South Korea Floating Drilling Rigs Market was valued at USD 0.9 Billion in 2022 and is projected to reach USD 1.4 Billion by 2030, growing at a CAGR of 6.7% from 2024 to 2030.
The South Korea Floating Drilling Rigs Market is experiencing significant growth, fueled by increasing demand from the offshore oil and gas exploration and production industries. With the country’s strategic location in the Pacific Ocean and its advanced technological infrastructure, South Korea has become a hub for high-quality floating drilling rigs that support deep-water drilling operations. As global energy demands rise and exploration ventures expand into more challenging and remote areas, the need for these specialized rigs has intensified, making the floating drilling rigs market in South Korea a critical element of the global offshore oil industry.
Floating drilling rigs are crucial for the extraction of oil and gas from offshore fields that are located in deeper waters. These rigs are used for a variety of purposes, including exploration, drilling, and the installation of production systems. They offer a versatile solution for challenging offshore environments, providing both stability and mobility. The types of floating drilling rigs available in the South Korean market include semi-submersibles, drillships, and spars, each designed for specific operational needs. The semi-submersible rigs, for instance, are favored for their stability in rough seas, while drillships are often used for ultra-deep-water drilling, given their advanced positioning capabilities.
Industries across the globe are increasingly relying on floating drilling rigs due to their adaptability to harsh environmental conditions and deep-water capabilities. South Korea’s market caters to both national and international demands, supporting industries like oil and gas, marine exploration, and energy production. As the global energy mix continues to shift, the need for more efficient and sustainable energy extraction technologies is growing, further boosting the requirement for advanced floating drilling rigs. The market’s demand is being driven by these evolving industry needs, which call for robust and efficient equipment that can withstand deep-sea conditions.
The Floating Drilling Rigs Market in South Korea also reflects broader trends in the global offshore drilling sector. As South Korea leads in technological advancements, including innovations in drill rig designs, automation, and remote operations, the country has positioned itself as a leader in supplying state-of-the-art rigs that meet the rigorous needs of the oil and gas industry. As a result, both local and international companies are increasingly relying on South Korean floating drilling rigs to meet their offshore exploration needs.
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Schlumberger
Bentec GmbH
Baker Hughes
Liebherr
Sembcorp Marine
DSME
COSCO
Cortec Corporation
Keppel Offshore & Marine
Drillmec
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Floating Drilling Rigs Market
Semisubmersibles
Drillships
Deepwater Rigs
Jack-up Rigs
Shallow Water (up to 500 meters)
Mid-water (501 to 1,500 meters)
Deepwater (1,501 to 3,000 meters)
Ultra-deepwater (above 3,000 meters)
Oil and Gas Exploration
Well Construction
Scientific Research
Production Support
Owned
Chartered
Leased
Managed Services
Oil and Gas Companies
Governmental and Non-Governmental Organizations
Research Institutions
Offshore Service Companies
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Floating Drilling Rigs Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Floating Drilling Rigs Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Floating Drilling Rigs Market, By Type
6. South Korea Floating Drilling Rigs Market, By Application
7. South Korea Floating Drilling Rigs Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Floating Drilling Rigs Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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