Offshore Drilling Market Overview, Industry Statistics Forecast 2022-2028

According to Precision Business Insights (PBI), the latest report, the market value of the offshore drilling market size is expected to be valued at USD 33.4 billion in 2022 which is expected to grow at a CAGR of 8.3% over 2022-2028. The primary factors that drive the market are growing demand for oil and gas, increasing investments in exploration & production (E&P), severe regulations on onshore drilling projects, and a rise in offshore detection.

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Deep-Water to Dominate the Offshore Drilling Market:
Based on application type, deep-water holds the highest market share. The major factor for the rise of this segment is the probability of substantial hydrocarbon. Companies are shifting their emphasis from shallow water to deep-water manufacture as both deep-water and ultra-deep-water grasp a substantial quantity of hydrocarbons. The main gas and oil businesses are progressively participating in recuperating untapped hydrocarbon reserves which can drive the global offshore drilling market growth.
Middle East & Africa Offshore Drilling Market:
The Middle East & Africa region is expected to grow significantly in the global offshore drilling market over the forecast period. The Middle East & Africa region is expanding as numerous vital companies in these regions are paying intense attention to increasing offshore activities to fulfill their production aims. Apart from this, the presence of various countries in the Middle Eastern and African regions having significant offshore oil and gas reserves, the new findings of oil and gas reserves in the eastern Mediterranean Sea, and the presence of the largest gas field in the world, the South Pars Gas Complex in the Persian Gulf are some of the reasons for the potential growth of the market in these regions.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global offshore drilling market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In January 2022, Shell PLC announced a important oil and gas finding in an offshore well in Namibia. In February 2021, Egypt launched a proposal inviting possible companies for oil and natural gas exploitation and exploration in 24 blocks.

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The offshore drilling market is segmented based on, service type, application, and region.
Based on the service type, the market is segmented into the following:
• Contract Drilling
• Directional Drilling
• Logging While Drilling
• Measurement While Drilling

Based on the application type, the market is segmented into the following:
• Shallow Water
• Deep Water
• Ultra-Deep Water

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the offshore drilling market report are Halliburton (U.S.), Schlumberger (U.S.), Weatherford International Inc (U.S.), Seadrill (Bermuda), Aban Offshore Limited (India), China Oilfield Services Ltd. (China), Ensco plc (UK), Diamond Offshore Drilling Inc. (U.S.), Vantage Drilling Co. (U.S.), and Pacific Drilling (U.S.)

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This release was published on openPR.