Press release
Offshore Drilling Market to Rise at 7.9% CAGR till 2026; Archer Well Company, Borr Drilling, Odfjell Drilling, Pacific Drilling, Noble Drilling, Valaris plc, Transocean , Shelf Drilling, Maersk Drilling, KCA Deutag , COSL – China Oilfield Services Limit
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.
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Market Restraint
Devastating Environmental Impacts of Offshore Drilling to Dampen Prospects
The offshore drilling market outlook is likely to get dampened owing to the grave threats that offshore drilling activities pose on the environment. One of the biggest risks is that oil spills that can inflict long-term harm on ocean ecosystems. For instance, the 1989 Exxon Valdez oil spill in Alaska continues to affect marine ecosystems after 30 years of the event, according to the National Academy of Sciences. Another threat posed by drilling activities is that of marine pollution. For example, the US-based Natural Resources Defense Council observes that waste drilling muds, an essential part of drills, house large amounts of toxic metals such as mercury and lead. These toxic materials can bio-accumulate and bio-magnify, causing irreparable damage to marine organisms. Thus, these ill-effects on marine ecology may inhibit the growth of the market in the near future.
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Regional Analysis
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.
Competitive Landscape
Geographic Expansion to be the Central Focus of Key Players
The offshore drilling market forecast suggests that key players in this market such as Maersk and Archer will focus on expanding their operations in unchartered territories in the coming years. This expansion will enable them to broaden their business horizons and exploit early-bird advantage in regions with untapped sources.
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Industry Developments:
March 2020: ExxonMobil’s Australian subsidiary, Esso Australia, announced that it has hit the total depth in its ongoing project in the West Barracouta gas field development in Bass Strait. Comprising of two subsea production wells, the development project will be controlled by the prevailing Barracouta infrastructure, with production slated to commence from early 2021.
January 2020: Transocean Ltd., the world’s largest offshore drilling company based in Switzerland, reported that it is experiencing a flood of contracts for its ultra-deepwater services as well as its services for drilling in inhospitable environmental conditions. The company also declared that it has secured additional contracts worth $352.9 million at the beginning of 2020.
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Table Of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Global Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Rig Type
Drillships
Semisubmersibles
Jackups
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
North America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Rig Type
Drillships
Semisubmersibles
Jackups
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
Latin America Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Rig Type
Drillships
Semisubmersibles
Jackups
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Country
Brazil
Mexico
Rest of Latin America
Europe Offshore Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Rig Type
Drillships
Semisubmersibles
Jackups
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Country
U.K.
Norway
Rest of Europe
TOC Continued…!
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