Market Size of Europe Jackup Rig Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
