USD 97.38 Billion
Offshore Drilling Market Size, Share, Growth Analysis, By Service(Drilling services and Contract drilling services), By Platform(Bottom-supported platforms, Floating platforms, and Jack-up rigs), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10A2016 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|Tables:
61
|Figures:
75
Offshore Drilling Market Insights
Global Offshore Drilling Market size was valued at USD 97.38 Billion in 2022 and is poised to grow from USD 105.37 Billion in 2023 to USD 197.93 Billion by 2031, at a CAGR of 8.2% during the forecast period (2024-2031).
The global offshore drilling market is experiencing growth due to the increasing advancements in technology. Offshore drilling involves the automated extraction of petroleum and natural gas from the seabed. It utilizes stationary or mobile platforms located in the Open Ocean and deep-water areas off the coast. This method extracts petroleum from rock formations beneath the seabed. As the global demand for oil and petroleum products continues to rise, offshore drilling is gaining popularity. These include increased investments in exploration and production (E&P) activities, leading to more upcoming projects. The liberalization of the Mexican oil and gas industry, along with the rising global demand for oil and gas, the focus on deep water drilling, and the growth of the transportation industry, all contribute to the increased daily energy demand. Additionally, the discovery of reserves in the Arctic region and the shift from shallow-water drilling to ultra-deep-water drilling by oil and gas companies present significant opportunities for the offshore drilling market.
However, certain factors may hinder market growth during the projected time frame. The high capital investment required and the volatility of oil prices pose challenges to the offshore drilling market. Stringent government regulations and increasing environmental concerns also present obstacles to market growth. Overall, the offshore drilling market report provides insights into recent developments, trade regulations, production analysis, market share, market size, technological innovations, and other key aspects.
US Offshore Drilling Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Floating-supported platform
Fastest Growth
Floating-supported platform
Growth Rate
8.2% CAGR
Global Offshore Drlling Market ($ Bn)
Country Share for North America Region (%)
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Offshore Drilling Market Segmental Analysis
The global offshore drilling market is segmented on the basis of service, delivery mode, and region. Based on classification by service, the market is segmented into drilling services and contract drilling services. By platform, the market is segmented into bottom-supported platforms, floating platforms, and jack-up rigs. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Offshore Drilling Market Analysis By Service
The contract drilling services segment is often the dominant segment in the global offshore drilling market. This is because many oil and gas companies prefer to outsource drilling operations to specialized contractors to leverage their expertise and equipment. The drilling services segment is expected to witness significant growth in the forecast period. Technological advancements, such as advanced drilling techniques and equipment, are driving the demand for drilling services. Companies providing drilling services are continuously innovating to improve drilling efficiency, safety, and environmental sustainability, which contributes to the segment's rapid growth.
Offshore Drilling Market Analysis By Platform
The dominant segment in the global offshore drilling market is often the floating platforms segment. This is due to the increasing exploration and production activities in deepwater and ultra-deepwater areas, where floating platforms are commonly deployed. The fastest-growing segment in the global offshore drilling market is expected to be the bottom-supported platforms segment. The demand for bottom-supported platforms is increasing in regions with shallow water depths, where these platforms offer a cost-effective solution for drilling operation.
Global Offshore Drilling Market By Delivery mode
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Offshore Drilling Market Regional Insights
North America holds a dominant position in the offshore drilling market, primarily driven by the increasing exploration of natural gas, particularly shale gas. The region also benefits from a significant number of technological advancements and the presence of large oil reserves. On the other hand, the Asia-Pacific region is anticipated to exhibit the highest growth rate in the offshore drilling market. This growth can be attributed to the escalating exploration and production activities in the region, coupled with the rising demand for oil and gas.
Global Offshore Drilling Market By Region
- Largest
- Fastest
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Offshore Drilling Market Dynamics
Offshore Drilling Market Drivers
Growth in Urban Population
- Around 4.4 billion individuals, which accounts for 56% of the global population, currently reside in urban areas. Projections indicate that by 2050, approximately 70% of the global population will be concentrated in cities, resulting in a significant increase in the urban population. Consequently, the demand for energy is also on the rise due to the growing urban population. Urban areas have considerably higher energy requirements compared to rural regions, primarily due to the elevated living standards and increased energy consumption associated with the lifestyles of metropolitan residents. The energy demand in urban areas is experiencing a substantial surge. Consequently, the market for offshore drilling is also expanding to meet the escalating energy requirements in metropolitan regions.
Offshore Drilling Market Restraints
Increased Operational Expenses
- The operational costs associated with the market are on the rise, posing a challenge for industry players. These costs include various factors such as exploration, extraction, transportation, and maintenance, which contribute to the overall expenses incurred in the market.
