DUBLIN, Dec. 13, 2023 /PRNewswire/ — The “Offshore Drilling Market Report by Rig Type, Depth and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global offshore drilling market size reached US$ 30.0 Billion in 2022 and is forecast to reach US$ 46.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2022-2028. The increasing global demand for oil and gas, the expanding deepwater exploration activities, the depleting levels of conventional oil and gas reserves, and continuous technological advancements represent some of the key factors driving the market.
Offshore Drilling Market Trends:
The exponentially growing demand for oil and gas across the globe, driven by the rising population and industrialization, represents the prime factor propelling the market growth. Besides this, the inflating price of crude oil and the shifting consumer preference toward natural gas as a cleaner alternative to coal are contributing to the market growth.
Moreover, the depleting levels of conventional oil and gas reserves are prompting an increasing number of exploration and development activities in offshore locations, which, in turn, is positively impacting the market growth. In line with this, the intensive focus on deepwater exploration and production activities for potential oil and gas reserves is presenting remunerative growth opportunities for the market. In addition to this, extensive government investments in the development of offshore oil and gas infrastructure and equipment to support their economies and reduce dependence on imports are aiding in market expansion.
Furthermore, innovative technological advancements in drilling equipment, such as automated drilling systems and subsea drilling, that improve the efficiency and safety of offshore drilling operations are creating a favorable outlook for the market. Concurrent with this, the increasing use of floating production systems, such as floating production storage and offloading (FPSO) vessels, in offshore oil and gas production is acting as a significant growth-inducing factor.
Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global offshore drilling market, along with forecasts at the global, regional, and country levels from 2023-2028. The report has categorized the market based on rig type and depth.
Rig Type Insights:
Jackups
Semisubmersible
Drill Ships
Others
The report has provided a detailed breakup and analysis of the offshore drilling market based on the rig type. This includes jackups, semisubmersible, drill ships, and others. According to the report, jackups represented the largest segment.
Depth Insights:
Shallow Water
Deepwater and Ultra-deepwater
A detailed breakup and analysis of the offshore drilling market based on the depth have also been provided in the report. This includes shallow water, and deepwater and ultra-deepwater. According to the report, deepwater and ultra-deepwater accounted for the largest market share.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for offshore drilling. Some of the factors driving the Asia Pacific offshore drilling market included the growing demand for oil and gas, the rising prices of crude oil, and favorable government initiatives.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global offshore drilling market. Detailed profiles of all major companies have been provided. Some of the companies covered include Archer Ltd, Baker Hughes Company, Diamond Offshore Drilling Inc., Exxon Mobil Corporation, KCA Deutag, Nabors Industries Ltd., Noble Corporation plc, Saipem SpA, Schlumberger Limited, Seadrill Limited, Transocean Limited, Weatherford International PLC, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global offshore drilling market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global offshore drilling market?
What is the impact of each driver, restraint, and opportunity on the global offshore drilling market?
What are the key regional markets?
Which countries represent the most attractive offshore drilling market?
What is the breakup of the market based on the rig type?
Which is the most attractive rig type in the offshore drilling market?
What is the breakup of the market based on depth?
Which is the most attractive depth in the offshore drilling market?
What is the competitive structure of the global offshore drilling market?
Who are the key players/companies in the global offshore drilling market?
Company Profiles
Archer
Baker Hughes Company
Diamond Offshore Drilling
Exxon Mobil
KCA Deutag
Nabors Industries
Noble Corporation
Saipem
Schlumberger
Seadrill
Transocean
Weatherford International
For more information about this report visit https://www.researchandmarkets.com/r/l6z98u
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SOURCE Research and Markets