The Global Offshore Drilling market is poised to reach $100 billion by 2022 growing at a CAGR of 3.9% from 2014 to 2022. The offshore drilling market is expected to show moderate growth over the forecast period. The Primary factors driving the offshore drilling market are increasing demand for oil and gas, huge investments on new offshore reserves. However, the growth of offshore drilling market is inhibited by the regulations regarding environment and low oil prices. The services such as geographical survey, equipment transport, safety, and construction has significant role in offshore drilling.
The global delay in oil prices tied with an oversupply of rigs will extend the decline in the offshore drilling market, fading the credit quality of offshore drillers through 2017. Shallow water drilling segment dominates the offshore drilling market. Deepwater and ultra-deepwater drilling markets are expected to face challenges in both demand and supply. Directional and subsea drilling are expected to witness the rapid growth during the forecast period. Asia Pacific has the largest market for offshore drilling and expected to continue its pace during the forecast period. Africa, Brazil and Mexico tend to be the promising markets for offshore drilling in the near future.
The key players of the market include, Halliburton Co., Diamond Offshore Drilling Inc., Archer Limited, Schlumberger Ltd., Transocean Ltd., Noble Corporation, Baker Hughes Inc., Atwood Oceanics Inc., and China Oil Field Services Ltd.
• Contract Drilling
• Logging while Drilling
• Directional Drilling
• Subsea production and processing
• Deepwater drilling
• Ultra-Deepwater drilling
• Shallow Water drilling
• North America
• Asia Pacific
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o New Zealand
o Rest of Asia
• Rest of the World
o Latin America
o Middle East
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