Offshore Drilling Market Size to Grow by $ 7.04 bn through 2021-2025
Technavio research projects the offshore drilling market to grow by $ 7.04 bn, accelerating at a CAGR of over 4% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Offshore Drilling Market: Key Market Driver
One of the primary factors that will trigger the growth of the offshore drilling market size is Growth in demand for oil and natural gas. This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.
Offshore Drilling Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.
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The offshore drilling market has the potential to grow by USD 7.04 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 4.36%.
This offshore drilling market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (shallow water, deepwater, and ultra-deepwater) and geography (North America, APAC, Europe, MEA, and South America). The offshore drilling market report also offers information on several market vendors, including Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc among others.
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Key Trends to impact market growth
The discovery of new oil and gas resources is positively impacting the global offshore drilling rigs market. Oil and gas companies are continuously focusing on discovering new oil and gas resources to address the rising demand, increase their profit margins, and gain a competitive edge. Thus, the increase in deepwater and ultra-deepwater drilling activities coupled with the exploration of new oil and gas resources will drive the offshore drilling rigs market growth during the forecast period.
Top Driver to Boost Demand for offshore drilling market
The increase in deepwater and ultra-deepwater drilling activities is driving offshore drilling rigs market growth. The recovery and stabilization of crude oil prices after a rapid decline is increasing the exploration and production activities in offshore deepwater and ultra-deepwater areas. Moreover, advances in technology have allowed more deepwater and ultra-deepwater fields to be developed, which requires offshore drilling rigs, hence increasing its demand and driving the market.
Vendor Analysis: Baker Hughes Co., China Oilfield Services Ltd. and Halliburton Co. are key growth contributors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
Offshore Drilling Market: Key Highlights of the Report for 2021-2025