openPR Logo
Press release

What's driving the Offshore Drilling Market Growth? Prominent Players: Archer - the well company, Borr Drilling, Odfjell Drilling, Pacific Drilling, Noble Drilling, Valaris plc, Transocean, Shelf Drilling, Maersk Drilling, KCA Deutag

What's driving the Offshore Drilling Market Growth? Prominent

The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights(TM) in its new report, titled "Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026".

To Gain More Insights into the Offshore Drilling Market, Browse Summary of the Research Report: https://www.fortunebusinessinsights.com/offshore-drilling-market-102636

According to the International Energy Agency (IEA), the global demand for electricity is projected to rise by 2.1% annually till 2040, representing an increase from 19% in 2018 to 24% in 2040 in terms of share of electricity in total energy consumption. Moreover, presently, non-renewable sources account for 36% of the total electricity generation around the world. Fossil fuel-powered plants require oil and gas to function smoothly and generate a stable amount of electricity. With the accelerating pace of urbanization and industrialization in emerging economies, the demand for electricity will necessitate higher production of oil and gas, which will drive the offshore drilling market trends.

As per the report, the value of this market stood at USD 31.26 billion in 2018. Additionally, the report contains the following:
o Comprehensive insights into the key drivers and trends shaping the market;
o In-depth evaluation of the major hindrances facing the market;
o Microscopic study of all the possible market segments; and
o Thorough research into the competitive landscape and regional dynamics influencing the market.

List of Players Covered in the Offshore Drilling Market Report:

o Archer Well Company (Norway)
o Borr Drilling (Bermuda)
o Odfjell Drilling (Norway)
o Pacific Drilling (United State)
o Noble Drilling (United Kingdom)
o Valaris plc (United Kingdom)
o Transocean (Switzerland)
o Shelf Drilling (UAE)
o Maersk Drilling (Denmark)
o KCA Deutag (United Kingdom)
o COSL - China Oilfield Services Limited (China)
o Diamond Offshore Drilling, Inc. (United States)
o Saipem (Italy)
o Nabors Industries (Bermuda)

Request a Sample Copy for more detailed Offshore Drilling Market Overview: https://www.fortunebusinessinsights.com/enquiry/sample/offshore-drilling-market-102636

Market Restraint

Devastating Environmental Impacts of Offshore Drilling to Dampen Prospects
The offshore drilling market outlook is likely to get dampened owing to the grave threats that offshore drilling activities pose on the environment. One of the biggest risks is that oil spills that can inflict long-term harm on ocean ecosystems. For instance, the 1989 Exxon Valdez oil spill in Alaska continues to affect marine ecosystems after 30 years of the event, according to the National Academy of Sciences. Another threat posed by drilling activities is that of marine pollution. For example, the US-based Natural Resources Defense Council observes that waste drilling muds, an essential part of drills, house large amounts of toxic metals such as mercury and lead. These toxic materials can bio-accumulate and bio-magnify, causing irreparable damage to marine organisms. Thus, these ill-effects on marine ecology may inhibit the growth of the market in the near future.

Regional Analysis:

Asia-Pacific to Occupy Commanding Position; Middle East & Africa to Show Promising Growth
Asia-Pacific, which boasted a market size of USD 11.23 billion in 2018, is anticipated to command the offshore drilling market share during the forecast period on account of potential presence of undiscovered oil & gas reserves. The Middle East is well-known for its vast hydrocarbon reserves and countries such as Saudi Arabia and Qatar are further ramping up their exploration & production (E&P) capabilities through extensive fleet expansion activities. Africa is fast emerging as a major hotbed of hydrocarbon sources, prompting huge investments by companies and governments in the continent. European energy majors, namely Norway, UK, Germany, and Russia, are making significant investments in increasing their offshore E&P activities, especially in the North Sea and the Norwegian continental shelf.

Have Any Query? Ask Our Experts - https://www.fortunebusinessinsights.com/enquiry/queries/offshore-drilling-market-102636

Competitive Landscape:

Geographic Expansion to be the Central Focus of Key Players
The offshore drilling market forecast suggests that key players in this market such as Maersk and Archer will focus on expanding their operations in unchartered territories in the coming years. This expansion will enable them to broaden their business horizons and exploit early-bird advantage in regions with untapped sources.

Industry Developments:

o March 2020: ExxonMobil's Australian subsidiary, Esso Australia, announced that it has hit the total depth in its ongoing project in the West Barracouta gas field development in Bass Strait. Comprising of two subsea production wells, the development project will be controlled by the prevailing Barracouta infrastructure, with production slated to commence from early 2021.
o January 2020: Transocean Ltd., the world's largest offshore drilling company based in Switzerland, reported that it is experiencing a flood of contracts for its ultra-deepwater services as well as its services for drilling in inhospitable environmental conditions. The company also declared that it has secured additional contracts worth $352.9 million at the beginning of 2020.

Major Table of Content for Offshore Drilling Market:

1. Introduction
2. Executive Summary
3. Market Dynamics
4. Key Insights
5. Global Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
6. North America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
7. Latin America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
8. Europe Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
9. Asia Pacific Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
10. Middle East and Africa Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
11. Competitive Analysis
Complete TOC Available Here....

