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
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:
• Comprehensive insights into the key drivers and trends shaping the market;
• In-depth evaluation of the major hindrances facing the market;
• Microscopic study of all the possible market segments; and
• Thorough research into the competitive landscape and regional dynamics influencing the market.
List of Players Covered in the Offshore Drilling Market Report:
• Archer Well Company (Norway)
• Borr Drilling (Bermuda)
• Odfjell Drilling (Norway)
• Pacific Drilling (United State)
• Noble Drilling (United Kingdom)
• Valaris plc (United Kingdom)
• Transocean (Switzerland)
• Shelf Drilling (UAE)
• Maersk Drilling (Denmark)
• KCA Deutag (United Kingdom)
• COSL – China Oilfield Services Limited (China)
• Diamond Offshore Drilling, Inc. (United States)
• Saipem (Italy)
• Nabors Industries (Bermuda)
Request a Sample Copy for more detailed Offshore Drilling Market Overview: https://www.fortunebusinessinsights.com/enquiry/sample/offshore-drilling-market-102636
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.
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
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.
• 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.
• 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:
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
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
This release was published on openPR.
Permanent link to this press release:
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: 2132025 • Views: 123
More Releases from Fortune Business Insights Pvt. Ltd.
What’s driving the Bucket Elevators Market Growth? Prominent Players: ZUTHER G …
The global bucket elevator market size is projected to reach USD 1,287.1 million by 2026, exhibiting a CAGR of 5.7% during the forecast period. Steady growth in the construction industry to be the key growth driver for this market, according to the new Fortune Business Insights™ report, titled “Bucket Elevator Market Size, Share & Industry Analysis, By Type (Centrifugal and Continuous), By Industry (Cement, Food & Beverages, Chemical, Power &
What's driving the AC Drive Market Growth? Prominent Players: ABB, Siemens, Danf …
The global AC drives market size was USD 10.39 billion in 2018 and is projected to reach USD 15.62 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. The rising awareness about green energy sources across the world is transforming the energy and power industry. The trend of green energy is emerging on account of increasing environmental pollution from traditional energy resources. Governments are playing a significant
What's driving the Smart Building Market Growth? Prominent Players: Cisco, Hitac …
The global smart building market size was USD 43.64 billion in 2018 is projected to reach USD 109.48 billion by 2026, exhibiting a CAGR of 12.6% during the forecast period.The rising awareness about green energy sources across the world is transforming the energy and power industry. The trend of green energy is emerging on account of increasing environmental pollution from traditional energy resources. Governments are playing a significant role in
Industry 4.0 Market Ongoing Trends and Recent Developments with Key Companies li …
The global Industry 4.0 Market size is predicted to reach USD 260.71 billion by 2026, exhibiting a CAGR of 16.3% during the forecast period. The rising digitization and emphasis on smart robots and machines can have a positive impact on the industry 4.0 market growth during the forecast period. Moreover, the growing connectivity of machines and systems, along with the exchange of real-time information, can consequently enhance the
More Releases for Drilling
Fully automatic deep hole drilling
TBT loading system allows unmanned shifts Along with other precision machined components, GLUMANN Maschinenbau in Chemnitz, Germany specialises in producing long rotating shaft type parts. Deep Hole Drilling plays an important role the production of these items and so in order to keep up with the growing volume demands from an engineering customer, the contract manufacturer (GLUMANN) decided to equip their new Deep Hole Drilling Machine from TBT with a fully
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
Horizontal Directional Drilling Market
https://www.qandqmarketresearch.com/reports/7588092/horizontal-directional-drilling-market-45 The global market size of Horizontal Directional Drilling is $XX million in 2018 with XX CAGR from 2014 to 2018, and it is expected to reach $XX million by the end of 2024 with a CAGR of XX% from 2019 to 2024. Global Horizontal Directional Drilling Market Report 2019 Market Size, Share, Price, Trend and Forecast is a professional and indepth study on the current state of the global Horizontal Directional
Drilling Machine Market Report 2018: Segmentation by Type (Portable Drilling Mac …
Global Drilling Machine market research report provides company profile for Halliburton, Atlas Copco, Torquado Drilling Accessories, DATRON, DMTG, DMG MORI, SMTCL, NewTech Drilling Products, Baker Huges, Cheston, National Oilwell Varco and Others. This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the
Auger Drilling Market highly fragmented & competitive 2025 - American Drilling R …
Global Auger Drilling Market: Snapshot Auger drilling involves the task of drilling through massive depths that are enough for mining companies to search for minerals seated well below the ground level. One of the distinct features of auger drilling is that it engages three blades attached to a hollow tube that hold the potential to cut through the earth’s surface. The hollow tube of an auger drill is capable of separating
Drilling Rigs Market - Onshore drilling activities have reached maturity
Around the world, there are seven different types of drilling rigs that are currently in use for offshore operations. Drilling rigs are available in a number of sizes that range from single person operated to those capable of making holes several thousands of meters below the earth’s surface. Not only can this, drilling rigs test sub-surface material for a know-how of physical properties of a drill site. Drilling in oil and