serves as a driving force behind the growth of the jack-up rig market.

The expansion of offshore wind energy is expected to be a key driver for the growth of the jack-up rig market. Offshore wind energy involves harnessing wind power from turbines installed in bodies of water, typically oceans or seas, for electricity generation. Jack-up rigs are integral to the installation and maintenance of wind turbines in deeper waters, providing stability during construction by elevating above the water level. A report by Offshore Wind Market in August 2022 highlighted the growth of global offshore wind installations, reaching a record-breaking 17,398 MW of new projects commissioned in 2021, with an average turbine capacity of 7.4 MW. This contributed to a cumulative installed capacity of 50 GW worldwide. Thus, the expansion of offshore wind energy is a significant driver propelling the growth of the jack-up rig market.

Technological advancement emerges as a prominent trend in the jack-up rig market, with companies prioritizing technological development to maintain their market standing. An illustration of this trend is Odfjell Drilling, a UK-based company, launching the 'Panorama' digital technology-based performance portal for Jack-Up rig services in 2021. This platform provides comprehensive access to drilling key performance indicators (KPIs), operational constraints, and other guiding operational data, enabling quick decision-making through the analysis of both historical and current operational data.

Major companies in the jack-up rig market are actively engaged in the development of next-generation offshore jack-ups to enhance operational efficiency, elevate safety standards, and broaden capabilities for offshore energy exploration and construction. In January 2022, Jan De Nul Group, a Belgium-based civil engineering company, unveiled the Voltaire, a cutting-edge offshore jack-up installation vessel designed for renewables and decommissioning. This second and largest vessel in Jan De Nul's fleet is poised to contribute significantly to the renewable energy sector by facilitating the construction of advanced offshore wind farms. The Voltaire stands out for its capability to operate on second-generation biodiesel, resulting in a substantial reduction of its fuel carbon footprint by up to 90%.

In August 2021, Eneti Inc., a Monaco-based offshore wind farm construction and services company, completed the acquisition of Seajacks for an undisclosed amount. This strategic move is expected to harness combined resources for expansion in the rapidly developing offshore wind sector, positioning Seajacks as a global leader in offshore wind turbine installation. Seajacks, a UK-based company specializing in jack-up rig services and management, is now part of Eneti Inc.'s efforts to play a key role in the offshore wind industry.

Major companies operating in the jack-up rig market report are Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd., Rowan Companies Inc., Shelf Drilling Ltd., China Oilfield Services Limited, Seadrill Limited., Noble Corporation, Halliburton Co., ENSCO Inc., KCA Deutag Group, A.P. Moller - Maersk A/S, Schlumberger Ltd., Prosafe SE, Stena Drilling Ltd., AKITA Drilling Ltd., Seajacks Limited, Van Oord Dredging and Marine Contractors BV, Ulstein Group ASA, Abbot Group Limited, Acteon Group Ltd., Sevan Drilling, Pacific Drilling, Northern Offshore Ltd., Maersk Drilling AS, Lamprell Plc, Technical Systems Company, Keppel Offshore & Marine, Sembcorp Marine, GustoMSC.

North America was the largest region in the jack-up rig market in 2023. The regions covered in the jack-up rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the jack-up rig market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types within the jack-up rig market include mobile offshore drilling units, turbine installation vessels, and barges. Mobile offshore drilling units (MODUs) are large structures engineered to operate in deep water and challenging weather conditions, with the capability of drilling wells in varying water depths. These depths are categorized as shallow water, deepwater, and ultra-deep water, and are applied in oil and gas extraction as well as construction.

The jack-up rig market research report provides jack-up rig market statistics, including jack-up rig industry global market size, regional shares, competitors with a jack-up rig market share, detailed jack-up rig market segments, market trends and opportunities, and any further data you may need to thrive in the jack-up rig industry. This jack-up rig market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The jack-up rig market consists of sales of independent leg type and mat leg type. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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