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The global offshore drilling market size is expected to hit USD 56.97 billion by 2026 on account of rising interest in ultra-deepwater exploration, shares Fortune Business Insights™ in its report, titled “Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026”. According to the report, the market value stood at USD 31.26 billion in 2018 and is projected to grow at a CAGR of 7.9% from 2019 to 2026.
Maersk Introduces New Hybrid, Low-emission Rig
Launch of innovative and sustainable solutions is steadily becoming one of the dominant offshore drilling market trends and is steadily enhancing the potential of the energy and power sector. In May 2019, the Danish conglomerate Maersk Drilling marked a new milestone in this industry by introducing the Maersk Intrepid, the company’s futuristic hybrid and low-emission rig for drilling in the Norwegian Continental Shelf. The rig is unique in that it harnesses the combined force of data intelligence, hybridity, and cleaning technology to lower emission of nitrogen oxide and carbon dioxide. With this launch, Maersk seeks to direct the offshore drilling industry trends toward energy-efficiency in oil & gas exploration activities.
Rising Interest in Untapped Hydrocarbon Storehouses to Boost the Market
While conventional oil & gas reserves such as those in the Middle East, the North Sea, and the Gulf of Mexico continue to be exploited, there are many other undiscovered or under-tapped hydrocarbon hotbeds that remain unexplored. According to the United States Geological Survey, nearly three-fourth of the world’s hydrocarbon resources still remained untapped in the Middle East and North Africa, sub-Saharan Africa, the Arctic region, and South America and the Caribbean. Similarly, in India, the Economic Times reported that vast hydrocarbon reserves in the Krishna-Godavari basin, the Andaman Islands, the Saurashtra coast, and Kerala-Konkan strip remain untouched. As a result, National Oil Companies (NOC) and private sector players are fiercely competing with each other to secure drilling contracts for these regions, which is broadening the offshore drilling market outlook.
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High Demand for Drilling Technologies Worldwide to Intensify Market Competition
The demand for fossil fuels is unlikely to decrease in the foreseeable future. This implies that the demand for offshore drilling activities is also unlikely to wane, meaning that the opportunities for expansion are abound in this sector. In view of this situation, the offshore drilling market forecast envisages a period of breakneck competition in this market as companies race to secure contracts and establish their presence in unexplored regions. Moreover, some industry bigwigs are also ramping up their R&D investment to develop environment-friendly products and maintain their edge over the rest of the competitors.
List of Key Companies Covered in this Market Report:
Further Report Findings:
Table of Segmentation:
Global Offshore Drilling Market Scope
Value (USD Billion)
By Rig Type
By Water Depth