Oct 3, 2020   SOURCE: BusinessWire

Global Offshore Drilling Market by Application (shallow water, deepwater, and ultra-deepwater) and Geography (North America, APAC, Europe, MEA, and South America) | Growth in Demand for Oil and Natural Gas to boost the Market Growth | Technavio

Technavio has been monitoring the offshore drilling market and it is poised to grow by USD 11.34 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global Offshore Drilling Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Offshore Drilling Market 2020-2024 (Graphic: Business Wire)

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This Report Addresses:

  • The market size from 2020-2024
  • Expected market growth until 2024
  • Forecast of how market drivers, restraints, and future opportunities will affect the market dynamics
  • Segments and regions that will drive or lead market growth and why
  • Comprehensive mapping of the competitive landscape
  • In-depth analysis of key sustainability strategies adopted by market players

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Frequently Asked Questions-

  • What are the major trends in the market?
  • Seizing of funding for E&P activities by World Bank is one of the major trends in the market.
  • At what rate is the market projected to grow?
  • Growing at a CAGR of almost 6%, the incremental growth of the market is anticipated to be USD 11.34 billion.
  • Who are the top players in the market?
  • 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.
  • What are the key market drivers and challenges?
  • Growth in demand for oil and natural gas is one of the major factors driving the market. However, environmental concerns associated with offshore E&P activities will restrain market growth.
  • How big is the North America market?
  • The North America region will contribute 42% of market growth.

The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. 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. The growth in demand for oil and natural gas will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Offshore Drilling Market 2020-2024: Segmentation

Offshore Drilling Market is segmented as below:

  • Application
    • Shallow Water
    • Deepwater
    • Ultra-deepwater
  • Geography
    • North America
    • APAC
    • Europe
    • MEA
    • South America

Offshore Drilling Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling market report covers the following areas:

  • Offshore Drilling Market Size
  • Offshore Drilling Market Trends
  • Offshore Drilling Market Analysis

This study identifies seizing of funding for E&P activities by World Bank as one of the prime reasons driving the offshore drilling market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Offshore Drilling Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist offshore drilling market growth during the next five years
  • Estimation of the offshore drilling market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the offshore drilling market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of offshore drilling market vendors

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Shallow water - Market size and forecast 2019-2024
  • Deepwater - Market size and forecast 2019-2024
  • Ultra-deepwater - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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
  • Weatherford International Plc

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations 

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