Offshore Drilling Market to Reach USD 56.97 Billion by 2026; Heavy Investment in Offshore E&P Activities by National Governments to Bolster Sales: Fortune Business Insights(TM)
PUNE, India, April 16, 2020 /PRNewswire/ -- The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights(TM) in its new report, titled "Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026". According to the International Energy Agency (IEA), the global demand for electricity is projected to rise by 2.1% annually till 2040, representing an increase from 19% in 2018 to 24% in 2040 in terms of share of electricity in total energy consumption. Moreover, presently, non-renewable sources account for 36% of the total electricity generation around the world. Fossil fuel-powered plants require oil and gas to function smoothly and generate a stable amount of electricity. With the accelerating pace of urbanization and industrialization in emerging economies, the demand for electricity will necessitate higher production of oil and gas, which will drive the offshore drilling market trends.
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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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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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.
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.
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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.
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.
List of Key Players Covered in the Offshore Drilling Market Report are:
-- Archer Well Company (Norway)
-- Borr Drilling (Bermuda)
-- Odfjell Drilling (Norway)
-- Pacific Drilling (United State)
-- Noble Drilling (United Kingdom)
-- Valaris plc (United Kingdom)
-- Transocean (Switzerland)
-- Shelf Drilling (UAE)
-- Maersk Drilling (Denmark)
-- KCA Deutag (United Kingdom)
-- COSL - China Oilfield Services Limited (China)
-- Diamond Offshore Drilling, Inc. (United States)
-- Saipem (Italy)
-- Nabors Industries (Bermuda)
Quick Buy - Offshore Drilling Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102636
Detailed 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
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