PUNE, India, November 9, 2015 /PRNewswire/ --
The report "Offshore Drilling Market by Service (Contract Drilling, Directional Drilling, Logging While Drilling, and Measurement While Drilling), by Application (Shallow, Deep, and Ultra-Deep Water) & by Region - Global Forecast to 2020" published by MarketsandMarkets, Global msarket is expected to grow from USD 78.6 Billion in 2014 to USD 89.8 Billion by 2020, at a CAGR of 4.54% during 2015-2020.
Browse 127 market data Tables with 51 Figures across 230 Pages and in-depth TOC on "Offshore Drilling Market"
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The market report defines and segments Offshore Drilling Market with analysis and forecast of the global capex on offshore drilling services and application. The market is estimated to grow at a decent rate for duration 2015-2020 and is expected to go beyond $89.8 billion, at a CAGR of 4.54%. The market is driven by rising demand for oil & gas which is met by increasing investments in emerging economies with proven oil & gas reserves.
Directional drilling service is growing at the highest pace in Offshore Drilling Market.
Offshore Drilling Market is segmented by services, application and region. By services, market is sub-segmented into contract drilling, directional drilling, logging while drilling, and measurement while drilling. This segment is estimated to see high growth rate for directional drilling. The driving factor for this is the drop in oil prices which motivated companies to increase the production from basins with proven oil reserves than going for new discoveries.
Deep water drilling estimated to drive the Offshore Drilling Market with highest growth rate.
On the basis of application the market is segmented into shallow, deep, and ultra-deep water. Shallow water drilling is estimated to lead the market, whereas deep water drilling is estimated to have the highest growth. West Africa and Europe are expected to drive this sub-segment due to discovery of oil & gas reserves in deep water sedimentary basins.
Asia-Pacific is estimated to be the global leader in Offshore Drilling Market by value for the next five years.
Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea and high demand from China and India are expected to drive the offshore drilling in this market. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region. However, Africa is predicted to attract more investments due to liberal regulatory policies and will witness the highest growth.
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The Offshore Drilling Market was dominated by Schlumberger (U.S.), Halliburton (U.S.), Transocean Ltd. (Switzerland), Seadrill Ltd. (Bermuda), and Weatherford International (Ireland) in 2014. These market players have also been active in the competitive developments of the Offshore Drilling Market.
This study estimates the global market of offshore drilling, in terms of dollar value till 2020. It also offers a detailed qualitative and quantitative analysis of this market. This report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues of the market. The report also covers various important aspects of the market. These include analysis of value chain, Porter's Five Forces model, competitive landscape, market dynamics, market estimates in terms of value, and future trends in the oilfield services market.
The Study is addressed to various stakeholders including oilfield service providers, equipment manufacturers and suppliers, distributors, as well as the operators, investors and transporters. It will provide detailed information about the markets which are expected to grow fast and the segments which will be driving the market.
This study involves the extensive usage of secondary sources, directories, and databases (such as Hoovers, U.S. SEC EDGAR, Bloomberg Businessweek, Factiva, and OneSource) to identify and collect information useful for this technical, market-oriented, and commercial study of the Offshore Drilling Market. Expert interviews have been conducted with various primary respondents, which include key industry participants, subject matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information as well as assess future market prospects.
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