Jack-Up Rig Market Report 2025

The jack-up rig market size has grown strongly in recent years. It will grow from $3.49 billion in 2024 to $3.71 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to oil and gas exploration activities, regulatory support and approvals, expansion of offshore oil and gas production, renewal and modernization, increased focus on arctic exploration.

The jack-up rig market size is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing offshore wind energy sector, recovery in oil prices, regional market expansion, stringent environmental standards, increasing offshore e&p investments. Major trends in the forecast period include upgradation of aging fleets, deepwater and ultra-deepwater exploration, integration of digital technologies, cost-efficiency measures, market consolidation and collaboration.

An increase in the demand for oil and gas is anticipated to drive the growth of the jack-up rig market in the future. Oil and gas are natural resources extracted from beneath the earth's surface, formed over millions of years from decomposed plants and animals. Jack-up rigs provide a stable foundation essential for the continuous drilling of oil, thus increasing demand in the jack-up rig market. For example, in September 2024, HM Revenue & Customs, the UK's authority for tax, payments, and customs, reported that government revenues from UK oil and gas production reached $9.8 billion for the financial year 2022 to 2023, a substantial rise from $1.52 billion in the previous year, reflecting an increase of $8.28 billion. Furthermore, a July 2022 report by the IEA projected that global gas demand would grow by an additional 140 billion cubic meters (BCM) from 2021 to 2025. Therefore, the growing demand for oil and gas is propelling the jack-up rig market.

The growth of the jack-up rig market is also expected to be fueled by the expansion of offshore wind energy. Offshore wind energy harnesses wind power from turbines placed in oceans or seas to produce electricity. Jack-up rigs are utilized to install and maintain wind turbines in deeper waters, providing necessary stability during construction by elevating above water level. For instance, in August 2024, the National Renewable Energy Laboratory (NREL), a US-based research institution, noted that eight states have set procurement mandates aimed at achieving a total offshore wind capacity of 45,730 MW by 2040. The U.S. offshore wind market continues to grow due to state-level procurement initiatives, strategic planning, and energy policies, with the total target reaching 115,130 MW by 2050 when combined with existing plans from five additional states. Thus, the expansion of offshore wind energy is driving the growth of the jack-up rig market.

Companies in the jack-up rig market are focusing on developing advanced high-specification rigs to improve operational efficiency, enhance safety standards, and meet the growing needs of offshore oil and gas exploration. These high-specification jack-up rigs are sophisticated offshore drilling platforms designed for deeper water operations, featuring enhanced drilling capabilities, safety measures, and automated systems for optimal performance. For example, in May 2024, ARO Drilling, a joint venture between Saudi Aramco and Valaris, launched the Kingdom 2 jack-up rig. Designed to the Letourneau Super 116E Class standard, this rig is optimized for operations in the Arabian Gulf, capable of functioning in water depths between 200 and 330 feet, with a maximum drilling depth of 30,000 feet. It is equipped with a state-of-the-art drilling control and power management system that enhances operational efficiency through integrated equipment and a mechanized drill floor, supporting up to 120 personnel for significant offshore drilling activities.

Leading companies in the jack-up rig market are concentrating on creating next-generation offshore jack-ups to boost operational efficiency, enhance safety standards, and expand capabilities for offshore energy exploration and construction. Next-generation offshore jack-ups are advanced, high-capacity drilling rigs utilized for offshore oil and gas exploration and production. In January 2022, Jan De Nul Group, a Belgium-based civil engineering firm, launched the Voltaire, a cutting-edge offshore jack-up installation vessel designed for renewable energy projects and decommissioning. Unveiled at COSCO Shipping Shipyard in Nantong, China, Voltaire is the second and largest vessel in Jan De Nul's fleet and aims to support the renewable energy sector by facilitating the construction of sophisticated offshore wind farms. Notably, the Voltaire can operate on second-generation biodiesel, which significantly reduces its carbon footprint by up to 90%.

In October 2022, Noble Corporation plc, a UK-based offshore drilling contractor, merged with Maersk Drilling for an undisclosed sum. This merger aimed to strengthen Noble Corporation's position in the offshore drilling market by combining the fleets and operational capabilities of both companies, which would lead to enhanced efficiency and a broader range of services. Maersk Drilling is recognized for its high-specification jack-up rigs and advanced drilling technologies, providing a solid foundation for the newly merged entity.

Major companies operating 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, 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 2024. 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.

A jack-up rig is an elevated platform featuring a floating hull and extendable legs that can be lowered to the ocean floor and raised above sea level. It is extensively utilized in oil and gas extraction, particularly for drilling oil from deep-sea reservoirs.

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 is one of a series of new reports that 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.

This product will be delivered within 3-5 business days.