The global offshore drilling market is expected to witness significant growth on account of increasing drilling activities in the U.S. Gulf. Exhausting onshore oil & gas reserves are expected to drive the offshore drilling market over the forecast period.
Increasing crude oil and petrochemical consumption across various industries such as transportation, plastics, energy, textiles, and paints & coatings is expected to drive exploration activities in offshore sites. Increasing investment in deep and ultra-deep offshore exploration activities is expected to further augment the market growth over the next seven years.
Increasing supply-demand gap on account of unstable political conditions in the Middle East and North Africa are driving exploration activities in Eastern Europe and North America which in turn is expected to have a positive impact on the global offshore drilling market. Large sea shores possessed by various countries have driven efforts towards offshore oilfield excavations.
Increasing demand for crude oil derived products such as gasoline, diesel, kerosene, etc. Rising numbers of vehicles plying on road have increased the daily energy demand all over the world. Growing goods and passenger transportation industry on account of globalization and rising trade practices has augmented the fuel demand over the past and is expected to positively affect the offshore drilling industry growth over the forecast period.
Growing population coupled with increased disposable income has increased usage of natural gas for household cooking purpose. Subsidy offered by governments on household LPG usage is also a driving factor for natural gas demand. Increasing demand for natural gas is also expected to positively affect the market over the next seven years.
Increasing energy demand from emerging economies of Asia Pacific and Latin America on account of industrialization is expected to support offshore drilling market growth over the forecast period. Higher capital expenditures for exploration and production activities in order to gain maximum market share are also expected to positively affect the market growth.
Growth of subsea production & processing systems and subsea infrastructure coupled with increasing deep & ultra deep water reservoirs is expected to drive the market growth over the next seven years. Technological advancement coupled with increasing capacity for investments in infrastructure is expected to drive the oilfield drilling activities over the forecast period.
Stringent regulations by various agencies such as BOEMRE, NOPSEMA are expected to hinder the market growth over the forecast period. Environmental issues regarding deep water exploration are also expected to challenge market growth over the forecast period. Environmental issues caused by petrochemical products are also expected to challenge the market growth.
Contract drilling services possesses the highest market share in the global offshore drilling service market. Ultra-deepwater drilling is expected to witness remarkable growth in the near future on account of increasing number of reservoirs and technological advancement.
Asia Pacific regional market emerged as the largest market owing to increased investment in deep and ultra-deepwater exploration activities and offshore drilling activities in South China Sea. Brazil offshore drilling market is expected to be a lucrative market for offshore exploration activities.
North America and Europe are expected to register considerable growth rates over the forecast period on account of increasing natural gas especially shale gas exploration. The presence of large oil reserves in the Gulf of Mexico has increased offshore drilling activities in North America. Technological advancement in the field of oilfield drilling is also expected to drive the market in these regions.
Major industry participants operating in the global offshore drilling market include Baker Hughes Inc., Weatherford, Halliburton Co., and Schlumberger Ltd. Offshore contract drilling service providers include Ensco, Transocean, Seadrill, Maersk Drilling, and Noble Corporation among others.
Key trends observed with the offshore drilling industry participants include various growth strategies such as expansions in diversified geographic areas, contract agreements, and mergers & acquisitions.
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