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Global Jackup Rig Market: An Analysis
Koncept Analytics, June 2010, Pages: 34
The global Jackup rig market is all set to witness double digit growth rate over the next few years fuelled by the increase in the global offshore exploration and production activity. The offshore exploration and production activity is growing as a result of rise in energy demand due to growing world population.
In 2009, global Jackup market has witnessed a decline breaking the upward trend it has witnessed since 2004. It witnessed a decline due to global economic crisis which resulted in recessionary conditions. The economic crisis has impacted the market in a big way as rig demand fell globally. It has resulted in decline in rig utilization rate to below 80% levels which has not happened in case of earlier economic crisis.
Going into 2010, the global Jackup market has stabilized and rig utilization rate has increased. But the market is still facing the challenge of excess rigs supply which is changing the market dynamics. It has resulted in fierce competition in the market. It is expected that complete market recovery will take some time but the market will become more challenging for the industry players.
The current report provides an in-depth analysis of the global Jackup rig market. The various drivers, opportunities and the challenges faced by the market are discussed in detail. The competitive aspect of the market is also highlighted and the key players are profiled with their strategies for this market.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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