Offshore Drilling Rigs Industry: Remarkable growth predicted!
Exciting times ahead for the offshore drilling rigs industry!
The offshore drilling rigs market is gearing up for remarkable growth. Recent analysis and forecasts from Stratview indicate a promising future, projecting an impressive Compound Annual Growth Rate (CARG) of 8.91% from 2022-2028. The global offshore drilling rigs market reached a valuation of USD 96.52 billion in 2021 and is expected to culminate in a staggering USD 176.43 billion by 2028.
Yet, amidst the anticipation of growth, it´s important to acknowledge that the offshore drilling industry face challenges, and the present moment is no exception.
As the drilling industry continues to expand, a continued dedication to safety will be paramount. The rapid growth in this sector implies that a larger number of individuals will be involved / working in the industry – and are therefore at potential risk of incidents.
The recent surge in incidents and fatalities as highlighted by the IADS ISP, with a global Lost Time Incident (LTI) rate jumping by 30.8% compared to 2020, serves as a stark reminder. Read the full report. The message is clear: with expansion comes an enhanced responsibility, and safety must remain a top priority.
Real Safety has been a trusted provider of safety solutions to the offshore drilling industry since 2007. Our journey in this industry has been about more than just expertise; it´s about pushing boundaries of innovation, and most importantly safety. It´s all about people. Read more about our work in the offshore drilling industry here.
Sources:
- Offshore Drilling Rigs Market Share, Growth, & Forecast Analysis (stratviewresearch.com)
- 2021 IADC ISP report shows rise in incidents and fatalities, highlights need to renew focus on safety – Drilling Contractor
- Drilling Contractor Magazine
