Offshore Drilling Market Size

Offshore Drilling Market Size to Grow at a CAGR of 7.40% in the Forecast Period of 2023-2028

The ‘Global Offshore Drilling Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global offshore drilling market, assessing the market on the basis of its segments like product type, depth, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Offshore Drilling Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 7.40%

The global increase in demand for heat and electricity is surging the demand for offshore drilling activities for various fuels, leading to a heightened growth of the offshore drilling market. Key market players across the globe are investing increasingly in offshore drilling activities, due to rising demand for energy from industrial sector, which is further fuelling the market growth. Furthermore, increasing activities of offshore drilling are help nations bordering oceans to explore their oil reserves and improve economic growth.

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Several countries are focusing on increasing capital expenditure to improve the efficiency of offshore drilling operations. A majority of hydrocarbon reserves are usually found under the sea and the offshore hydrocarbon is a reliable source of energy which is promoting the offshore drilling market growth across the globe.

Rising demand for natural gas owing to the increasing fuel consumption in developing economies is subjected to bolster the demand for drilling activities. Offshore drilling creates more job opportunities, reduces tax liabilities, paves way for new habitats, and boosts economic growth, which is further increasing its adoption around the globe.

Offshore Drilling Industry Definition and Major Segments

Offshore drilling refers to a method of extracting natural resources such as petroleum and natural gas from reserves beneath the water bodies such as oceans, seas, and lakes. Depending upon the depth of the water body, the products required can vary.

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Based on product type, the market is segmented into:

• Jackups
• Semisubmersible
• Drill Ships
• Others

On the basis of depth, the market is classified into:

• Shallow Water
• Deep Water and Ultra-deepwater
• Others

By region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Offshore Drilling Market Trends

The key trends in the global offshore drilling market include technological advancements and increasing investments by various governments as well as key market players towards advancing offshore drilling techniques. The discovery and the security of untapped hydrocarbon reserves is a major factor for the rising investments and is expected to fuel the growth of the overall market. Untapped hydrocarbon reserves are in huge demand for conventional fuels from a number of consumers. The development of improved drilling equipment, automation, and sensors are expected to deliver improved efficiency along with enhanced safety and low cost, which is another key trend in the offshore drilling market.

The Asia Pacific region accounted for a large share in the market for offshore drilling, owing to the high consumption of oil and gas and increasing demand for energy from countries like India, China, and Japan, among others. The regional market is expected to continue growing in the forecast period due to rising population and surging demand for electricity induced by rapid industrialisation. Countries in the Asia Pacific are investing towards increasing energy outputs so as to lower dependency on expensive energy and fuel imports from other regions.

Key Market Players

The major players in the global offshore drilling market report are

• Baker Hughes Company
• Exxon Mobil Corporation
• Halliburton Energy Services, Inc.
• Maersk Drilling A/S
• Saipem S.p.A.
• Schlumberger Limited
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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