Europe Jackup Rig Market Size (2024 - 2029)

The European jack-up rig market is poised for growth, driven by increasing demand for modern rigs and offshore oil and gas activities, despite challenges posed by volatile crude oil and gas prices. The market's expansion is supported by the potential for offshore exploration and production, aligning with the EU's energy goals that allocate a significant portion for oil and gas. Norway is anticipated to lead the market in this region, reflecting its strategic importance in the European jack-up rig sector.

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Market Size of Europe Jackup Rig Industry

Europe Jackup Rig Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.10 %
Market Concentration Medium

Major Players

Europe Jackup Rig Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Jackup Rigs Market Analysis

The European jack-up rig market is expected to register a CAGR of more than 6.1% over the forecast period.

The Europe jack-up market was adversely affected by COVID-19 due to disruptions in the supply chain and oil price crashes. However, the market rebounded in 2021.

  • Factors such as increasing demand for modern new rigs and offshore oil and gas activities will likely drive the European jack-up rig market's growth during the forecast period.
  • However, volatile crude oil and gas prices are likely to hinder the market's growth during the forecast period.
  • The EU's energy goals call for 32% clean and sustainable power generation by 2030, leaving 68% for other sources like oil and gas.Hence, Europe's offshore exploration and production are expected to have more potential in the market, which, in turn, is likely to provide an opportunity for jackup rig providers in the future.
  • Norway is expected to dominate the European jackup rig market over the forecast period.

Europe Jackup Rigs Industry Segmentation

Jack-up rigs are offshore rigs with three or four movable legs that can elevate when the rig relocates from one location to another. Jack-up rigs are commonly used for oil and gas activities in shallow depths. The report covers the size and forecasts of the jack-up rig market across the major countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD billion).

Geography
United Kingdom
Russia
Norway
Netherlands
Rest of Europe
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Europe Jackup Rig Market Size Summary

The European jack-up rig market is poised for significant growth, driven by increasing demand for modern rigs and expanded offshore oil and gas activities. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted supply chains and led to oil price declines, the market has shown resilience and is expected to continue its upward trajectory. The European Union's energy strategy, which emphasizes a substantial portion of power generation from clean and sustainable sources, still leaves a significant share for oil and gas, thereby enhancing the potential for offshore exploration and production. This scenario presents lucrative opportunities for jack-up rig providers, particularly in Norway, which is anticipated to lead the market due to its robust offshore activities and new oil and gas discoveries.

The majority of Europe's oil and gas production is derived from offshore reserves, predominantly in the North Sea, with the United Kingdom and Norway being key contributors. The increasing offshore activities, including new licensing rounds and contracts for high-efficiency rigs, are expected to bolster the demand for jack-up rigs in the region. Notable developments include the United Kingdom North Sea Transition Authority's licensing round and significant contracts awarded to companies like Maersk Drilling and Shelf Drilling in various European waters. Norway's leading position, supported by substantial undiscovered resources and ongoing exploration activities, further underscores the market's growth potential. The European jack-up rig market remains moderately fragmented, with major players such as Noble Corporation, Maersk Drilling, Seadrill, Borr Drilling, and Valaris actively participating in the region's expanding offshore oil and gas sector.

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Europe Jackup Rig Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Geography

      1. 2.1.1 United Kingdom

      2. 2.1.2 Russia

      3. 2.1.3 Norway

      4. 2.1.4 Netherlands

      5. 2.1.5 Rest of Europe

Europe Jackup Rig Market Size FAQs

The Europe Jackup Rig Market is projected to register a CAGR of greater than 6.10% during the forecast period (2024-2029)

Seadrill Ltd , Borr Drilling Ltd, Noble Corporation PLC, Maersk Drilling AS and Valaris PLC are the major companies operating in the Europe Jackup Rig Market.

Europe Jack Up Rig Market Report Snapshots

Europe Jackup Rigs Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)