Escalating Energy Demands Driving Global Offshore Drilling Market

Published Date : Apr 10, 2017

ALBANY, New York, April 10, 2017 – now has a report in its repository, titled “Global Offshore Drilling Market Research Report 2016,” representing the scenario of the market for offshore drilling in the past couple of years and estimates the future of the market during the forecast period of 2016 to 2021. The report profiles a number of leading players in the global offshore drilling market, studies the factors that may influence the demand in the near future, and segments the market on the basis of essential criteria in order to evaluate the potential of various parts of the market for offshore drilling. The study has been prepared to act a reliable business document for audiences such as original equipment manufacturers (OEMs), utility service providers, investment houses, EPC companies, distributors and suppliers of offshore drilling equipment, consulting firms, private equity groups, and other equity research firms. 

The report finds that the growing demand for oil and gas is the primary driver in the global offshore drilling market, owing to increasing world population and increasing oil prices. In the recent past, huge investments have been made for the exploration of new offshore reserves, which is another important driving factor of this market. In addition to that, technological advancements in the field are expected to open new avenues for the players in this market. On the other hand, stringent governmental regulations and heavy investments required are two of the most prominent factors that are challenging the market from attaining its full potential. The report observes total exploration and development capex investment has reduced in the recent times, which is a result of uneconomical forecasted returns, project postponements, and canceled contracts. This pattern is expected to continue in the near future too and obstruct the growth rate of the offshore drilling market. 

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Based on service type, the global offshore drilling market can be segmented into contract drilling, directional drilling, logging while drilling, and measurement while drilling. Application-wise, the market can be segmented into shallow water, deep water, and ultra-deep water. In the market in its current scenario, shallow water drilling poses maximum demand, although deep water drilling segment is projected for the most robust growth rate during the forecast period. Geographically, the report evaluates the potential of the offshore drilling market in several regions including North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Currently, Asia Pacific is the most lucrative region, gaining demand from the recent discoveries of oil and gas in offshore basins in the gulf of Thailand, South China, and Australia. 

The report profiles a number of leading companies in the global offshore drilling market including Keppel Corporation, COSCO, DSME, Sembcorp Marine, NOV, CIMC Raffles, SHI, HHI, CSIC Dalian, and CMHI. The report includes basic company information, their manufacturing base, overviews their competitors, and analyzes their product type, application, and specification. For each of the manufacturers, the report studies the shares in 2015 and 2016, competitive scenario, and evaluates the shares of top 3 and top 5 manufacturers. 

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