Offshore Drilling Market to Expand at 8.2% CAGR through 2031 | SkyQuest Technology
The Offshore Drilling Market is set to soar as demand for natural gas and petroleum rises, fueled by depleting onshore resources. The Offshore Drilling Market is projected to grow from USD 105.37 billion in 2023 to USD 197.93 billion by 2031.
Westford, USA, Oct. 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Offshore Drilling market size will attain a value of USD 197.93 billion by 2031, with a CAGR of 8.2% over the forecast period (2024-2031). Growing demand for natural gas and petroleum and depletion of onshore resources are projected to bolster offshore drilling market growth in the future. The discovery of new offshore energy reserves across multiple regions of the world also creates new opportunities for offshore drilling providers going forward.
Browse in-depth TOC on “Offshore Drilling Market”
- Pages – 178
- Tables – 61
- Figures – 75
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Offshore Drilling Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 105.37 Billion |
| Estimated Value by 2031 | $ 197.93 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, Delivery Mode, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Discovery of new offshore energy reserves around the world |
| Key Market Opportunities | Development of sustainable and emission-free offshore drilling solutions/technologies |
| Key Market Drivers | Rising investments in offshore exploration to satisfy the demand for fossil fuels |
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.
Floating Platforms Account for a Substantial Chunk of Global Offshore Drilling Market Share
Most of offshore drilling activity is being performed in deepwater and deepsea environments, which makes floating platforms essential for mounting equipment and housing working personnel as well. These platforms are highly mobile and cost-effective, which makes them versatile for operations in different regions and easily transportable as well thereby helping its dominant stance in the offshore drilling industry.
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Demand for Drilling Services in Offshore Drilling Market is Slated to Rise at a Robust CAGR Going Forward
Advancements in drilling technologies and the use of advanced drilling equipment are helping this segment generate new opportunities for offshore drilling companies. Growing emphasis on enhancing drilling efficiency, safety, and making it more eco-friendly are projected to help bolster offshore drilling market outlook via this segment in the long run.
North America to Account for a Prominent Share of Global Offshore Drilling Demand Outlook
Rapidly surging investments in offshore drilling activities and increasing offshore exploration activities in this region are helping it led the demand for offshore drilling on a global level. Rising demand for natural gas, shale gas, and petroleum in countries such as the United States and Canada are also helping North America maintain its dominance. Emphasis on energy independence of the aforementioned countries will also promote the demand for offshore drilling in the future.
Offshore Drilling Market Insights:
Drivers
- Growing investments in offshore exploration and production activity
- Discovery of new offshore gas and oil reserves
- Advancements in offshore drilling technologies
Restraints
- Risk of damage to marine life
- High operational and maintenance costs of offshore drilling stations and equipment
Prominent Players in Offshore Drilling Industry
- 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)
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Key Questions Answered in Offshore Drilling Market Report
- Which region emerges as the most opportune one as per offshore drilling market analysis?
- Which market trends could present new opportunities for companies going forward?
- What is the stance of North America in this offshore drilling market forecast?
- Can offshore drilling companies reduce their costs of operations?
This report provides the following insights:
Analysis of key drivers (growing demand for agricultural produce from rising population, availability of subsidies and easy financing for Offshore Drilling purchase), restraints (high costs of advanced Offshore Drilling, shrinking availability of arable land), and opportunities (integration of artificial intelligence to create advanced and more efficient Offshore Drilling) influencing the growth of Offshore Drilling market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Offshore Drilling market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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