The NOAH Research contemplates that the Offshore Drilling Market will withstand an enlargement in demand over the forecast period. This is because of the huge investment in exploration activities to cater the accelerating demand for hydrocarbon, accelerating urbanisation and huge economic development.
Introduction of the Offshore Drilling Market
Offshore drilling refers to the autonomous process of extricating petroleum and natural gas from the seabed. It broadly separates petroleum from the rock formation existing under the seabed. The growing amount of oil and petroleum products has propelled offshore drilling.
Key Players of Market:
- Atwood Oceanics, Inc.
- Halliburton Company
- Dolphin Drilling AS
- Seadrill Limited
- Schlumberger Limited
- Transocean Ltd.
- Weatherford International Ltd.
- China Oilfield Services Limited
- Baker Hughes Incorporated
- Diamond Offshore Drilling Inc.
- Maersk Drilling
Offshore Drilling Market Dynamics
The surging investment in emerging nations and ongoing technological modernizations throughout the world are the foremost factors propelling Offshore Drilling market growth. Also, the deregulation of Mexican oil and gas sector is propelling the market share. Further, the intensified emphasis on Deepwater drilling is predicted to stimulate drilling activities across offshore locations. In addition, the robust existence of unexploited reserves has persuaded the oil and gas companies to shift towards ultra-deep drilling from shallow water. Thus, the combination of all these factors has paved the way for market growth.
Besides this, the accelerating crude oil prices have raised the investment for supervision and fabrication activities, which will increase the number of approaching projects, thus bolstering the market growth. The mounting demand for oil and gas will further propel the market growth. However, the fluctuation in the prices of crude oil and excessive usage of capital will restrain the Offshore Drilling market growth.
Service Segment Drivers
The contract drilling segment is contemplated to perceive a significant growth over the forecast period. This is because of the ongoing enlargement in Deepwater and ultra-deep-water reserves. Furthermore, the increasing investment in Deepwater projects primarily across Norway, Brazil, and the United States of America, is driving the market growth.
Application Segment Drivers
In accordance with the application, deep-water drilling is predicted to seize the largest share in the market. The soaring number of oil & gas reserves in deep water sedimentary valleys across Africa and Europe will further drive the market growth.
The Asia-pacific region, according to the regional analysis, will experience a faster compound annual growth rate over the coming years. This is because of aggravating number of oil & gas reservoirs, majorly in the Gulf of Thailand, as well as the exacerbating demand from developing nations like India and China. Further, Asia Pacific is regarded as the biggest consumer of oil & gas after North America, resulting in an augmentation in E&P activities is thereby complementing the market growth.
Offshore Drilling Market Segmentation:
Segmentation by Service
- Offshore Contract Drilling Market
- Offshore Directional Drilling Market
- Offshore Logging While Drilling Market (LWD)
- Offshore Measurement While Drilling (MWD)
Segmentation by Application
- Shallow Water Drilling Market
- Deepwater Drilling Market
- Ultra-Deepwater Drilling Market
Segmentation by Region:
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- South Africa
- Saudi Arabia
About NOAH Research
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