Growing Electric Vehicle Demand
- The rising demand for electric vehicles (EVs) is impacting the market. As more consumers opt for EVs, the demand for traditional fossil fuels, including oil, may witness a decline, potentially affecting the market growth.
Varied Impact on Marine Organisms
- The market's activities can have diverse effects on marine organisms. Exposure to oil can lead to detrimental consequences for adult fish, including stunted growth, liver enlargement, altered heart and respiration rates, fin erosion, and reproductive impairments. Fish eggs and larvae are particularly susceptible to harmful effects, both fatal and nonfatal. In some cases, even when fatal effects are not observed, oil contamination can render fish and shellfish unsuitable for human consumption. Consequently, these factors are anticipated to restrain the market's growth.
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Offshore Drilling Market Competitive Landscape
The global offshore drilling market features a competitive landscape with several key players operating in the industry. These companies focus on providing advanced drilling solutions and technologies to cater to the growing demand for oil and gas exploration in offshore regions. The market is characterized by intense competition, with players striving to enhance their drilling capabilities and expand their geographical presence. Companies in the market often engage in strategic collaborations, partnerships, and acquisitions to strengthen their market position and offer comprehensive drilling services to their clients. Additionally, these players prioritize research and development activities to drive innovation and improve operational efficiency. The competitive landscape of the global offshore drilling market is dynamic and driven by the constant pursuit of advanced drilling techniques and equipment to meet the increasing energy demands worldwide.
Offshore Drilling Market Top Player’s Company Profile
- Transocean Ltd. (Switzerland)
- Seadrill Limited (Bermuda)
- EnscoRowan (United Kingdom)
- Diamond Offshore Drilling, Inc. (United States)
- Noble Corporation (United Kingdom)
- Pacific Drilling (Luxembourg)
- Shelf Drilling (United Arab Emirates)
- Borr Drilling (Bermuda)
- Valaris plc (United Kingdom)
- COSL - China Oilfield Services Limited (China)
- Maersk Drilling (Denmark)
- Nabors Industries Ltd. (Bermuda)
- Odfjell Drilling Ltd. (Norway)
- KCA Deutag (United Kingdom)
- Fred. Olsen Energy ASA (Norway)
- Saipem (Italy)
- Awilco Drilling PLC (United Kingdom)
- Northern Drilling Ltd. (Norway)
- CIMC Raffles Offshore Ltd. (China)
- Sembcorp Marine Ltd. (Singapore)
Offshore Drilling Market Recent Developments
- In January 2022, Equinor announced its intention to deploy the Transocean Enabler semi-submersible drilling unit for the purpose of drilling carbon injection wells and a sidetrack for an existing carbon injection well. This endeavor is part of Equinor's commitment to the Northern Lights Carbon Capture Storage Project.
- In January 2022, INPEX, a prominent Japanese oil and gas company, secured the services of the HAKURYU-5 semi-submersible drilling rig for offshore operations in the San-in region of Japan. The contracted drilling activities involve the exploration of natural gas reserves and are scheduled to take place from March to July 2022.
Offshore Drilling Key Market Trends
- Focus on Deepwater and Ultra-deepwater Drilling: With the depletion of onshore and shallow-water reserves, there is a growing shift towards exploring and extracting hydrocarbons from deepwater and ultra-deepwater regions, driven by technological advancements and the discovery of new reserves.
- Shift towards Sustainable and Low-carbon Solutions: The growing demand for sustainable energy solutions and regulatory requirements are driving companies to explore greener drilling technologies and adopt practices that minimize environmental impact.
Offshore Drilling Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global offshore drilling market analysis, the rising demand for oil and gas, advancements in drilling technologies, and the exploration of deepwater and ultra-deepwater reserves is a prime key driver. However, the market also faces challenges such as high capital investment requirements and stringent regulatory and environmental considerations. North America has historically been the dominant region in the offshore drilling market, owing to its vast oil and gas reserves, technological advancements, and supportive regulatory frameworks. However, the Asia-Pacific region is expected to witness the fastest growth rate during the forecast period, fuelled by increasing exploration and production activities and the rising demand for oil and gas.
The market is characterized by intense competition among major players, including drilling contractors, equipment manufacturers, and service providers. Key companies in the global offshore drilling market include both international and regional players with headquarters in various countries such as the United States, United Kingdom, Norway, China, and Singapore. Overall, the global offshore drilling market offers significant growth opportunities, driven by the exploration of untapped reserves, technological advancements, and the global demand for energy. However, companies in the industry need to navigate the evolving regulatory landscape, environmental concerns, and the transition towards renewable energy sources to sustain long-term growth and success.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 97.38 Billion |
| Market size value in 2031 | USD 197.93 Billion |
| Growth Rate | 8.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Drilling Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Drilling Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Offshore Drilling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Drilling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Drilling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Drilling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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