Pune,India, July 18, 2023 (GLOBE NEWSWIRE) -- The global offshore drilling market size was USD 33.22 billion in 2022. The market is expected to grow from USD 36.52 billion in 2023 to USD 65.63 billion by 2030 at a CAGR of 8.7% in the 2023-2030 period. Offshore drilling refers to drilling the lakes and inland seas and continental shelf's seabed. With increasing demand for oil and gas, offshore drilling has become a process in many countries which has prompted self-reliance. Many nations can explore their ocean and marine reserves, which is projected to aid market development. This information is provided by Fortune Business Insights, in its report titled, “Offshore Drilling Market, 2023-2030.”
Market Drivers & Restraints:
Increasing Number of Investments to Propel Market Growth
Increasing number of investments owing to demand for oil and gas is anticipated to drive the offshore drilling market growth. Oil companies have been investing high amounts on drilling to resurrect a long decline in spending on decades-old projects. Over the years, hydrocarbons have been used extensively in power generation, transportation, manufacturing goods, and many other essential things. In addition, many countries have been increasing their capital expenditure (CAPEX) to meet future energy needs. Offshore hydrocarbons are a reliable energy source, attracting many investors.
However, growing concern regarding the environment pollutions is expected to hamper the market growth.
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Offshore Drilling Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 8.7 % |
| 2030 Value Projection | USD 65.63 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 41.88 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 185 |
| Segments covered | Rig Type, Water Depth, and Region |
| Growth Drivers | Growing Investment Due to Surging Oil & Gas Demand will Drive the Market Growth |
| Massive Demand for Hydrocarbons for Heat and Electricity Generation to Boost Market Growth |
COVID-19 Impact:
Decline in Demand for Oil & Gas Led to Negative Market Progress
With COVID-19 pandemic, there has been a noteworthy decline in demand for oil and the considerable surplus in oil supply resulted in considerable reduction and day rates for offshore drilling. In 2020, measures to contain the spread the virus led to a decline in demand for oil and gas. The severity of the outbreak impacted the global oil demand, volatility in oil and natural gas prices, and the level of disruption among stakeholders in the industry.
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Segmentation of Report:
Drillships to Lead the Segment Due to their Ability to Serve Shallow Water Areas
On the basis of rig type, the market is divided into drillships, semisubmersibles, and jackups. Drillships segment is anticipated to lead as they have prominent use in deep water and ultra-deepwater and have become very large and doesn’t require any mooring system. Without a mooring system, drillships may not be able to service shallow water areas due to the angle limitation of drill risers.
Deepwater Segment to Lead Owing to its Hydrocarbon Potential
On the basis of water depth, the market is divided into shallow water, deepwater, and ultra-deepwater. The deepwater segment is dominant due to significant hydrocarbon potential. With this, operators have been focusing on deepwater production as deepwater and ultra-deepwater contain a considerable amount of hydrocarbons.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
Regional Insights
Asia Pacific to Dominate the Market due to Presence of Offshore Oil & Gas Reserves
Asia Pacific dominates the global offshore drilling market share. China, Southeast Asia, India, and Australia have significant offshore oil & gas reserves. The growing demand for energy among Asia Pacific countries is one of the key drivers of the Asia Pacific market. As many countries in the region experience rapid economic growth and urbanization, their energy demand is increasing.
Latin America to grow the fastest due to increasing deep drilling activities in Mexico and Brazil. Market players have been engaging in various contracts to explore more offshore oil and gas fields in the region, which will drive the market.
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Competitive Landscape:
Transocean to Lead the Market with its Various Services
Transocean leads the market in terms of competition with its mobile offshore drilling rigs, related equipment, and work crews to drill oil & gas wells. As of February 2022, Transocean owned or had partial holding interests in and operated a fleet of 37 mobile offshore drilling units of 10 cruel environment floaters and 27 ultra-deepwater floaters. As of February 14, 2022, they are building two ultra-deepwater drillships.
Key Industry Development:
April 2022: Saipem was awarded two contracts in the Middle East region for two high-specification jack-up drilling units. This comprises workover and drilling operations for five years. These projects will comprise a new high-specification jack-up chartered from CIMC Group and one Saipem jack-up unit for the project.
List of Key Players Profiled in the Market Report:
- Saipem S.p.A (Italy)
- Maersk Drilling (Denmark)
- Nabors Industries Ltd (U.S.)
- KCA Deutag (U.K.)
- Transocean (Switzerland)
- Seadrill (Bermuda)
- Valaris plc (U.K.)
- Odfjell Drilling (U.K.)
- Pacific Drilling (U.S.)
- Borr Drilling (Bermuda)
- Diamond Offshore Drilling, Inc. (U.S.)
- Noble Drilling (U.K.)
- COSL – China Oilfield Services Limited (China)
- Shelf Drilling (UAE)
- Archer Well Company (Bermuda)
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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
- Porters Five Forces Analysis
- Impact of COVID-19 on the Offshore Drilling Market
- Global Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2030
- 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
- Competitive Analysis
- Company Market Share Analysis, 2021
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- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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Continued…
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