The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights™ in its new report, titled “Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026”.
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According to the International Energy Agency (IEA), the global demand for electricity is projected to rise by 2.1% annually till 2040, representing an increase from 19% in 2018 to 24% in 2040 in terms of share of electricity in total energy consumption. Moreover, presently, non-renewable sources account for 36% of the total electricity generation around the world. Fossil fuel-powered plants require oil and gas to function smoothly and generate a stable amount of electricity. With the accelerating pace of urbanization and industrialization in emerging economies, the demand for electricity will necessitate higher production of oil and gas, which will drive the offshore drilling market trends.
An Overview of the Impact of COVID-19 on this Market:
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As per the report, the value of this market stood at USD 31.26 billion in 2018. Additionally, the report contains the following:
- Comprehensive insights into the key drivers and trends shaping the market;
- In-depth evaluation of the major hindrances facing the market;
- Microscopic study of all the possible market segments; and
- Thorough research into the competitive landscape and regional dynamics influencing the market.
List of Players Covered in the Offshore Drilling Market Report:
- Archer Well Company (Norway)
- Borr Drilling (Bermuda)
- Odfjell Drilling (Norway)
- Pacific Drilling (United State)
- Noble Drilling (United Kingdom)
- Valaris plc (United Kingdom)
- Transocean (Switzerland)
- Shelf Drilling (UAE)
- Maersk Drilling (Denmark)
- KCA Deutag (United Kingdom)
- COSL – China Oilfield Services Limited (China)
- Diamond Offshore Drilling, Inc. (United States)
- Saipem (Italy)
- Nabors Industries (Bermuda)
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Asia-Pacific to Occupy Commanding Position; Middle East & Africa to Show Promising Growth
Asia-Pacific, which boasted a market size of USD 11.23 billion in 2018, is anticipated to command the offshore drilling market share during the forecast period on account of potential presence of undiscovered oil & gas reserves. The Middle East is well-known for its vast hydrocarbon reserves and countries such as Saudi Arabia and Qatar are further ramping up their exploration & production (E&P) capabilities through extensive fleet expansion activities. Africa is fast emerging as a major hotbed of hydrocarbon sources, prompting huge investments by companies and governments in the continent. European energy majors, namely Norway, UK, Germany, and Russia, are making significant investments in increasing their offshore E&P activities, especially in the North Sea and the Norwegian continental shelf.
Major Table of Content for Offshore Drilling Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- North America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Latin America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Europe Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Asia Pacific Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Middle East and Africa Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Competitive Analysis
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