Pune, India, April 05, 2022 (GLOBE NEWSWIRE) -- The global offshore drilling market size was valued at USD 31.26 billion in 2018. Offshore Drilling Market is projected to grow from USD 31.26 in 2018 to USD 56.97 in 2026 at a 7.9% CAGR during the forecast duration. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights in its new report, titled “Offshore Drilling Market Outlook 2022 to 2026”. 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.
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.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 7.90% |
| 2026 Value Projection | USD 56.97 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 31.26 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 140 |
| Segments covered | Rig Type, Water Depth, Region |
| Growth Drivers | Growing Investment to Discover Untapped Hydrocarbon Reserves to Fuel the Market |
| Massive Economic Activity to Boost the Offshore Drilling Activity |
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.
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Regional Analysis
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.
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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.
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.
Offshore Drilling Companies Covered in the Report:
- Archer Well Company (Norway)
- Borr Drilling (Bermuda)
- Odfjell Drilling (Norway)
- Pacific Drilling (United State)
- Noble Drilling (United Kingdom)
- Valaris plc (United Kingdom)
- Transocean (Switzerland)
- Shelf Drilling (UAE)
- Maersk Drilling (Denmark)
- KCA Deutag (United Kingdom)
- COSL – China Oilfield Services Limited
- Diamond Offshore Drilling, Inc.
- Saipem
- Nabors Industries
Table of Content:
- 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
Continued…
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