Offshore Drilling Global Market 2024 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Offshore Drilling Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The offshore drilling market size has grown strongly in recent years. It will grow from $30.98 billion in 2023 to $33.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to deepwater discoveries, development of offshore infrastructure, economic growth increasing energy consumption, depletion of onshore reserves, and skilled workforce availability.

The offshore drilling market size is expected to see strong growth in the next few years. It will grow to $46.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to enhanced energy security investment in offshore drilling, improvements in supply chain logistics, access to funding and investment, climate change policies, and adoption of higher safety standards. Major trends in the forecast period include the use of digital technologies, integration with renewable energy projects, shift to ultra-deepwater drilling, advances in seismic imaging, and adoption of digital twin technology.

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Market Drivers and Trends:

The rise in demand for natural gas and oil is expected to propel the growth of the offshore drilling market going forward. Natural gas and oil refer to fossil fuels used as primary energy sources for heating, electricity generation, and transportation, playing a crucial role in the global energy supply. The rise in demand for natural gas and oil is driven by increasing energy needs, economic growth, and the transition towards cleaner-burning fuels in power generation and transportation. Offshore drilling enables the extraction of natural oil and gas deposits located beneath the ocean floor, expanding access to offshore reserves and thereby increasing the overall production of oil and gas. For instance, in April 2024, according to the Energy Information Administration, a US-based government agency, at the end of 2022, U.S. crude oil and lease condensate proved reserves increased by 9%, rising from 44.4 billion barrels to 48.3 billion barrels. Similarly, U.S. natural gas proved reserves grew by 10%, reaching a record 691.0 trillion cubic feet (Tcf) in 2022, up from 625.4 Tcf in 2021. Therefore, the rise in demand for natural gas and oil is driving the growth of the offshore drilling market.

Major companies operating in the offshore drilling market are focusing on integrating robotics and artificial intelligence with drilling solutions to gain a competitive edge. Robotics and artificial intelligence (AI) refer to the integration of automated machines with advanced algorithms to perform tasks that typically require human intelligence and dexterity. For instance, in January 2024, Schlumberger, a US-based oilfield services company, launched autonomous drilling operations on the Peregrino C platform with the Delfi digital platform in collaboration with Equinor, a Norway-based petroleum refining company, to enhance operational efficiency, improve safety measures, and optimize overall drilling performance. The platform includes DrillOps and DrillPlan solutions, leveraging cloud-based applications, AI, physics-based science, and seamless data integration to enhance exploration, development, drilling, production, and new energy operations. SLB and Equinor achieved a major milestone in autonomous drilling with 99% of a 2.6-kilometer section drilled autonomously on the Peregrino C platform, enhancing efficiency and reducing costs. The use of SLB's digital drilling solutions significantly improved drilling speed and carbon footprint.

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Major Key Players of the Market:

Schlumberger NV, Baker Hughes Company, Halliburton Company, Saipem S.p.A., NOV Inc., TechnipFMC plc, China Oilfield Services Limited, Subsea 7 S.A., Keppel Corporation, Weatherford International plc, Aker Solutions ASA, Nabors Industries Limited, Petrofac Limited, Transocean Ltd., Oceaneering International Inc., Valaris Limited, KCA Deutag, Noble Corporation plc, Diamond Offshore Drilling Inc., Seadrill, Shelf Drilling Holdings Ltd., Borr Drilling, Pacific Drilling S.A., Odfjell Drilling Ltd., Lamprell plc, Vantage Drilling International, CIMC Raffles Offshore Engineering Pte Ltd

Offshore Drilling Market 2024 Key Insights:

• The offshore drilling market size is expected to see strong growth in the next few years. It will grow to $46.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Demand For Natural Gas And Oil Boosts Offshore Drilling Market Growth
• Development Of Autonomous Offshore Drilling
• Asia-Pacific was the largest region in the offshore drilling market in 2023

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