Offshore Drilling Market Size Worth USD 56.97 Billion, Globally, by 2026 at 7.9% CAGR

Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) — The global Offshore Drilling Market was USD 31.26 billion in 2018. The global market size is expected to gain momentum by reaching USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period from 2021-2026. This information is provided by Fortune Business Insights, in its report, titled, “Offshore Drilling Market, 2021-2026.”

According to our analysts, the factors such as surging demand for electricity worldwide is expected to drive the growth of this market. Heavy investment in offshore E&P activities by national governments to bolster sales.

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Report Highlights:

COVID-19 Impact Analysis-

The outbreak of COVID-19 has affected various industries, which affected the sales. The global lockdown and stringent restrictions imposed by governments created a long halt on the production operations of several companies. This affected the major key players’ sales and revenue generation rate. To maintain social distancing norms imposed by governments, various companies have reduced the operating workforce that affected their production and supply chain.

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Drivers and Restraints:

Devastating Environmental Impacts of Offshore Drilling to Dampen Prospects

The offshore drilling market outlook is likely to get dampened owing to the grave threats that offshore drilling activities pose on the environment. One of the biggest risks is that oil spills that can inflict long-term harm on ocean ecosystems. For instance, the 1989 Exxon Valdez oil spill in Alaska continues to affect marine ecosystems after 30 years of the event, according to the National Academy of Sciences. Another threat posed by drilling activities is that of marine pollution.  For example, the US-based Natural Resources Defense Council observes that waste drilling muds, an essential part of drills, house large amounts of toxic metals such as mercury and lead. These toxic materials can bio-accumulate and bio-magnify, causing irreparable damage to marine organisms. Thus, these ill-effects on marine ecology may inhibit the growth of the market in the near future.

According to the International Energy Agency (IEA), the global demand for electricity is projected to rise by 2.1% annually till 2040, representing an increase from 19% in 2018 to 24% in 2040 in terms of share of electricity in total energy consumption. Moreover, presently, non-renewable sources account for 36% of the total electricity generation around the world. Fossil fuel-powered plants require oil and gas to function smoothly and generate a stable amount of electricity. With the accelerating pace of urbanization and industrialization in emerging economies, the demand for electricity will necessitate higher production of oil and gas, which will drive the offshore drilling market trends.

Industry Developments:

March 2020: ExxonMobil’s Australian subsidiary, Esso Australia, announced that it has hit the total depth in its ongoing project in the West Barracouta gas field development in Bass Strait. Comprising of two subsea production wells, the development project will be controlled by the prevailing Barracouta infrastructure, with production slated to commence from early 2021.

January 2020: Transocean Ltd., the world’s largest offshore drilling company based in Switzerland, reported that it is experiencing a flood of contracts for its ultra-deepwater services as well as its services for drilling in inhospitable environmental conditions. The company also declared that it has secured additional contracts worth $352.9 million at the beginning of 2020.

List of Key Players Mentioned in the Report:

• Transocean (Switzerland)
• Nabors Industries (Bermuda)
• Seadrill (Bermuda)
• Saipem (Italy)
• Valaris plc (United Kingdom)
• Diamond Offshore Drilling, Inc. (United States)
• Noble Drilling (United Kingdom)
• COSL – China Oilfield Services Limited (China)
• Pacific Drilling (United States)
• KCA Deutag (United Kingdom)
• Odfjell Drilling (Norway)
• Maersk Drilling (Denmark)
• Borr Drilling (Bermuda)
• Shelf Drilling (UAE)
• Archer Well Company (Norway)

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Key Benefits for Offshore Drilling Market:

• The Offshore Drilling market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the Offshore Drilling market during the forecast period.
• The report outlines the current market trends and future scenario of the global Offshore Drilling market to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

Regional Insights:

Asia-Pacific to Occupy Commanding Position; Middle East & Africa to Show Promising Growth

Asia-Pacific, which boasted a market size of USD 11.23 billion in 2018, is anticipated to command the offshore drilling market share during the forecast period on account of potential presence of undiscovered oil & gas reserves.

The Middle East is well-known for its vast hydrocarbon reserves and countries such as Saudi Arabia and Qatar are further ramping up their exploration & production (E&P) capabilities through extensive fleet expansion activities. Africa is fast emerging as a major hotbed of hydrocarbon sources, prompting huge investments by companies and governments in the continent.

European energy majors, namely Norway, UK, Germany, and Russia, are making significant investments in increasing their offshore E&P activities, especially in the North Sea and the Norwegian continental shelf.     

Competitive Landscape:

Geographic Expansion to be the Central Focus of Key Players

The offshore drilling market forecast suggests that key players in this market such as Maersk and Archer will focus on expanding their operations in unchartered territories in the coming years. This expansion will enable them to broaden their business horizons and exploit early-bird advantage in regions with untapped sources.

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Offshore Drilling Market Segmentation:

By Rig Type

• Drill Ships
• Semi-submersibles
• Jackups

By Water Depth:

• Shallow Water
• Deepwater
• Ultra-Deepwater

Table of Contents

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Latest Technological Advancement
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
• Global Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Rig Type
    • Drillships
    • Semisubmersibles
    • Jackups
  • Market Analysis, Insights and Forecast – By Water Depth
    • Shallow Water
    • Deepwater
    • Ultra-Deepwater
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa
• North America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Rig Type
    • Drillships
    • Semisubmersibles
    • Jackups
  • Market Analysis, Insights and Forecast – By Water Depth
    • Shallow Water
    • Deepwater
    • Ultra-Deepwater
  • Market Analysis, Insights and Forecast – By Country

Continued…

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