Offshore Drilling Market Size, Share and Growth Rate 2026

Author : SamarthJ
Publish Date : 2021-02-22 07:32:56


Offshore Drilling Market Size, Share and Growth Rate 2026

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™ 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.

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.


List of Players Covered in the Offshore Drilling Market Report:

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)
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.

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.



Category : business

nba/StReAmS....#[FREE]@!!..- GOPAL LIVE

nba/StReAmS....#[FREE]@!!..- GOPAL LIVE

- nba/StReAmS....#[FREE]@!!..- GOPAL LIVE


First time investors should ask before investing

First time investors should ask before investing

- It’s easy to find public opinion on how to invest in the stock market, because there is a different angle to what should be expected in the


Tips For Passing Oracle 1Z0-1071-20 Certification Exam 2021

Tips For Passing Oracle 1Z0-1071-20 Certification Exam 2021

- A dad or mum desires of mentioning their newborn when while in the perfect achievable way and make him/her qualified on this planet.


Reasons You Must Hire an Expert for Boiler Services Altrincham

Reasons You Must Hire an Expert for Boiler Services Altrincham

- MDS Plumber is a renowned company, provide reliable boiler services Altrincham at a competitive price. We have certified professionals for this job.