The offshore drilling market is expected to reach over USD 90 billion at a sustainable growth rate of 5% from 2018 to 2025. Increase in demand for petrochemical and crude oil across industries such as transportation, energy, textiles, and plastics has led to the growth of the offshore drilling market.
Asia-Pacific is expected to exhibit the largest market share of over 35% in offshore drilling market for the next 10 years. Demand from the economies of Asia-Pacific on account of industrialization is growing day-to-day, which drives the growth of offshore drilling market throughout the forecast period. Further, advanced capital expenditures for production activities, to gain maximum market share is also expected to positively affect the growth.
The major trend observed with the market participants involves various growth strategies such as expansions in diversified geographic areas, mergers & acquisitions, and contract agreements.
On the basis of application, the offshore drilling market is classified into, shallow, deep, and ultra-deep water. Shallow water drilling is expected to witness the highest market share. Though, shallow water drilling is dominant, deep water drilling is anticipated to exhibit maximum CAGR over the forecast period. Another major factor for the growth of this segment is attributed to the discovery of oil & gas reserves in deep water basins, in Africa and Europe. Further, ultra-deepwater drilling is anticipated to witness significant growth for the next few years, on the back drop of growing number of technological advancement.
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On the basis of services, directional drilling is expected to exhibit highest CAGR in the offshore drilling market. This is attributed to the drop in oil prices leading to increase in the production from basins.
Geographically, the offshore drilling market is divided into five regions such as include North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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Key manufacturers operating in the global offshore drilling market include Halliburton Company, Schlumberger, Seadrill, Transocean, Weatherford International, Atwoods Oceanics, Baker Hughes, Diamond Offshore Drilling, Dolphin Drilling, Ensco, KCA Deutag, Nabors Industries, Noble Corporation, and Paragon Offshore.