Offshore Drilling Market Analysis over Business Prominent Players (2019-2026): Halliburton Energy Services, Inc, Schlumberger Limited etc.
Offshore drilling uses a fixed or mobile platform positioned off the coast, in the shelf, and deepwater regions to extract petroleum and natural gas from the seabed. This offshore drilling market report includes the insights of some platforms used in offshore drilling and the various types of services offered by them, such as directional drilling, logging while drilling (LWD), and measurement while drilling (MWD). In 2019, the global offshore drilling market valued at USD 102,166.4 million and is estimated to reach USD 187,141.2 million by 2029.
The oil and gas sector witnessed a decline between 2015–2016 due to high production costs and low oil prices during petroleum exploration. However, in recent years, the rising oil prices and substantial investment initiatives have resulted in prominent growth. This gaining momentum in the oil and gas industry increased the drilling and well intervention activities leading to offshore drilling market growth.
The adoption of industry 4.0 technologies, such as AI, machine learning, and artificial neural networks have further enabled the drilling operators to increase efficiency and advance the supply chain perspective on drilling sites, which is expected to expand the drilling operations. Though the U.S. shale production has been a crucial driver for the last few years, the rising drilling activities across the markets of Brazil, South Africa, Venezuela, and Southeast Asia are anticipated to boost the market growth during the forecast period. For instance, Transocean has been awarded new rig contracts and extensions worth USD 352.9 million for its ultra-deepwater drilling services. Likewise, Petronas got awarded with an ultra-deepwater contract worth USD 140,000 for Deepwater Nautilus offshore Malaysia.
Technological advancements in offshore drilling, such as customized subsea processing and unmanned tiebacks, FLNG technology, and drilling equipment have improved oil exploration and production in deep, ultra-deepwater, and harsh-environment offshore fields of the arctic regions. Additionally, in recent years, the oil and gas industry has reduced offshore development and production costs by 30% to 40% by improving the supply chain and enhancing their design concepts. This development in offshore exploration has inclined the exploration and drilling companies to invest in offshore exploration for oil and gas production. For instance, in April 2019, Shell announced the oil discovery at the Blacktip prospect in the deepwater Gulf, located in Alaminos Canyon block 380 in about 1,890 m of water.
The contract drilling segment is anticipated to account for the largest market share during the forecast period. In offshore drilling, a significant amount of revenue comes from the maintenance and services offered by drilling companies during the drilling and intervention activities. As the name suggests, contract drilling is a contract/agreement signed by a drilling company for the preparation of a well for production. These contracts can entail running production casing, stimulation work, and zonal isolation to allow the well to flow. Transocean, Maersk Drilling, and Ensco are some of the well knows offshore drilling contractors in the market.
The floating segment contributed to the second-largest market share in 2019 and is estimated to record the fastest CAGR of around 6.7% during the forecast period. The floating segment includes the semi-submersible platforms and drillships that have witnessed a significant demand in recent years owing to the increase in ultra-deepwater drilling activities. It is used for drilling, processing, and storing oil and gas, and can operate in water depths up to 12,000 ft.
The Asia-pacific market accounted for the largest market share in 2019 and is expected to reach USD 63,941.3 million by 2029 with the fastest CAGR. The rapid infrastructure development, increasing drilling and well-intervention activities and technological advancements are some of the key factors favoring the growth of the oil and gas industry in the regional market.
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The Major Prominent Players Covered in this Report:
Halliburton Energy Services, Inc, Schlumberger Limited, Weatherford International Ltd, Baker Hughes, a GE company LLC, China Oilfield Services Limited, VALLOUREC, Nabors Industries Ltd, National Oilwell Varco, Tenaris S.A., Frank’s International N.V & More.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
The analysis of the Offshore Drilling Market by lays out the market size information and knowledge about the market trends along side factors and parameters influencing it in both short- and long-term. The research provides a comprehensive 360° view and insights, outlining the main outcomes of the industry. These essential insights assist the decision-makers in formulating better business plans and make informed decisions for improved profitability. Moreover, the analysis helps venture capitalists in understanding the businesses with a far better perspective and make aware decisions.
Logging While Drilling
Measurement While Drilling
By Water Depth
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Key Offshore Drilling Market Trends:
- The report identifies, determines, and forecasts the Global Offshore Drilling Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Offshore Drilling Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Offshore Drilling Market.
Key Questions Answered in The Report:
What will the Offshore Drilling market growth rate?
What are the key factors driving the global Offshore Drilling market?
Who are the key manufacturers in the Offshore Drilling market space?
What are the market opportunities, market risk, and market overview of the Offshore Drilling market?
What are sales, revenue, and price analysis of top manufacturers of the Offshore Drilling market?
Who are the distributors, traders, and dealers of the Offshore Drilling market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Offshore Drilling Industry?
What are sales, revenue, and price analysis by regions of Offshore Drilling industry?
What are the driving factors contributing to market growth during the short, medium, and long term?
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