Global Offshore Drilling Market, By Service Type (Contract Drilling, Directional Drilling, Logging While Drilling, Measurement While Drilling), Application (Shallow Water Drilling, Deepwater Drilling, Ultra-Deepwater Drilling), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Offshore Drilling Market
Offshore drilling market will reach an estimated valuation of USD 121.89 million by 2028, while registering this growth at a rate of 4.60% for the forecast period of 2021 to 2028. Offshore drilling market report analyses the growth, which is currently being growing due to the rising number of technological advancement.
The automated method of petroleum and natural gas extraction from the seabed is offshore drilling. It utilises a stationary or mobile platform in the Open Ocean and deep water area, located off the coast. It normally extracts petroleum from the formation of rock below the seabed. With the growing amount of oil and petroleum products used at the global level, offshore drilling is gaining popularity.
Surging levels of investment for exploration and production (E&P) activities, which will lead to the rise in the number of upcoming projects, liberalization of the Mexican oil and gas industry along with rising demand for oil and gas across the globe, increasing focus on deep water drilling, rising numbers of vehicles plying on road have increased the daily energy demand, increasing growth of the goods and passenger transportation industry are some of the major as well as vital factors which will likely to augment the growth of the offshore drilling market in the projected timeframe of 2021-2028. On the other hand, rising number of Arctic discoveries along with presence of vast untapped reserves, the oil and gas companies are shifting from shallow-water drilling to ultra-deep water drilling which will further contribute by generating massive opportunities that will lead to the growth of the offshore drilling market in the above mentioned projected timeframe.
Increasing need of high capital investment along with volatility in the prices of oil which will likely to act as market restraints factor for the growth of the offshore drilling in the above mentioned projected timeframe. Stringent rules and regulations of the government along with increasing environmental concern which will become the biggest and foremost challenge for the growth of the market.
This offshore drilling market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on offshore drilling market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Offshore Drilling Market Scope and Market Size
Offshore drilling market is segmented on the basis of service type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of service type, the offshore drilling market is segmented into contract drilling, directional drilling, logging while drilling, and measurement while drilling. Contract drilling segment will hold the largest share in the growth of the market.
- Offshore drilling market is segmented in terms of market value, volume, market opportunities, and niches into multiple applications. The application segment for offshore drilling market includes shallow water drilling, deepwater drilling, and ultra-deepwater drilling.
Offshore Drilling Market Country Level Analysis
Offshore drilling market is analysed and market size, volume information is provided by country, service type, and application as referenced above.
The countries covered in the offshore drilling market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the offshore drilling market due to the increasing natural gas especially shale gas exploration, rising number of technological advancement along with prevalence of large oil reserves in the region. Asia-Pacific region is expected to hold the largest growth rate in the offshore drilling market during the forecast period of 2021-2028 due to the increasing number of exploration and production activities along with rising demand of oil and gas in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Offshore Drilling Market Share Analysis
Offshore drilling market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to offshore drilling market.
The major players covered in the offshore drilling market report are Halliburton.; Schlumberger Limited.; Seadrill Limited; TRANSOCEAN LTD.; Weatherford; China Oilfield Services Limited; DIAMOND OFFSHORE DRILLING, INC.; Baker Hughes Company; DOLPHIN DRILLING; MAERSK DRILLING; KCA Deutag; Valaris plc; Nabors Industries Ltd.; Paragon Offshore; Scientific Drilling International; Noble Corporation; Superior Energy Services, Inc.; Archer.; Helmerich & Payne.; Patterson-UTI Energy, Inc.; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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