Offshore Drilling Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Offshore Drilling Market: By Service Type (Contract Drilling, Directional Drilling, Logging While Drilling, and Measurement While Drilling), Application (Shallow Water, Deep Water, and Ultra-Deep Water) and Geography

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Description
Table Of Content
Company Profile

Report

Description

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. Offshore drilling rigs are a vital share of drilling below the sea floor. This drilling technique is used to excerpt natural sources of oil and gas from the earth’s surface. Offshore drilling rigs are basically divided into three types that is semi-submersible rigs, jack-up rigs, and drill ships. These drilling rings are utilized in ultra-deep water, deep water, and shallow water. Jack-up rigs are used in shallow water, in ultra-deepwater, deep water semi-submersible rigs are used, and drillships are utilized in the offshore zone. Offshore drilling rigs deliver amenities to extract, stock, and process natural gas and petroleum. The increasing demand for crude oil can lead to the offshore drilling market growth. Moreover, the growth of onshore gas and oil wells, and findings related to offshore are some primary factors that can boost the global offshore drilling market. Apart from these, for ultradeep-water and deep-water activities, the investment from the operative is growing and can also accelerate the market in the future. However, some factors such as the volatility in crude oil, and the high cost of operations can restrain the growth of the market. the detrimental environmental effects, the requirement for special machinery and equipment for operations, and the absence of skilled professionals can hinder the market growth. Additionally, the companies must follow the rules and regulations to avoid oil spillage and intimidation to the ecosystem of the ocean which can restrain the offshore drilling market growth. Companies should focus on recovering untouched hydrocarbons can create an opportunity for the global offshore drilling market growth.

Key Developments:

In March 2020, Esso Australia announced that it has triumphed the total depth in its current project in the West Barracouta gas field growth in the Bass Strait.

In March 2021, Noble acquired competing offshore drilling contractor Pacific Drilling.

Offshore Drilling Market

MARKET SUMMARY

8.3%

Study Period– 2022 – 2028
Base Year– 2021
CAGR– 8.3%
Largest Market– North America
Fastest Growing Market– Europe

Offshore Drilling Market

The offshore drilling market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The offshore drilling market is segmented based on, service type, application and geography.

Key Players

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.)
Pacific Drilling (U.S.)

Offshore Drilling Market Dynamics

One of the major reasons for the global offshore drilling market growth is the rising investment to determine untapped hydrocarbon assets. For many years, hydrocarbons have been enormously used in transportation, power generation, manufacturing goods, and several other necessities. However, the demand for conventional fuel on expenses of urbanization, globalization, and enormous economic development is set to reduce the ratio of demand and supply. Moreover, many countries are growing their capital expenditure (CAPEX) to protect energy needs for the future. Offshore hydrocarbons are established to be one of the most dependable energy sources that appeal to many investors and are expected to propel the growth of the market in the forecast period.

Asia Pacific Got Significant Share

Offshore Drilling Market

The Asia Pacific is one of the profitable regions for the offshore drilling market growth and is generating new prospects for global players. These regions own a high probability of determining unexploited hydrocarbon reserves which have the potential to increase the demand for offshore drilling in these regions. Apart from this, an increase in merger and acquisition activity in these regions has created a demand for the use of offshore drilling. Moreover, National Oil Companies (NOC) are participating in offshore exploration and production events to rise domestic production which can drive the market growth.

Latin-America

North-America

Europe

Asia-Pacific

Middle East

Key

Features of the Report

The report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
The report tracks recent innovations, key developments, and start-up details that are actively working in the market
The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Offshore Drilling Market Segmentation

Service Type

Contract Drilling
Directional Drilling
Logging While Drilling
Measurement While Drilling

Application

Shallow Water
Deep Water
Ultra-Deep Water

By Geography

North America
Europe
Asia Pacific
Latin America
MEA

Location

GEOGRAPHY

Frequently Asked Questions

The offshore drilling market is projected to expand at a CAGR of 8.3% during the forecast period

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.), Pacific Drilling (U.S.)

Asia Pacific is the fastest-growing region for offshore drilling market

Report

Table Of Content

1. Executive Summary

2. Global Offshore Drilling Market Introduction

2.1. Global Offshore Drilling Market – Taxonomy

2.2. Global Offshore Drilling Market –Definitions

2.2.1. Service Type

2.2.2. Application

2.2.3. By Region

3. Global Offshore Drilling Market Dynamics

3.1. Drivers

3.2. Restraints

3.3. Opportunities/Unmet Needs of the Market

3.4. Trends

3.5. Global Offshore Drilling Market Dynamic Factors – Impact Analysis

3.6. Global Offshore Drilling Market – Competition Landscape

3.7. Epidemiology

4. Global Offshore Drilling Market Analysis, 2017-2021 and Forecast, 2022-2028

4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)

4.3. Market Opportunity Analysis

5. Global Offshore Drilling Market, By Service Type, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

5.1. Contract Drilling

5.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

5.1.3. Market Opportunity Analysis

5.2. Directional Drilling

5.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

5.2.3. Market Opportunity Analysis

5.3. Logging While Drilling

5.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

5.3.3. Market Opportunity Analysis

5.4. Measurement While Drilling

5.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

5.4.3. Market Opportunity Analysis

6. Global Offshore Drilling Market, By Application, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

6.1. Shallow Water

6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

6.1.3. Market Opportunity Analysis

6.2. Deep Water

6.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

6.2.3. Market Opportunity Analysis

6.3. Ultra-Deep Water

6.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

6.3.3. Market Opportunity Analysis

7. Global Offshore Drilling Market Forecast, By Region, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

7.1. North America

7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

7.1.3. Market Opportunity Analysis

7.2. Europe

7.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

7.2.3. Market Opportunity Analysis

7.3. Asia-Pacific

7.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

7.3.3. Market Opportunity Analysis

7.4. Latin America

7.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

7.4.3. Market Opportunity Analysis

7.5. Middle East and Africa

7.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)

