Offshore Drilling Market Outlook To 2024
The global offshore drilling market was valued at $89.5 billion in 2016 and is forecast to grow at a steady CAGR of 5.2% between 2015 and 2024, culminating in 2024 global revenue of $133.8 billion.
Industry at a Glance
Increasing crude oil demand from end-use industries such as energy, textiles, transportation, polymers and paints & coatings is anticipated to spur global offshore drilling market over the forecast period. Rising drilling activities in North America and Middle East coupled with drained onshore reserves are expected to remain key driving factors for industry growth.
Around 50% of the market is covered by shallow water applications. However, with technological advancements and better infrastructure, operators have entered into other segments such as ultra-deep water and deep water. The shift in trend towards deep water drilling as a result of untapped subsea hydrocarbon reserves and decreasing shallow water basins production is expected to fuel market growth over the next seven years.
Rapid industrialization coupled with increasing number of automobiles in emerging economies of Asia Pacific and Latin America is driving offshore drilling activities significantly. Population expansion, increasing per capita disposable income, and growing natural gas demand for household cooking is set to positively influence industry growth over the forecast period.
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Key findings from the study: -
o The global offshore drilling market was valued at $89.5 billion in 2016 and is forecast to grow at a steady CAGR of 5.2% between 2015 and 2024, culminating in 2024 global revenue of $133.8 billion.
o Increasing crude oil demand from end-use industries such as energy, textiles, transportation, polymers and paints & coatings is anticipated to spur global offshore drilling market over the forecast period.
o Volatile crude oil prices coupled with increasing oil & gas production in North America is set to influence price trends over the forecast period.
o Key industry participants include Schlumberger Limited, Weatherford International Limited, Halliburton Company, Seadrill Limited, China Oilfield Services Limited, Noble Corporation, Baker Hughes Inc., Maersk Drilling, Dolphin Drilling, and Atwood Oceanics. Other notable companies include Diamond Offshore Drilling Inc., Ensco PLC, Superior Energy Services, Hercules Offshore and Nabors Industries Ltd.
Ameri Research has segmented the Offshore Drilling Market by material categories, product type, end-use and region:
o Offshore Drilling Market by Services (Revenue, USD Million)
o Directional Drilling
o Measurement While Drilling
o Contract Drilling
o Logging While Drilling
o Offshore Drilling Market by Application (Revenue, USD Million)
o Shallow Water Drilling
o Deep Water Drilling
o Ultra-Deep Water Drilling
o Offshore Drilling Market by Region (Revenue, USD Million)
o North America
o Asia Pacific
o Latin America
o Middle East & Africa (MEA)
o Saudi Arabia
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