Offshore Drilling Market Insights Shared in Detailed Report 2021- Baker Hughes Company, Haliburton Company, Schlumberger Limited, Transocean Limited

The Offshore Drilling market is a comprehensive market research report which provides market analysis with a historical & futuristic perspective for the following parameters; market size, revenue, demand, and supply data (as applicable). The report offers a detailed market analysis to provide a detailed research study on the global Offshore Drilling market. Some of the tools used for this are SWOT, PESTEL, and Porter's 5-forces analysis frameworks. The report includes detailed information on the key trends, market drivers, challenges, regulatory landscape, deployment models, opportunities, future roadmaps, value chains, player profiles, and strategies. The impact of the COVID-19, and also forecasts its recovery post-COVID-19. The report also presents forecasts for Offshore Drilling from 2021 till 2026.

Top leading Manufacturers Profiled in Offshore Drilling Market Report are: Baker Hughes Company, Haliburton Company, Schlumberger Limited, Transocean Limited, and Saipem SpA

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The offshore drilling market is expected to grow at a CAGR of more than 5% during the forecast period

Regional Analysis for Offshore Drilling Market:

For a comprehensive understanding of market dynamics, the global Offshore Drilling market is analyzed across key geographies namely the United States, Europe, China, Japan, Southeast Asia, India, Central & South America. Each of these regions is analyzed based on market findings across major countries in these regions for a macro-level understanding of the market.

Middle-East and Africa to Witness a Significant Growth

- Middle-East and Africa is expected to be one of the potential markets with the majority of the demand coming from Nigeria, Angola, and Egypt.

- Middle-East and Africa is expected to witness a significant growth in the market in the coming years due to the recent discoveries in the offshore region.

- The Angolan offshore is among the most prospective plays in Africa and continues to draw high levels of investment. Drilling results are broadly positive, with exploration yielding a number of high-impact discoveries in recent years. A heavy focus on the Kwanza Basin pre-salt has returned five major discoveries since 2011: Bicuar, Cameia, Lontra, Mavinga, and Orca, in blocks 20 and 21.

- On the flipside, with Angolas most prospective acreage in the deepwater, ultra-deepwater, and pre-salt areas, exploration can be characterized as high- risk, high-reward. The bulk of drilling is expected to continue to target deepwater and pre-salt prospects, spearheaded by industry giants, such as Chevron, BP, Eni, Exxon Mobil, Statoil, and Total, along with national oil company Sonangol.

Market Overview

Further, global demand for oil is expected to witness an annual growth rate of 1.2 million barrels per day (mbd) till 2023. Similarly, the global demand for natural gas is expected to increase by 1.6% a year for the next five years, with consumption reaching almost 4,000 billion cubic meters (bcm) by 2022. Factors, such as improved viability of deepwater and ultra-deepwater projects, are likely to drive the offshore drilling market during the forecast period. However, the crude oil prices have been highly volatile in 2018, fluctuating between USD 85 per barrel and USD 50 per barrel by the end of 2018. This volatility of oil prices remains a growing concern for the upstream industry. Hence, this is likely to restrain the growth of the offshore drilling market in the coming years.

- Jackups segment is likely to dominate the market during the forecast period.

- Factors, such as technological improvements and increasing viability of offshore oil and gas projects, several new markets, such as Gabon, Senegal, Guyana, Trinidad & Tobago, Egypt, and the Mexican side of the Gulf of Mexico are actively promoting the development of offshore reserves, especially the deepwater and ultra-deepwater reserves. This, in turn, is expected to create significant opportunities for the operating companies in the near future.

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What is the Impact of Covid-19 Outbreak on the Offshore Drilling?

- Optimistic Scenario: COVID-19 is contained by May or June, With Normalcy returning to global operations through the End of Q2.
- Conservative Scenario: COVID-19 Remains Prevalent, with Continued Impacts Lasting into Q4.
- Estimated Impact of the Coronavirus (COVID-19) Epidemic on the Global Offshore Drilling.
- Offshore Drilling Market Size in 2021
- Corporate Strategy the Manufacturers Should Be Thinking About Right Now.

Frequently Asked Questions about the Offshore Drilling market:

- What are the recent developments and government policies?
- What are the top trends in the Offshore Drilling market?
- What is the growth rate of the market?
- Which Is the Most potential market segment?
- Which are the top industry players in the Offshore Drilling market?
- Which region would offer high growth for vendors in the market?

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The research includes historic data from 2015 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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