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Offshore Drilling Market to Register 7.9% CAGR till 2026; Increasing Utilization of Drillship in Subsea Exploration Activities to Favor Market Growth

April 14, 2020 | Energy & Power

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/offshore-drilling-market-102636


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.


Industry Development:



  • June 2018: The US-based offshore drilling contractor Diamond Offshore Drilling unveiled its Blockchain Drilling service, the first of its kind in this industry. The service is intended to optimize well construction activities in both onshore and offshore settings.


List of Key Companies Covered in this Market Report:



  • Shelf Drilling (UAE)

  • Maersk Drilling (Denmark)

  • KCA Deutag (United Kingdom)

  • COSL – China Oilfield Services Limited (China)

  •  Diamond Offshore Drilling, Inc. (United States)

  • Saipem (Italy)

  • Nabors Industries (Bermuda)

  • Archer Well Company (Norway)

  • Borr Drilling (Bermuda)

  • Odfjell Drilling (Norway)

  •  Pacific Drilling (United State)

  • Noble Drilling (United Kingdom)

  • Valaris plc (United Kingdom)

  • Transocean (Switzerland)


Further Report Findings:



  • The drillships segment held a share of 50.7% in 2018 and is expected to maintain its leading position owing to increasing focus on deepwater and ultra-deepwater exploration activities.

  • The market size in Asia-Pacific was at USD 11.23 billion in 2018 and the region is slated to dominate the market share throughout the forecast period. This is mainly attributable to the rising investment in offshore drilling operations to fuel domestic hydrocarbon production by the National Oil Companies.

  • In Latin America, regional players and governments are focusing on ultra-deepwater exploration of oil & gas. Brazil is foreseen to emerge as a dominant country on account of its massive investments in offshore E&P operations.


Table of Segmentation:







































Global Offshore Drilling Market Scope



Study Period



2015-2026



Base Year



2018



Forecast Period



2019-2026



Historical Period



2015-2017



Unit



Value (USD Billion)



Segmentation



By Rig Type



  • Drill Ships

  • Semi-submersibles

  • Jackups



By Water Depth



  • Shallow Water

  • Deepwater

  • Ultra-Deepwater



By Region



  • North America (U.S. and Canada)

  • Europe (UK, Norway, and Rest of Europe)

  • Asia-Pacific (China, India, Australia, Malaysia, Indonesia, and Rest of Asia-Pacific)

  • Middle East & Africa (Saudi Arabia, UAE, Nigeria, Angola, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Offshore Drilling Market
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