7.5.3. Market Opportunity Analysis

7.6. Global Offshore Drilling Market – Opportunity Analysis Index, By Service Type, By Application, and Region, 2022-2028

8. North America Offshore Drilling Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

8.1. Service Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

8.1.1. Contract Drilling

8.1.2. Directional Drilling

8.1.3. Logging While Drilling

8.1.4. Measurement While Drilling

8.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

8.2.1. Shallow Water

8.2.2. Deep Water

8.2.3. Ultra-Deep Water

8.3. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)

8.3.1. USA

8.3.2. Canada

8.4. North America Offshore Drilling Market – Opportunity Analysis Index, By Service Type, By Application, and Country, 2022-2028

8.5. North America Offshore Drilling Market Dynamics – Trends

9. Europe Offshore Drilling Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

9.1. Service Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

9.1.1. Contract Drilling

9.1.2. Directional Drilling

9.1.3. Logging While Drilling

9.1.4. Measurement While Drilling

9.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

9.2.1. Shallow Water

9.2.2. Deep Water

9.2.3. Ultra-Deep Water

9.3. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)

9.3.1. Germany

9.3.2. UK

9.3.3. France

9.3.4. Spain

9.3.5. Italy

9.3.6. Rest of Europe

9.4. Europe Offshore Drilling Market – Opportunity Analysis Index, By Service Type, By Application, and Country, 2022-2028

9.5. Europe Offshore Drilling Market Dynamics – Trends

10. Asia-Pacific Offshore Drilling Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

10.1. Service Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

10.1.1. Contract Drilling

10.1.2. Directional Drilling

10.1.3. Logging While Drilling

10.1.4. Measurement While Drilling

10.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

10.2.1. Shallow Water

10.2.2. Deep Water

10.2.3. Ultra-Deep Water

10.3. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)

10.3.1. China

10.3.2. India

10.3.3. Japan

10.3.4. ASEAN

10.3.5. Australia & New Zealand

10.3.6. Rest of Asia-Pacific

10.4. Asia-Pacific Offshore Drilling Market – Opportunity Analysis Index, By Service Type, By Application, and Country, 2022-2028

10.5. Asia-Pacific Offshore Drilling Market Dynamics – Trends

11. Latin America Offshore Drilling Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

11.1. Service Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

11.1.1. Contract Drilling

11.1.2. Directional Drilling

11.1.3. Logging While Drilling

11.1.4. Measurement While Drilling

11.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

11.2.1. Shallow Water

11.2.2. Deep Water

11.2.3. Ultra-Deep Water

11.3. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)

11.3.1. Brazil

11.3.2. Mexico

11.3.3. Rest of Latin America

11.4. Latin America Offshore Drilling Market – Opportunity Analysis Index, By Service Type, By Application, and Country, 2022-2028

11.5. Latin America Offshore Drilling Market Dynamics – Trends

12. Middle East and Africa Offshore Drilling Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)

12.1. Service Type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

12.1.1. Contract Drilling

12.1.2. Directional Drilling

12.1.3. Logging While Drilling

12.1.4. Measurement While Drilling

12.2. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)

12.2.1. Shallow Water

12.2.2. Deep Water

12.2.3. Ultra-Deep Water

12.3. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)

12.3.1. Gulf Cooperation Council (GCC) Countries

12.3.2. South Africa

12.3.3. Rest of MEA

12.4. MEA Offshore Drilling Market- Opportunity Analysis Index, By Service Type, By Application, and Country, 2022-2028

12.5. MEA Offshore Drilling Market Dynamics – Trends

13. Competition Landscape

13.1. Strategic Dashboard of Top Market Players

13.2. Company Profiles (Introduction, Financial Analysis, Key Service Types, Key Developments, Strategies, and SWOT Analysis)

13.2.1. Halliburton (U.S.)

13.2.2. Schlumberger (U.S.)

13.2.3. Weatherford International Inc (U.S.)

13.2.4. Seadrill (Bermuda)

13.2.5. Aban Offshore Limited (India)

13.2.6. China Oilfield Services Ltd. (China)

13.2.7. Ensco plc (UK)

13.2.8. Diamond Offshore Drilling Inc. (U.S.)

13.2.9. Vantage Drilling Co. (U.S.)

13.2.10. Pacific Drilling (U.S.)

14. Research Methodology

15. Key Assumptions and Acronyms

Description

Description

Key Developments:

In March 2020, Esso Australia announced that it has triumphed the total depth in its current project in the West Barracouta gas field growth in the Bass Strait.

In March 2021, Noble acquired competing offshore drilling contractor Pacific Drilling.

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Offshore Drilling Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Key Developments:

Offshore Drilling Market

Offshore Drilling Market

Features of the Report

Service Type

Application

By Geography

GEOGRAPHY

Frequently Asked Questions

Table Of Content

Company Profile

Description

Key Developments:

Product categories

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