Offshore Drilling Market 2024: Comprehensive Study Explores Huge Revenue Scope in Future | Leading Key Players- Baker Hughes Inc., Weatherford, Halliburton Co. and Schlumberger Ltd.

Global Offshore Drilling market accounted for $79.53 billion in 2017 and is expected to reach $152.47 billion by 2026 growing at a CAGR of 7.5%. Some of the important aspects that driven the market growth are huge investments on new offshore reserves and increasing demand for oil and gas, said a market research report by WMR.

However, the growth of offshore drilling market is inhibited by the regulations regarding environment and low oil prices. One of the major opportunities is the Arctic Discoveries.

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Increasing crude oil and petrochemical consumption across various industries such as transportation, plastics, energy, textiles and paints & coatings is expected to drive exploration activities in offshore sites. Increasing investment in deep and ultra-deep offshore exploration activities is expected to further augment the market growth over next seven years.

Increasing supply-demand gap on account of unstable political conditions in Middle East and North Africa are driving exploration activities in Eastern Europe and North America which in turn is expected to have a positive impact on global offshore drilling market. Large sea shores possessed by various countries have driven efforts towards offshore oilfield excavations.

Increasing demand for crude oil derived products such as gasoline, diesel, kerosene etc. Rising numbers of vehicles plying on road has increased the daily energy demand all over the world. Growing goods and passenger transportation industry on account of globalization and rising trade practices has augmented the fuel demand over the past and is expected to positively affect the market growth over the forecast period.

Based on service, Directional Drilling is estimated to lead the market during the forecast period, the dynamic factor for this is the drop in oil prices which motivated companies to increase the production from basins with proven oil reserves.

By Geography, Asia-Pacific is anticipated to be the high in this market during the forecast period. Latest discoveries of oil & gas in the offshore basins in East Asia, Australia region, and China Sea and high demand from China and India are likely to force the in this market.

"That demand will lead to promote exploration and production in the region, with the ever-rising demand for oil and gas in that region the market is expected to achieve high growth," said the report.

Offshore drilling is a mechanically held procedure where a well is bored below the seabed. It is normally done in order to see the sights for and consequently take out petroleum that lie in rock that are formed under the seabed.

Generally, it represents penetrating exercises on the mainland rack anyway the term can likewise be connected to boring in lakes, inshore waters and inland oceans.

Major industry participants operating in the global offshore drilling market include Baker Hughes Inc., Weatherford, Halliburton Co. and Schlumberger Ltd. Offshore contract drilling service providers include Ensco, Transocean, Seadrill, Maersk Drilling and Noble Corporation among others.

Key trend observed with the market participants include various growth strategies such as expansions in diversified geographic areas, contract agreements, and mergers & acquisitions.

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This release was published on openPR.