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Global Offshore Drilling Market Size, Share, Growth, Forecast: By Product Type: Jackups, Semisubmersible, Drill Ships, Others; By Depth: Shallow water, Deepwater and Ultra-deepwater, Others; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Offshore Drilling Market Outlook
The global offshore drilling market size is expected to grow at a CAGR of 7.40% between 2024 and 2032, aided by the increasing effort from key players and governments to increase the production of conventional fuels.
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Global Offshore Drilling Market Trends
Offshore drilling is a mechanical method of extracting petroleum and natural gas from the seabed using a fixed or mobile platform positioned off the coast is known as offshore drilling. This technique can dramatically increase oil production as companies can now explore the ocean for oil and gas and meet the rising global demand for energy.
- The continuously rising demand for heat and electricity has propelled key market players to increasingly invest in offshore drilling activities. With strict regulations for onshore drilling and depleting reserves, it is likely to provide enhanced offshore drilling market growth opportunities.
- Key players in the oil and gas company are actively competing to increase production capacity. Many countries have mandatory production targets set for the National Oil Companies, which in turn promotes competition among production companies and propels market value.
- Increasing investments by key players and governments to discover and secure untapped hydrocarbon reserves due to the exponential demand for conventional fuels can propel the market growth.
Global Offshore Drilling Market Analysis
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Based on product type, the market can be segmented into jackups, semisubmersible, and drill ships, among others. Based on the depth, it can be bifurcated into shallow water, deep water and ultra-deepwater, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following offshore drilling companies, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- Baker Hughes Company
- Exxon Mobil Corporation
- Halliburton Energy Services, Inc.
- Maersk Drilling A/S
- Saipem S.p.A.
- Schlumberger Limited
- Others
Different Product Types in the Market
Based on product type, the bifurcations include jackups, semisubmersible, and drillships, among others.
The drillships are expected to account for a significant share owing to its rising utilisation in deep water and ultra-deepwater oil and gas reserve exploration activities. In addition, drill ships are much more mobile compared to semi-submersibles and jackups. They can be used to move from one oilfield to another quickly. Although the construction of drill ships can be much higher than a submersible.
Different Depths for Offshore Drilling Activities
Based on depth, the market divisions include shallow water, deep water and ultra-deepwater, among others. The deep water and ultra-deepwater segments are likely to hold the largest market share owing to increasing exploration activities by multiple market players to secure untapped reserves.
With recent technological advancements and cost reductions in exploration and production activities, numerous oil and gas production companies are increasingly investing in developing deepwater drilling facilities. Thus, it is probable that the increased exploration activities and production may lead to the offshore drilling market expansion.
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Competitive Landscape
Baker Hughes Company. is one of the most widely known oil industry companies that is engaged in providing solutions for energy and industrial customers from all over the world. The company has been active since 1987 and has been providing products and services related to oil drilling, formation evaluation, completion, production, and reservoir consulting.
The company specialises in various fields, including energy technology, oilfield services and equipment, liquified natural gas (LNG), turbomachinery and process solutions, industrial asset management, decarbonization solutions, remote operations, and measurement and sensing, among many others.
Exxon Mobil Corporation is among the leading and one of the largest oil and gas corporations in the world. The company has been operating in the industry since 1999 and has focused on three primary business divisions, including upstream, product solutions and low-carbon solutions. The company intends to provide products, such as energy, chemicals, lubricants, and lower emissions technologies that drive modern life.
Exxon Mobil markets their products around the world under four brands, that are, Esso, Exxon, Mobil, and ExxonMobil.
Halliburton Energy Services, Inc., is a multinational corporation that operates in the oil and gas industry. The company provides services and solutions for the majority of the world’s hydraulic fracturing operations. It has also established itself as one of the leading companies developing products and services for the energy industry.
The company was founded in 1919 with the aim of creating innovative technologies, products and services for various industries.
Other market players include Maersk Drilling A/S, Saipem S.p.A., and Schlumberger Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by Depth |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Offshore Drilling Market Analysis
8.1 Key Industry Highlights
8.2 Global Offshore Drilling Historical Market (2018-2023)
8.3 Global Offshore Drilling Market Forecast (2024-2032)
8.4 Global Offshore Drilling Market by Product Type
8.4.1 Jackups
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Semisubmersible
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Drill Ships
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Offshore Drilling Market by Depth
8.5.1 Shallow water
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Deepwater and Ultra-deepwater
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Offshore Drilling Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Offshore Drilling Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Offshore Drilling Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Offshore Drilling Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Offshore Drilling Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Offshore Drilling Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Baker Hughes Company
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Exxon Mobil Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Halliburton Energy Services, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Maersk Drilling A/S
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Saipem S.p.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Schlumberger Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Offshore Drilling Market: Key Industry Highlights, 2018 and 2032
2. Global Offshore Drilling Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Global Offshore Drilling Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Offshore Drilling Historical Market: Breakup by Depth (USD Million), 2018-2023
5. Global Offshore Drilling Market Forecast: Breakup by Depth (USD Million), 2024-2032
6. Global Offshore Drilling Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Offshore Drilling Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Offshore Drilling Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Offshore Drilling Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Offshore Drilling Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Offshore Drilling Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Offshore Drilling Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Offshore Drilling Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Offshore Drilling Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Offshore Drilling Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Offshore Drilling Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Offshore Drilling Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Offshore Drilling Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Offshore Drilling Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Offshore Drilling Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 7.40% during the forecast period of 2024-2032.
The market is driven by the growing demand for fuel and energy due to rising industrialization, growing urbanization, and technological advancements enabling sustainable offshore drilling.
The rising exploration activities conducted by market players and government regulations for maintaining mandatory production levels can propel competition, which would present market with new growth opportunities.
The regional markets include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The products available in the market include jackups, semisubmersibles, and drill ships, among others.
The offshore drillings are conducted on different depths of shallow water, deep water, and ultra-deepwater, among others.
The key players in the market include Baker Hughes Company, Exxon Mobil Corporation, Halliburton Energy Services, Inc., Maersk Drilling A/S, Saipem S.p.A., and Schlumberger Limited, among others.
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