Purchase Full Report for Exclusive Offshore Drilling Market Growth Forecast - https://www.fortunebusinessinsights.com/checkout-page/102636

An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/offshore-drilling-market-102636

Contact Us:, Fortune Business Insights Pvt. Ltd., 308, Supreme Headquarters,, Survey No. 36, Baner,, Pune-Bangalore Highway,, Pune - 411045, Maharashtra, India., , Phone:, US :+1 424 253 0390, UK : +44 2071 939123, APAC : +91 744 740 1245, Email: sales@fortunebusinessinsights.com,

Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release What's driving the Offshore Drilling Market Growth? Prominent Players: Archer - the well company, Borr Drilling, Odfjell Drilling, Pacific Drilling, Noble Drilling, Valaris plc, Transocean, Shelf Drilling, Maersk Drilling, KCA Deutag here

News-ID: 2025434 • Views:

More Releases from Fortune Business Insights Pvt. Ltd.

Theme Park Market Size, Share, Trends, Analysis, Growth, Segmentation, Forecast, 2032| Companies- Merlin Entertainments, PARQUES REUNIDOS, Fantawild Holdings Inc., Aspro Parks, Universal Studios & Others
Theme Park Market Size, Share, Trends, Analysis, Growth, Segmentation, Forecast, …
The theme park market size was valued at USD 51.66 billion in 2023 and is expected to be worth USD 55.90 billion in 2024. The market is projected to reach USD 124.71 billion by 2032, recording a CAGR of 10.55% during the forecast period. A theme park is characterized by a central theme that unifies its attractions and experiences. The rise in disposable incomes, particularly in emerging countries, which has led
Aromatherapy Market Size, Share, Growth, Research Report, Forecast, 2032 | Companies- The Aromatherapy Place, Cleveland Clinic, Aromatherapy Associates, Aromatics International & Others
Aromatherapy Market Size, Share, Growth, Research Report, Forecast, 2032 | Compa …
The global aromatherapy market size stood at USD 1.51 billion in 2023. The market is slated to rise from USD 1.60 billion in 2024 to USD 2.58 billion by 2032, exhibiting a CAGR of 6.27% during the analysis period. Aromatherapy uses natural plant extracts for the promotion of well-being and health. The mounting awareness among consumers regarding the numerous benefits of using organic and natural solutions augments the product demand across
Lab Grown Diamond Market Size, Share, Growth, Overview, Revenue, Statistcs, Forecast, 2032
Lab Grown Diamond Market Size, Share, Growth, Overview, Revenue, Statistcs, Fore …
The global lab grown diamond market size was valued at USD 22.79 billion in 2023. The market is projected to grow from USD 25.89 billion in 2024 to USD 74.45 billion by 2032, exhibiting a CAGR of 14.11% during the forecast period of 2024-2032. Manufactured through CVD or HPHT methods, lab grown diamonds offer controlled quality and are created in just a few months, contrasting with the long formation time of
Streetwear Market Size, Share, Trends, Industry Analysis, Forecast, 2032
Streetwear Market Size, Share, Trends, Industry Analysis, Forecast, 2032
The streetwear market size was valued at USD 325.28 billion in 2023 and is expected to be worth USD 347.14 billion in 2024. The market is projected to reach USD 637.13 billion by 2032, recording a CAGR of 7.89% during the forecast period. Streetwear, a fashion trend rooted in the cultural aesthetics of youth subcultures, has become a distinct style. It is popular for its vibrant colors, bold logo graphics, and

All 5 Releases


More Releases for Drilling

Offshore Drilling Market to Rise at 7.9% CAGR till 2026; Archer Well Company, Bo …
The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights™ in its new report, titled “Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater),
What's driving the Offshore Drilling Market Growth? Prominent Players: Archer - …
The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights™ in its new report, titled “Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater),
What's driving the Offshore Drilling Market Growth? Prominent Players: Archer - …
The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights(TM) in its new report, titled "Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater),
Air Core Drilling Market By Application Dust Drilling, Mist Drilling and Foam Dr …
Allied Market Research published a new report, titled, " Air Core Drilling Market by Application (Dust Drilling, Mist Drilling, Foam Drilling, Aerated Fluid Drilling, and Nitrogen Membrane Drilling), by End-use Industry (Oil & Gas, Mining, and Construction) - Global Opportunity Analysis and Industry Forecast, 2020-2027." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a
Global Drilling Tools Market Analysis 2020 3D Drilling Tools, Sandvik, Redback D …
Global Drilling Tools market represents the advanced technology manufacturer with high quality data such as segment wise data, region wise data and qualitative analysis of the data which is collected from industry expert and market participants across the key points of market value chain. The market report is also comes up with the comprehensive study of Drilling Tools market insight, historical data from 2015-2019, forecast data from 2020-2025, and variations
Drilling Machine Market by Type (Sensitive Drilling Machine, Upright Drilling Ma …
Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in drilling machine. Moreover, various domestic players are investing in the automotive and military & defense sectors, which is anticipated to boost the demand for drilling machines and its components to complete the respective operations with reduced labor cost and high precision of work within optimized time. Furthermore, the drilling machine market is